ASKER, NORWAY (3 May 2012) - TGS reports net revenues of USD 191 million in Q1 2012, compared to USD 132 million in Q1 2011, a 45% increase. This is the highest quarterly revenue figure in the Company's history. Investments were USD 101 million, up 132%. TGS' backlog amounted to USD 242 million at the end of Q1 2012, representing the highest backlog figure in the history of the Company.
1st QUARTER HIGHLIGHTS
Consolidated net revenues were USD 191.3 million, an increase of 45% compared to Q1 2011.
Net late sales totaled USD 112.9 million, up 33% from Q1 2011.
Net pre-funding revenues were USD 74.6 million, up 103% from Q1 2011, funding 74% of the Company's operational multi-client investments during Q1 (investments of USD 101.2 million, up 132% from Q1 2011).
Proprietary revenues were USD 3.8 million, compared to USD 10.5 million in Q1 2011.
Operating profit (EBIT) was USD 88.9 million (46% of net revenues), compared to USD 59.0 million (45% of net revenues) in Q1 2011.
Cash flow from operations was USD 146.8 million, compared to USD 138.2 million in Q1 2011.
Earnings per share (fully diluted) were USD 0.61, an increase of 52% from Q1 2011.
TGS' backlog amounted to USD 241.7 million at the end of Q1, representing the highest backlog figure in the history of the Company.
"Our strong results in Q1 2012 have further confirmed our positive view on the long term fundamentals for the industry. We are pleased to report our highest quarterly revenues in history and a promising start of a new year. The attractive pipeline of opportunities that we see developing along with the strong performance in Q1, allow us to increase our investment and revenue expectations for the year," TGS' CEO Robert Hobbs stated.
To access TGS Q1 2012 results information, click on the links below or go to the Company website at www.tgs.com:
Q1 2012 Conference Call CEO Robert Hobbs, CFO Kristian Johansen and VP Business Development Karen El-Tawil will also host a conference call on 3 May 2012 at 15:00 CET (9:00 AM New York time). Attendees may want to call 5-10 minutes before 15:00 CET (9:00 AM NY) to ensure registration and access.
Norwegian attendees are invited to call +800 56054 or +47 2350 0486
International attendees are invited to call 0800 279 4841 or +44 (0)20 3450 9987
US attendees are invited to call +1 877 280 2296
Participants will need to quote the following confirmation code when dialing into the conference: 5934417.
A Q&A session will follow a short introduction, based upon the presentation issued in the morning. To pose a question, please press *1.
A replay of the conference call will be available shortly after. To access replay of the TGS conference call,
dial +47 2100 0498 (Norway) or +44 (0)20 7111 1244 (International) or +1 347 366 9565 (US)
replay access code 5934417 followed by # (pound-sign)
A replay of the conference call will also be available at www.tgs.com.