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BRIEF-CGG: Posts Q1 Segment Revenue Down 4% Y/Y, Lowers FY Capex

May 12 (Reuters) - CGG SA:

* ANNOUNCES ITS 2020 FIRST QUARTER RESULTS

* Q1 SEGMENT REVENUE AT $271M, DOWN 4% YEAR-ON-YEAR, WITH SOLID MULTI-CLIENT REVENUE AND LOWER EQUIPMENT SALES

* Q1 SEGMENT EBITDAS AT $123M, UP 3% YEAR-ON-YEAR, A 45% MARGIN

* 2020 CASH CAPEX AROUND $300 MILLION, DOWN $(75) MILLION VERSUS PREVIOUS GUIDANCE OF MARCH 6, 2020

* Q1 SEGMENT OPERATING INCOME AT $(31)M, INCLUDING $(70)M IMPAIRMENTS MAINLY RELATED TO MULTI-CLIENT LIBRARY, AND AT $39M, A 14% MARGIN, BEFORE THEM

* 2020 MULTI-CLIENT CASH CAPEX, DOWN $(60) MILLION, AT AROUND $225 MILLION AT 75% PREFUNDING RATE

* Q1 SEGMENT FREE CASH FLOW AT $44M

* 2020 INDUSTRIAL AND DEVELOPMENT COSTS CASH CAPEX AROUND $75 MILLION

* CASH COSTS REDUCTION OF AROUND $(110) MILLION ANNUALIZED AND AROUND $(35) MILLION YEAR ON YEAR

* WITH $624M OF CASH ON HAND AFTER SOLID Q1 AND NO BOND DEBT TO REIMBURSE BEFORE APRIL 2023, CONFIDENT IN FACE OF MARKET CONDITIONS

* GROUP’S LIQUIDITY AMOUNTED TO $624 MILLION AT THE END OF MARCH 2020

* Q1 GROUP REVENUE $ 252.7 MILLION VERSUS $ 271.4 MILLION YEAR AGO

* Q1 NET DEBT $705.0 MILLION VERSUS $868.3 MILLION YEAR AGO

* Q1 GROUP NET LOSS $98.4 MILLION VERSUS LOSS $30.5 MILLION YEAR AGO

* Q1 OPERATING LOSS $39.8 MILLION VERSUS PROFIT $19.6 MILLION YEAR AGO Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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