2nd QUARTER HIGHLIGHTS

  • Gross sales volume was 4% up compared to Q2 2008.
  • Net late sales from the multi-client library totaled USD 84.5 million, up 6% from USD 79.7 million in Q2 2008.
  • Net pre-funding revenues were USD 33.8 million, down 18% from Q2 2008, funding 43% of the Company's operational investments into new multi-client products during Q2 (USD 77.7 million, down 13% from Q2 2008).
  • Proprietary contract and other revenues during the quarter totaled USD 5.9 million, down 55% compared to USD 13.0 million in Q2 2008.
  • Consolidated net revenues after revenue sharing with partners were USD 124.1 million, a decrease of 7% compared to Q2 2008.
  • Operating profit (EBIT) was USD 54.3 million (44% of Net Revenues), down 18% from USD 66.6 million in Q2 2008.
  • Cash flow from operations after taxes but before investments was USD 44.5 million, versus USD 27.7 million in Q2 2008.
  • Earnings per share (fully diluted) were USD 0.39, up 9% compared to USD 0.36 in Q2 2008.

 

6 MONTHS FINANCIAL HIGHLIGHTS

  • Consolidated net revenues were USD 194.9 million, a decrease of 19% compared to 2008.
  • Net late sales from the multi-client library totaled USD 114.4 million, down 16% from USD 136.0 million in 2008.
  • Net pre-funding revenues were USD 68.2 million, down 3% from USD 70.7 in 2008.
  • Proprietary contract and other revenues during the first 6 months totaled USD 12.3 million compared to USD 32.6 million in 2008.
  • Operating profit (EBIT) was USD 74.1 million (38% of Net Revenues), down 35% from USD 113.2 million in 2008.
  • Operational investments into the multi-client inventory were 48% pre-funded and totaled USD 141.3 million vs. USD 150.2 million in 2008.
  • Cash flow from operations after taxes but before investments was USD 140.4 million, versus USD 179.3 million in 2008.
  • Earnings per share (fully diluted) were USD 0.52, down 18% compared to USD 0.63 in for the same period in 2008.

"All business segments experienced sequential improvement over a slow first quarter", TGS's CEO Robert Hobbs stated. "The most positive sign was the increase in quarterly net late sales compared to one year ago. Hopefully our clients will return to a higher level of E&P spending as they gain confidence in the fundamentals of their business. We maintain our guidance for 2009"

The full report with tables can be downloaded from the following link: 

2nd Quarter 2009