ASKER, NORWAY (1 November 2012) - TGS reports net revenues of USD 245 million in Q3 2012, compared to USD 160 million in Q3 2011, a 53% increase. This is the highest quarterly revenue figure in the Company's history. Net late sales totaled USD 139 million, up 53% from Q3 2011. TGS' operating profit (EBIT) was USD 101.3 million (41% of net revenues), compared to USD 61.0 million (38% of net revenues) in Q3 2011.
3rd QUARTER HIGHLIGHTS
Consolidated net revenues were USD 244.8 million, an increase of 53% compared to Q3 2011.
Net late sales totaled USD 138.7 million, up 53% from Q3 2011.
Net pre-funding revenues were USD 98.6 million, up 84% from Q3 2011, funding 72% of the Company's operational multi-client investments during Q3 (investments of USD 137.8 million, up 25% from Q3 2011).
Proprietary revenues were USD 7.4 million, compared to USD 15.3 million in Q3 2011.
Operating profit (EBIT) was USD 101.3 million (41% of net revenues), compared to USD 61.0 million (38% of net revenues) in Q3 2011.
Cash flow from operations was USD 129.2 million, up from USD 65.7 million in Q3 2011.
Earnings per share (fully diluted) were USD 0.71, compared to USD 0.41 in Q3 2011.
9 MONTHS FINANCIAL HIGHLIGHTS
Consolidated net revenues were USD 650.8 million, an increase of 52% compared to the same period in 2011.
Net late sales from the multi-client library totaled USD 360.1 million, up 32% from USD 273.4 million in 2011.
Net pre-funding revenues were USD 273.2 million, up 133% from 2011, funding 68% of the Company's operational multi-client investments during the first nine months of 2012 (investments of USD 400.9 million, up 86% from 2011).
Proprietary revenues were USD 17.5 million, compared to 37.2 million in 2011.
Operating profit (EBIT) was USD 284.4 million (44% of net revenues), compared to USD 177.7 million (42% of net revenues) in 2011.
Cash flow from operations was USD 420.0 million, an increase of 41% from USD 297.3 million in 2011.
Earnings per share (fully diluted) were USD 1.95 compared to USD 1.22 for the same period in 2011.
"We are pleased to announce another record quarter, both in terms of revenue and operating profit," TGS' CEO Robert Hobbs stated. "Our customers are continuing to show strong interest in funding new surveys, and our existing library continues to perform well. TGS' revised revenue guidance reflects a strong seismic market providing good opportunities for profitable growth."
To access TGS Q3 2012 results information, click on the links below or go to the Company website at www.tgs.com:
CEO Robert Hobbs and CFO Kristian Johansen will also host a conference call on 1 November 2012 at 14:00 CET (9:00 AM New York time). Attendees may want to call 5-10 minutes before 14:00 CET (9:00 AM NY) to ensure registration and access.
Norwegian attendees are invited to call +800 56053 or +47 2316 2787
International attendees are invited to call 0800 279 5004 or +44 (0)20 7136 2051
US attendees are invited to call +1 877 249 9037
Participants will need to quote the following confirmation code when dialing into the conference: 8842580.
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 +1 866 932 5017 (US)
replay access code 8842580 followed by # (pound-sign)
A replay of the conference call will also be available at www.tgs.com.