CGGVeritas Q1 Revenue Up 12%

CGGVeritas announced its first quarter 2008 unaudited financial results. Group Revenue was EUR585 million ($873 million), compared to EUR592 million ($777 million). This 12% growth in dollars was driven by sustained sales of Sercel equipment and a high level of land and marine contract activity in Services.

Group Operating Income was EUR123 million ($184 million), down 14% in EUR and stable in dollars, with a 21% operating margin, compared to EUR144 million ($188 million) and a 24% margin last year. Group operating income includes EUR26 million ($39 million) of elimination of margin mainly related to Sercel internal sales and corporate general administration expenses. Without the adverse effect of the $/EUR exchange rate during the quarter, the operating margin would be 23%.

Group EBITDAs(1) was EUR230 million ($343 million) compared to EUR258 million ($339 million), EBITDAs margin was 39%.

Net Income was EUR64 million ($96 million) compared to EUR69 million ($91 million), resulting in an EPS of EUR2.28 per ordinary share and $0.68 per ADS.

Industrial Capex was EUR51 million ($77 million) while multi-client Capex reached a peak EUR97 million ($145 million) to develop our offshore library, particularly our two concurrent leading wide-azimuth programs in Garden Banks and Walker Ridge in the Gulf of Mexico.


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