TGS revenues increase by 5 pct in 1Q

TGS reports net revenues of USD 222 million in Q1 2014, up 5% from USD 211 million in Q1 2013.

The Company highlighted the following results:

– Consolidated net revenues for the first quarter 2014 were USD 222 million, compared to USD 211 million in Q1 2013. Net late sales totaled USD 137 million, up 9% from USD 127 million in Q1 2013;

– Net pre-funding revenues were USD 74 million, up 33% from Q1 2013, funding 57% of the Company’s operational multi-client investments during Q1 (investments of USD 129 million, up 3% from Q1 2013);

– Proprietary revenues were USD 11 million, compared to USD 29 million in Q1 2013;

– Operating profit (EBIT) was USD 94 million (42% of net revenues), compared to USD 89 million (42% of net revenues) in Q1 2013;

– Cash flow from operations was USD 223 million, compared to USD 179 million in Q1 2013;

– Earnings per share (fully diluted) were USD 0.66, up 13% from Q1 2013.

“Our strong results in Q1 2014 have further confirmed the quality of our data library. We are pleased to report record late sales for a first quarter period and a promising start of a new year. As of 31 March 2014, our cash holdings amounted to USD 366 million. This supports our commitment to deliver shareholder returns through a combination of growth, dividends and share buy-backs,” TGS CEO Robert Hobbs stated.

[mappress]

Press Release, April 24, 2014