CALGARY, April 9 /CNW/ - Ken MacDonald, President and CEO of Pulse Data
Inc. ("Pulse" or the "Company") is pleased to provide the following financial
and corporate update for the first quarter of 2007.
For the three months ended March 31, 2007, Pulse generated cash seismic
data licensing revenues of $10.6 million. Mr. MacDonald stated that, "Our
seismic data sales revenue in Q1 2007 was a record first quarter, and reflects
continuing strong demand for data from the Company's high-quality seismic data
Free cash flow(1) amounted to $6.2 million for the first quarter of 2007
and the Company's working capital position was $5.7 million at March 31, 2007
(including cash of $9.7 million).
Further to the Company's news release of March 5, 2007, when the Company
announced that it had initiated a process to evaluate strategic alternatives
for its LiDAR business segment which operates under the name of Terrapoint,
the Company has engaged Dundee Securities Corporation as its financial advisor
to assist in the process. Further, the Company advises that it has executed
five confidentiality agreements to date in connection with this process.
The financial information contained in this news release is based on
management's estimates only and has not been approved by the Company's Audit
Committee and Board of Directors, or reviewed by the Company's auditors.
Pulse intends to release its complete unaudited financial results for the
three months ended March 31, 2007 along with details regarding the next
regular quarterly dividend after the close of trading on the Toronto Stock
Exchange on Wednesday, May 9, 2007.
Pulse is a Calgary-based company with two operating units: Pulse Seismic
which specializes in acquiring, marketing and licensing seismic data to the
western Canadian energy sector, and Terrapoint which focuses on acquisitions
and processing of digital elevation and image data (or LiDAR) to diverse
markets. Through these two operating units, Pulse Seismic and Terrapoint, the
Company has evolved into an industry leader providing Better Information
Pulse trades on the Toronto Stock Exchange under the symbol PSD.
(1) The Company's continuous disclosure documents provide discussion and
analysis of "free cash flow". This financial measure does not have a
standard definition prescribed by generally accepted accounting
principles in Canada (GAAP) and therefore it may not be comparable to
similar measures disclosed by other companies. The Company has
included this non-GAAP financial measure because it is used by
management, investors, analysts and others as a measure of the
Company's financial performance. The Company's definition of free
cash flow is cash available for debt servicing, discretionary capital
expenditures and the payment of dividends, and is calculated as funds
from operations less total participation survey additions to the data
Certain information contained herein may constitute forward-looking
statements under applicable securities laws. Such statements are subject to
known or unknown risks and uncertainties that may cause actual results to
differ materially from those anticipated or implied in the forward-looking
statements. Investors are encouraged to review the "Risk Factors" section of
the Management's Discussion and Analysis in the Company's most recent Annual
Report and interim reports for a discussion of risks that could affect the
Company's operations and financial results. Forward-looking statements are
based upon management's assumptions, expectations and estimates at the time
that such statements are made. Pulse does not update forward-looking
statements should circumstances change or management's assumptions,
expectations or estimates change, except as required by law.
Please visit our website at www.pulsedatainc.com.
For further information:
For further information: Ken MacDonald, President & C.E.O. of Pulse or
Doug Cutts, Vice President & C.F.O. of Pulse, Tel.: (403) 237-5559, Toll-free:
1-877-460-5559, E-mail: firstname.lastname@example.org