TGS CEO Sees Promising Opportunities in the Market Entering into 2014

TGS reports net revenues of USD 191 million in Q3 2013, compared to USD 245 million in Q3 2012. Net late sales totaled USD 138 million, compared to USD 139 million in Q3 2012, demonstrating continued customer interest in TGS’ high quality data library.

3rd QUARTER HIGHLIGHTS

– Consolidated net revenues were USD 191 million, a decrease of 22% compared to Q3 2012.

– Net late sales totaled USD 138 million, compared to USD 139 million in Q3 2012.

– Net pre-funding revenues were USD 43 million, down 56% from Q3 2012, funding 39% of the Company’s operational multi-client investments during Q3 (investments of USD 111 million, down 19% from Q3 2012).

– Proprietary revenues were USD 9 million, compared to USD 7 million in Q3 2012.

– Operating profit (EBIT) was USD 80 million (42% of net revenues), compared to USD 101 million (41% of net revenues) in Q3 2012.

– Cash flow from operations was USD 118 million, down from USD 129 million in Q3 2012.

– Earnings per share (fully diluted) were USD 0.54, compared to USD 0.71 in Q3 2012.

9 MONTHS FINANCIAL HIGHLIGHTS

– Consolidated net revenues were USD 612 million, a decrease of 6% compared to the first nine months of 2012.

– Net late sales from the multi-client library totaled USD 420 million, up 17% from USD 360 million in 2012.

– Net pre-funding revenues were USD 142 million, down 48% from 2012, funding 41% of the Company’s operational multi-client investments during the first nine months (investments of USD 347 million, down 14% from 2012).

– Proprietary revenues were USD 50 million, compared to 18 million in 2012.

– Operating profit (EBIT) was USD 267 million (44% of net revenues), compared to USD 284 million (44% of net revenues) in 2012.

– Cash flow from operations was USD 330 million after an extraordinary tax payment of USD 58 million in Q2 2013, a decrease of 22% from USD 420 million in 2012.

– Earnings per share (fully diluted) were USD 1.78, compared to USD 1.95 for the same period in 2012.

“Solid late sales in Q3 2013 demonstrated that customers continue to demand high quality data from our existing library. Our focus on quality has resulted in TGS foregoing or postponing a number of low pre-funded projects where the risk of achieving the required return is too high. We have also experienced some delays to permits in key geographical areas. We continue to deliver superior margins and see promising opportunities in the market entering into 2014,” TGS’ CEO Robert Hobbs stated.

Press Release, October 23, 2013

 

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