TGS announces Q2 2014 revenues of USD 205 million

GlobeNewswire Europe

ASKER, NORWAY (31 July 2014) - TGS reports net revenues of USD 205 million in Q2 2014, compared to USD 210 million in Q2 2013. Earnings before interest and taxes (EBIT) totaled USD 82 million, corresponding to an EBIT margin of 40%. The Company`s net pre-funding revenues were USD 60 million, up 39% from Q2 2013.  Backlog of USD 224 million remains near an all-time high level.
 

2nd QUARTER HIGHLIGHTS

  • Consolidated net revenues were USD 205 million, compared to USD 210 million in Q2 2013.
  • Net late sales totaled USD 137 million, down 12% from USD 155 million in Q2 2013.
  • Net pre-funding revenues were USD 60 million, up 39% from Q2 2013, funding 52% of the Company`s operational multi-client investments during Q2 (investments of USD 114 million, up 4% from Q2 2013).
  • Proprietary revenues were USD 8 million, compared to USD 12 million in Q2 2013.
  • Operating profit (EBIT) was USD 82 million (40% of net revenues), compared to USD 98 million (47% of net revenues) in Q2 2013.
  • Cash flow from operations was USD 66 million, compared to USD 34 million in Q2 2013. In Q2 2013, the Company made an extraordinary tax payment of USD 58 million.
  • Earnings per share (fully diluted) were USD 0.59, down from USD 0.66 in Q2 2013.

 

6 MONTHS FINANCIAL HIGHLIGHTS

  • Consolidated net revenues were USD 427 million, up from USD 421 million in 2013.
  • Net late sales from the multi-client library totaled USD 274 million, down 3% from USD 282 million in H1 2013.
  • Net pre-funding revenues were USD 60 million, up 39% from Q2 2013, funding 52% of the Company`s operational multi-client investments during Q2 (investments of USD 114 million, up 4% from Q2 2013).
  • Proprietary revenues were USD 19 million, compared to USD 41 million in 2013.
  • Operating profit (EBIT) was USD 176 million (41% of net revenues), compared to USD 187 million (44% of net revenues) in 2013.
  • Cash flow from operations was USD 289 million compared to USD 212 million in 2013, an increase of 36%.
  • Earnings per share (fully diluted) were USD 1.25, compared to USD 1.24 in 2013.


"Despite restricted near-term exploration spending as well as the delayed announcement of the blocks for the Norwegian 23rd licensing round, TGS continues to deliver strong results.   Both sales from the existing data library and customer commitments for new projects were strong and our backlog remains near an all-time high level. TGS continues to be well positioned to deliver the data needed by the industry to identify new reserves.  TGS has a strong commitment to deliver shareholder returns through a combination of growth, dividends and share buy-backs," TGS` CEO Robert Hobbs stated.

To access TGS Q2 2014 results information click below:

Q2 2014 Conference Call

CEO Robert Hobbs and CFO Kristian Johansen will host a conference call on 31 July 2014 at 15:00 CET (9:00 AM New York time).   Attendees may want to call 5-10 minutes before the start time to ensure registration and access.

Norwegian attendees are invited to call 800 56052 or +47 2100 6911

International attendees are invited to call 0800 279 4842 or +44(0)20 3427 1930

US attendees are invited to call +1 855 217 7942

Participants will need to quote the following confirmation code when dialing into the conference: 7952028.
 
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 7952028 followed by # (pound-sign

A replay of the conference call will also be available at www.tgs.com.


Company summary     

TGS-NOPEC Geophysical Company (TGS) provides multi-client geoscience data to oil and gas Exploration and Production companies worldwide.  In addition to extensive global geophysical and geological data libraries that include multi-client seismic data, magnetic and gravity data, digital well logs, production data and directional surveys, TGS also offers advanced processing and imaging services, interpretation products, permanent reservoir monitoring and data integration solutions.

For more information visit TGS online at www.tgs.com.

Forward-looking statements and contact information

All statements in this press release other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. These factors include TGS` reliance on a cyclical industry and principal customers, TGS` ability to continue to expand markets for licensing of data, and TGS` ability to acquire and process data products at costs commensurate with profitability. Actual results may differ materially from those expected or projected in the forward-looking statements. TGS undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.

TGS-NOPEC Geophysical Company ASA is listed on the Oslo Stock Exchange (TGS.OL).

TGS sponsored American Depositary Shares trade on the U.S. over-the-counter market under the symbol "TGSGY".


For additional information about this press release please contact:

Kristian Johansen
Chief Financial Officer
Cell: +47 47 60 33 34
Email: kristian.johansen@tgs.com

Will Ashby
Director Finance Western Hemisphere & Investor Relations
Tel: +1 713 860 2184
Email: will.ashby@tgs.com

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

Presentation Slides
Earnings Release


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: TGS via GlobeNewswire

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