TGS has reported net revenues of USD 222 million for the first quarter of 2014 a rise of 5% from 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 rose to USD 74 million and increase of 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.
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.
A replay of the conference call will also be available at www.tgs.com.