SKER, NORWAY (1 August 2013) - TGS reports net revenues of USD 210 million in Q2 2013, compared to USD 215 million in Q2 2012. Earnings before interest and taxes (EBIT) totaled USD 98 million, corresponding to an EBIT margin of 47%. The Company's net late sales totaled USD 155 million, up 43% from Q2 2012 reinforcing the value of TGS' global data library.
2nd QUARTER HIGHLIGHTS
Consolidated net revenues were USD 210 million, a decrease of 2% compared to Q2 2012.
Net late sales totaled USD 155 million, up 43% from Q2 2012.
Net pre-funding revenues were USD 43 million, down 57% from Q2 2012, funding 39% of the Company's operational multi-client investments during Q2 (investments of USD 110 million, down 32% from Q2 2012).
Proprietary revenues were USD 12 million, compared to USD 6 million in Q2 2012.
Operating profit (EBIT) was USD 98 million (47% of net revenues), compared to USD 94 million (44% of net revenues) in Q2 2012.
Cash flow from operations was USD 34 million after an extraordinary tax payment of USD 58 million, down from USD 144 million in Q2 2012.
Earnings per share (fully diluted) were USD 0.66, compared to USD 0.63 in Q2 2012.
6 MONTHS FINANCIAL HIGHLIGHTS
Consolidated net revenues were USD 421 million, an increase of 4% compared to H1 2012.
Net late sales from the multi-client library totaled USD 282 million, up 27% from USD 221 million in 2012.
Net pre-funding revenues were USD 99 million, down 43% from 2012, funding 42% of the Company's operational multi-client investments during H1 (investments of USD 236 million, down 10% from 2012).
Proprietary revenues were USD 41 million, compared to 10 million in H1 2012.
Operating profit (EBIT) was USD 187 million (44% of net revenues), compared to USD 183 million (45% of net revenues) in 2012.
Cash flow from operations was USD 212 million, a decrease of 27% from USD 291 million in 2012.
Earnings per share (fully diluted) were USD 1.24 which is the same as for the same period in 2012.
"Q2 2013 was a quarter with strong late sales particularly from older vintages. We appreciate that our customers continue to demand high quality data from our existing library and we are pleased to report a profit margin of 47% in Q2," TGS' CEO Robert Hobbs stated.
To access TGS Q2 2013 results information click below:
CEO Robert Hobbs and CFO Kristian Johansen will host a conference call on 1 August 2013 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 4992 or +44(0)20 3427 1910
US attendees are invited to call +1 877 280 2296
Participants will need to quote the following confirmation code when dialing into the conference: 3211079.
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 3427 0598 (International) or +1 347 366 9565 (US)
replay access code 3211079 followed by # (pound-sign)
A replay of the conference call will also be available at www.tgs.com.