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:
TGS Q1 2012 Earnings Release
TGS Q1 2012 Presentation Slides
TGS Q1 2012 Webcast
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,
A replay of the conference call will also be available at www.tgs.com.
TGS-NOPEC Geophysical Company (TGS) provides multi-client geoscience data and services to oil and gas Exploration and Production companies around the globe. TGS' geophysical and geological data products include multi-client seismic libraries, permanent reservoir monitoring, magnetic and gravity data, the industry's largest global database of digital well logs and regional interpretive products. TGS also provides high-end depth imaging services to help resolve complex seismic imaging problems. For more information visit TGS online at
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 (OSLO:TGS).
For additional information about this press release please contact:
Chief Financial Officer
Cell: +47 47 60 33 34
VP, Business Development
Office: +1 713 860 2102
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)
Q1 2012 Earnings Release
Q1 2012 Presentation Slides
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Source: TGS via Thomson Reuters ONE