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R.A.
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This one will be on my watchlist tomorrow:

Great revenue figures for the second quarter:

-revenue of $48.5 million
-net income was $12.6 million compared to net income of $6.8 million in the first quarter
-This is the seventh consecutive quarter of year-on-year growth in cash resales as oil and gas activity in North America remained strong.

That's the actual form:

Press Release Source: Seitel, Inc.


Seitel Announces 2006 Second Quarter Results
Tuesday August 8, 6:13 pm ET
Revenue Grows 35 Percent Year-on-Year; Net Income 86 Percent Higher Than First Quarter


HOUSTON, Aug. 8 /PRNewswire-FirstCall/ -- Seitel, Inc. (OTC Bulletin Board: SELA - News), a leading provider of seismic data to the oil and gas industry, today reported revenue of $48.5 million for the second quarter ended June 30, 2006, compared to revenue of $44.7 million in the first quarter of 2006 and $36.0 million in the second quarter of last year. Cash resales reached $27.0 million, compared to $33.6 million for the first quarter of 2006 and $21.0 million in the second quarter of last year, a 28% year-on-year improvement. This is the seventh consecutive quarter of year-on-year growth in cash resales as oil and gas activity in North America remained strong. For the six month period in 2006, cash resales were $60.6 million compared to $45.2 million in the same period for 2005, a 34% year-on-year improvement.
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For the second quarter of 2006, net income was $12.6 million, or $0.08 per fully diluted share, compared to net income of $6.8 million, or $0.04 per fully diluted share, in the first quarter of this year and a loss of $695,000 in the second quarter of 2005. Net income for the first six months of 2006 reached $19.4 million, or $0.12 per fully diluted share, compared to a net loss of $841,000, or $0.01 per share, for the same period of 2005.

"Our growing data library combined with increasing exploration activity have pushed our cash resales to a second quarter record high," commented Rob Monson, chief executive officer. "In addition to the excellent performance of our library across all regions, we made great progress towards our investment plan. New survey activity continued to ramp up and we purchased an attractive 600 square mile block of data from one of our customers in Louisiana. We expect this latest investment vintage will produce results similar to the returns we are realizing with our existing data.

"Our significant increases in operating margins and net income are further testaments to the quality of our data base, as fully amortized, vintage data remain in high demand," stated Monson. "With the continued strength of drilling and exploration in North America, we expect to continue to realize similar success for the remainder of the year."

The company reported operating income of $16.5 million in the 2006 second quarter, compared to operating income of $4.9 million in the 2005 second quarter and $12.0 million in the first quarter of this year. Operating margins improved to 34% during the current quarter, an improvement of 20 percentage points over the second quarter of 2005, and a sequential increase of 7 percentage points. Depreciation and amortization expense for the second quarter of 2006 was $23.0 million compared to $23.7 million for the same period in 2005 and to $23.8 million in the first quarter of this year. The 2006 period reflects lower amortization resulting from the effects of the level of revenue recognized on data with fully amortized costs, which increased to 72% of the total resales from the library as compared to 62% in the first quarter of this year and 52% for the second quarter of 2005.

Selling, general and administrative expenses were $8.9 million for the second quarter of 2006, compared to $9.0 million in the first quarter of this year and $7.3 million in the second quarter of 2005. The above expenses included non-cash compensation of $794,000 in the second quarter of 2006, $406,000 in the same period last year and $604,000 in the first quarter of 2006.

Cash margin, defined as cash revenues other than from data acquisition plus gain on sale of seismic data less cash expenses, is the indicator management believes best measures the level of cash from operations that is available for debt service and capital expenditures, net of underwriting. Cash margin for the second quarter increased to $21.3 million, compared to $15.6 million for the same period last year and $27.6 million for the first quarter of 2006. Cash margin for the 2006 six month period totaled $48.9 million compared to $33.2 million in the first six months of 2005. Our cash balances also continued to grow, closing at $88.3, up $7.8 million from the prior quarter end.

CONFERENCE CALL

Seitel will broadcast live via the Internet its 2006 second quarter results tomorrow, August 9 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). To listen to the Webcast and gain access to the accompanying slide presentation, log on to the company's Website at http://www.seitel-inc.com/investorrelations.asp and click on the Second Quarter 2006 Earnings Webcast link. The Webcast will be available as a combined audio and visual presentation or as a visual presentation only (by using the "Live Phone Only" button on the Webcast) for those dialing in on the conference call. To dial in for the call and to participate in the question and answer session, dial 866-510-0704, passcode Seitel. The call will also be available for replay for 30 days by dialing 888-286-8010, passcode 50245113. A replay of the Webcast will be available on the investor relations page of the company's Website within 24 hours of the call. The slide presentation will be available immediately after the call on the company's Website at http://www.seitel-inc.com/investorrelations.asp .

ABOUT SEITEL

Seitel, founded in 1982, has grown to become the owner of one of the largest seismic data libraries providing information to the North American oil and gas market. Focused on the U.S. and Canada, the company owns data in all the major exploration and production basins. Seitel continues to grow the data library using its 20 years of experience in performing seismic surveys in North America. Seitel's strengths include expertise in managing and delivering seismic data, as well as an experienced and dynamic sales and marketing team. Seitel's seismic data library includes both onshore and offshore three-dimensional (3D) and two-dimensional (2D) data and offshore multi-component data. The company has ownership in over 37,000 square miles of 3D and approximately 1.1 million linear miles of 2D seismic.

Statements in this release about the future outlook related to Seitel involve known and unknown risks and uncertainties, which may cause Seitel's actual results to differ materially from expected results. While Seitel believes its forecasting assumptions are reasonable, there are factors that are hard to predict and influenced by economic and other conditions that are beyond Seitel's control. Other important factors which could cause actual results to differ materially from those in the forward-looking statements are detailed in Seitel's filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K, a copy of which may be obtained from Seitel without charge.


(Tables to follow)


SEITEL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share amounts)

(Unaudited)
June 30, December 31,
2006 2005
ASSETS
Cash and cash equivalents $88,328 $78,097
Restricted cash 102 85
Receivables
Trade, net 43,668 27,385
Notes and other, net 1,146 509
Net seismic data library 123,778 111,946
Net property and equipment 8,622 9,456
Oil and gas operations held for sale 358 194
Investment in marketable securities 74 54
Prepaid expenses, deferred charges and other 14,008 13,071
Deferred income taxes 5,611 5,874

TOTAL ASSETS $285,695 $246,671

LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Accounts payable and accrued liabilities $38,383 $25,666
Income taxes payable 43 276
Oil and gas operations held for sale 148 40
Debt
Senior Notes 185,522 185,272
Notes payable 361 378
Obligations under capital leases 3,065 2,950
Deferred revenue 47,945 43,250
TOTAL LIABILITIES 275,467 257,832

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY
Preferred stock, par value $.01 per share;
authorized 5,000,000 shares; none issued --- ---
Common stock, par value $.01 per share;
authorized 400,000,000 shares; issued and
outstanding 155,387,831 shares at
June 30, 2006 and 153,604,345 shares at
December 31, 2005 1,554 1,536
Additional paid-in capital 239,363 241,289
Retained deficit (236,869) (256,227)
Deferred compensation - restricted stock --- (2,944)
Notes receivable from officers and
employees for stock purchases --- (1)
Accumulated other comprehensive income 6,180 5,186
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) 10,228 (11,161)

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $285,695 $246,671


SEITEL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)

(In thousands, except per share amounts)

Three Months Ended June 30,
2006 2005

REVENUE $48,542 $35,961

EXPENSES
Depreciation and amortization 23,034 23,665
Loss on sale of seismic data 26 ---
Cost of sales 55 49
Selling, general and administrative expenses 8,906 7,318
32,021 31,032

INCOME FROM OPERATIONS 16,521 4,929

Interest expense, net (4,989) (6,029)
Foreign currency exchange gains (losses) 1,295 (625)
Loss on sale of security --- (11)

Income (loss) from continuing operations
before income taxes 12,827 (1,736)

Provision (benefit) for income taxes 199 (1,039)

Income (loss) from continuing operations 12,628 (697)

Income (loss) from discontinued operations (9) 2

NET INCOME (LOSS) $12,619 $(695)

Income (loss) per share:
Basic:
Income (loss) from continuing operations $.08 $---
Income (loss) from discontinued operations --- ---
Net income (loss) $.08 $---
Diluted:
Income (loss) from continuing operations $.08 $---
Income (loss) from discontinued operations --- ---
Net income (loss) $.08 $---

Weighted average number of common and
common equivalent shares:
Basic 150,857 152,276
Diluted 166,760 152,276


SEITEL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)

(In thousands, except per share amounts)

Six Months Ended June 30,
2006 2005

REVENUE $93,240 $83,267

EXPENSES
Depreciation and amortization 46,812 56,922
Gain on sale of seismic data (231) ---
Cost of sales 163 88
Selling, general and administrative expenses 17,936 15,338
64,680 72,348

INCOME FROM OPERATIONS 28,560 10,919

Interest expense, net (9,897) (11,979)
Foreign currency exchange gains (losses) 1,134 (817)
Loss on sale of security --- (11)

Income (loss) from continuing operations
before income taxes 19,797 (1,888)

Provision (benefit) for income taxes 383 (1,028)

Income (loss) from continuing operations 19,414 (860)

Income from discontinued operations 4 19

NET INCOME (LOSS) $19,418 $(841)

Income (loss) per share:
Basic:
Income (loss) from continuing operations $.13 $(.01)
Income from discontinued operations --- ---
Net income (loss) $.13 $(.01)
Diluted:
Income (loss) from continuing operations $.12 $(.01)
Income from discontinued operations --- ---
Net income (loss) $.12 $(.01)

Weighted average number of common and
common equivalent shares:
Basic 150,790 152,065
Diluted 165,717 152,065


The following table summarizes the components of our revenue for the three and six months ended June 30, 2006 and 2005 and the three months ended March 31, 2006 (in thousands):


Three Months Six Months
Ended Ended
June 30, March 31, June 30,
2006 2005 2006 2006 2005

Acquisition revenue:
Cash underwriting $12,649 $3,110 $8,809 $21,458 $15,142
Underwriting from
non-monetary
exchanges 701 310 1,835 2,536 697
Total acquisition
revenue 13,350 3,420 10,644 23,994 15,839
Licensing revenue:
Cash resales 26,958 21,020 33,626 60,584 45,232
Non-monetary
exchanges 2,242 6,236 2,037 4,279 6,841
Revenue deferred (13,095) (12,057) (14,883) (27,978) (24,724)
Recognition of
revenue previously
deferred 16,543 15,788 11,004 27,547 37,413
Total resale revenue 32,648 30,987 31,784 64,432 64,762
Solutions and other 2,544 1,554 2,270 4,814 2,666
Total revenue $48,542 $35,961 $44,698 $93,240 $83,267


The following table shows the percentage growth in cash resales and total revenue year-on-year for second quarter 2005 to second quarter 2006:


Year-on-Year
Cash resales 28%
Total revenue 35%


The following table shows cash margin (defined as cash revenues other than
from data acquisitions plus gain on sale of seismic data less cash selling,
general and administrative expenses and costs of goods sold) and the
reconciliation of this non-GAAP financial measure to the most directly
comparable GAAP measure, operating income, for the three and six months ended
June 30, 2006 and 2005 and the three months ended March 31, 2006 (in
thousands):

Three Months Six Months
Ended Ended
June 30, March 31, June 30,
2006 2005 2006 2006 2005
Cash margin $21,302 $15,613 $27,619 $48,921 $33,232

Add (subtract) other
revenue components
not included in
cash margin:
Acquisition
revenue 13,350 3,420 10,644 23,994 15,839
Non-monetary
exchanges 2,242 6,236 2,037 4,279 6,841
Revenue deferred (13,095) (12,057) (14,883) (27,978) (24,724)
Recognition of
revenue
previously
deferred 16,543 15,788 11,004 27,547 37,413
Non-cash Solutions
revenue 7 --- 7 ---
Less:
Depreciation and
amortization (23,034) (23,665) (23,778) (46,812) (56,922)
Non-cash operating
expenses (794) (406) (604) (1,398) (760)
Operating income, as
reported $16,521 $4,929 $12,039 $28,560 $10,919


The following table summarizes the cash and non-cash components of our
selling, general and administrative ("SG&A") expenses for the three months
ended June 30, 2006 and 2005 and the three months ended March 31, 2006
(in thousands):

Three Months Ended
June 30, June 30, March 31,
2006 2005 2006
Cash SG&A $8,112 $6,912 $8,426
Non-cash SG&A 794 406 604
Total SG&A $8,906 $7,318 $9,030

Contact: Jennifer Tweeton
VOLLMER
713-970-2100


--------------------------------------------------------------------------------
Source: Seitel, Inc.

Posts: 819 | Registered: Apr 2006  |  IP: Logged | Report this post to a Moderator
R.A.
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MISTAKE IN THE TICKER: IT'S SELA

MISTAKE IN THE TICKER: IT'S SELA

MISTAKE IN THE TICKER: IT'S SELA

Posts: 819 | Registered: Apr 2006  |  IP: Logged | Report this post to a Moderator
   

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