TGS reported net revenues of USD 172 million in Q1 2015, compared to USD 222 million in Q1 2014. Net late sales were weaker than anticipated at USD 72 million, reflecting a deterioration in seismic demand as energy companies significantly reduced exploration spending. Record high cash flow from operations of USD 260 million contributed to a cash balance of USD 352 million at the end of the quarter.
1st QUARTER HIGHLIGHTS
•Consolidated net revenues were USD 172 million, compared to USD 222 million in Q1 2014.
•Net late sales totaled USD 72 million, down 48% from USD 137 million in Q1 2014.
•Net pre-funding revenues were USD 94 million, up 26% from Q1 2014, funding 58% of the Company's operational multi-client investments during Q1 (investments of USD 163 million, up 26% from Q1 2014).
•Proprietary revenues were USD 6 million, compared to USD 11 million in Q1 2014.
•Operating profit (EBIT) was USD 37 million (22% of net revenues), compared to USD 94 million (42% of net revenues) in Q1 2014.
•Cash flow from operations was USD 260 million, compared to USD 221 million in Q1 2014.
•Earnings per share (fully diluted) were USD 0.28, down from USD 0.66 in Q1 2014.