TGS announces Q2 2014 revenues of USD 205 million
31 July 2014 - 3:50PM
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:
- Earnings Release
- Presentation Slides
- Live Presentation
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 (OSLO:TGS).
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
HUG#1844218
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