3rd QUARTER HIGHLIGHTS
Gross sales volume was USD 174.0 million, about the same as in Q2 2009 and 16% down compared to Q3 2008.
Net late sales from the multi-client library totaled USD 77.1 million, down 21% from USD 97.4 million in Q3 2008.
Net pre-funding revenues were USD 37.3 million, up 4% from Q3 2008, funding 43% of the Company's operational investments into new multi-client products (USD 87.4 million, up 9% from Q3 2008).
Proprietary contract and other revenues during the quarter totaled USD 10.6 million, down 72% compared to USD 37.4 million in Q3 2008.
Consolidated net revenues after revenue sharing with partners were USD 125.0 million, a decrease of 27% compared to Q3 2008, a quarter in which the company experienced record revenues.
Personnel and other operating costs down 30% from Q3 2008, mostly resulting from cost saving measures implemented in Q2, reversal of accruals, and lower bonus costs due to lower EBIT compared to Q3 2008.
Operating profit (EBIT) was USD 59.1 million (47% of Net Revenues), down 22% from USD 75.8 million in Q3 2008.
Cash flow from operations after taxes but before investments was USD 108.7 million, versus USD 61.2 million in Q3 2008.
Earnings per share (fully diluted) were USD 0.48, compared to a loss of USD 0.11 in Q3 2008.9 MONTHS FINANCIAL HIGHLIGHTS
Consolidated net revenues were USD 319.9 million, a decrease of 22% compared to same period in 2008.
Net late sales from the multi-client library totaled USD 191.5 million, down 18% from USD 233.4 million in 2008.
Net pre-funding revenues were USD 105.6 million, down 1% from USD 106.7 in 2008
Proprietary contract and other revenues during the first 9 months totaled USD 22.9 million compared to USD 69.9 million in 2008.
Operating profit (EBIT) was USD 133.2 million (42% of Net Revenues), down 29% from USD 188.9 million in 2008.
Operational investments into the multi-client inventory were 46% pre-funded and totaled USD 228.7 million vs USD 230.8 million in 2008.
Cash flow from operations after taxes but before investments was USD 249.1 million, up 4% from USD 240.5 million in 2008.
Earnings per share (fully diluted) were USD 1.01, up 89% from USD 0.53 in for the same period in 2008."We are pleased that the increase in sales activity has been sustained into the Q3 although the continued cautious E&P spending environment has not allowed us to reach our record high Q3 2008 sales levels", TGS' CEO Robert Hobbs stated. "We maintain our revenue guidance for 2009".
A telephone conference will be held today, October 29th, 2009 at 14.00 CET, 9AM Eastern time.