TGS announces Q1 2014 revenues of USD 222 million

ASKER, NORWAY (24 April 2014) - TGS reports net revenues of USD 222 million in Q1 2014, up 5% from USD 211 million in Q1 2013.

1st QUARTER HIGHLIGHTS

• Consolidated net revenues 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.

To access TGS Q1 2014 results information click below:

• Earnings Release
• Presentation Slides
• Webcast

Q1 2014 Conference Call 

CEO Robert Hobbs and CFO Kristian Johansen will host a conference call on 24 April 2014 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 56053 or +47 2316 2771
• International attendees are invited to call 0800 279 4992  or +44 (0)20 3427 1904
• US attendees are invited to call +1 877 280 1254 

Participants will need to quote the following confirmation code when dialing into the conference: 7783156.

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 7783156 followed by # (pound-sign) 

A replay of the conference call will also be available at www.tgs.com.