Net cash provided by operating activities 145.4 million (-40%)
Net income $54.2 million (-65%)
EPS $0.31 (-63%)
Balance sheet
Assets
Current $707.43 million
Total $3,089.31 million(including 175.09 million of goodwill)
Liabilities
Current $506.91 million
Total $1,379.67 million
Equity $1,202.73 million
P/E(ttm) 2.95, P/B 0.8
Outlook
Based on the current operational forecast and with reference to the aforementioned risk factors, the Company has the following expectations for the full year 2009:
- 2009 EBITDA between $700-800 million.
- 2009 active Marine 3D vessel capacity: 25%
MultiClient and 75% contract.
- MultiClient cash investments approximately
$200 million.
- Capital expenditures approximately $350
million.
Presentation
I sez: "The Company is assessing opportunities to sell assets and adjust capacity. Such sales or stacking of vessels could expose the Company to impairment charges." Buying at the all time high and selling at all time low is not how you make money. The Arrow Seismic purchase was one fucked up transaction, which wiped out millions worth of equity. There was nothing good in the purchase.
Onshore seismic keeps losing money, PGS will probably have to eventually sell the division.
The longterm outlook for marine seismic sector is good, but the next couple of years are going to be very tough.
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