Following the approval of the merger plan by the Extraordinary General Meetings of both TGS-NOPEC and Wavefield-Inseis (Wavefield) on September 20th, 2007, the two companies were deemed to be under common control, and the financial results were consolidated beginning on that date in TGS's Q3-2007 report. As a result of the delay in completing the merger with Wavefield, TGS presents re-stated stand alone third quarter figures and its fourth quarter and full year figures on a stand alone basis.
4th QUARTER FINANCIAL HIGHLIGHTS
- Consolidated net revenues were USD 168.3 million, an increase of 36% compared to Q4 2006.
- Net late sales from the multi-client library totaled USD 132.2 million, up 39% from USD 95.4 million in Q4 2006.
- Operating profit (EBIT) was USD 88.0 million (52% of Net Revenues), up 22% from USD 72.1 million in Q4 2006.
- Cash flow from operations after taxes but before investments was USD 54.6 million, versus USD 81.4 million in Q4 2006.
- Unrealized financial loss on shares held in Wavefield was USD 27.0 million in Q4.
- Net Income, not including the loss on the Wavefield shares, was USD 71.3 million, up 42% from Q4 2006.
- Earnings per share, not including the loss on the Wavefield shares, were USD 0.69, up 43% compared to USD 0.48 in Q4 2006.
- Earnings per share including the loss on the Wavefield shares were USD 0.43, down 10% compared to USD 0.48 in Q4 2006.
The full report with tables can be downloaded from the following link:
