Following the approval of the merger plan by the Extraordinary General Meetings of both TGS-NOPEC and Wavefield-Inseis on September 20th, 2007, the two companies are deemed to be under common control, and the financial results are consolidated beginning on that date. The following table summarizes the stand-alone and consolidated key figures (see table in attachment).
3rd QUARTER FINANCIAL HIGHLIGHTS
- The consolidated accounts include Wavefield-Inseis ASA (WAVE) as from September 20th.
- Consolidated net revenues were USD 110.6 million, an increase of 11% compared to Q3 2006.
- Net late sales from the multi-client library totaled USD 57.1 million, down 16% from USD 68.3 million in Q3 2006.
- Operating profit (EBIT) was USD 48.9 million (44% of Net Revenues), down 11% from USD 54.8 million in Q3 2006.
- Cash flow from operations after taxes but before investments was USD 85.7 million, versus USD 80.5 million in Q3 2006.
- Earnings per share (undiluted) were USD 0.30, down 18% compared to USD 0.36 in Q3 2006.
- Repurchased TGS and WAVE shares in the amount of USD 149.6 million, reaching 8.58% of outstanding WAVE shares.
The full report with tables can be downloaded from the following link:
