CALGARY, Feb. 12 /CNW/ - Douglas Cutts, President and Chief Executive
Officer of Pulse Data Inc. ("Pulse" or the "Company"), is pleased to announce
that Pulse achieved estimated record annual seismic data library sales of
approximately $41.2 million for the year ended December 31, 2007, a 20 percent
increase over the $34.2 million generated in 2006.
In the fourth quarter of 2007 Pulse recorded estimated seismic data
library sales of $11.0 million compared to $10.5 million in the fourth quarter
Total seismic revenues (which include revenues from participation
surveys) for the year ended December 31, 2007 were $44.2 million compared to
$37.3 million for 2006.
Free cash flow(1) from continuing operations for the year ended December
31, 2007 amounted to approximately $24.1 million compared to $19.2 million in
2006. Pulse's working capital was approximately $12.2 million at December 31,
2007 (including cash of $6.5 million). Pulse's net debt was $25.5 million at
December 31, 2007. During 2007 the Company repurchased 664,900 common shares
under its Normal Course Issuer Bid at an average price of $2.83, for a total
cost of $1.9 million.
Pulse also announces the following intended record and payment dates for
its quarterly dividend in 2008:
Ex-Dividend Date Record Date Payable Date
March 26, 2008 March 28, 2008 April 11, 2008
June 4, 2008 June 6, 2008 June 20, 2008
September 3, 2008 September 5, 2008 September 19, 2008
December 3, 2008 December 5, 2008 December 19, 2008
The financial information contained in this news release is based on
management's estimates and has not yet been approved by the Company's Audit
Committee or Board of Directors, or reviewed by the Company's auditors.
Pulse is also pleased to announce the appointment of Mr. Jeff Bectold to
Manager, Surveys. Mr. Bectold has over 13 years of experience in the seismic
survey industry and will be responsible for the management and growth of the
survey group of Pulse. Prior to joining Pulse, Mr. Bectold was Sales Manager,
Participation Surveys at Arcis Corporation from 2001-2007 and from 1987-2001
held various senior positions at Schlumberger, where he began his career.
Looking ahead, Pulse has a cautious outlook for seismic data library
sales in the first half of 2008. The uncertainty relating to the new Alberta
Royalty Program, a downturn in oil and natural gas drilling activity, the
potential for oil and gas industry consolidation along with instability in the
financial markets may result in static or lower seismic data sales in this
On Wednesday, March 19, 2008, after close of trading on the Toronto Stock
Exchange (TSX), Pulse intends to release its complete audited financial
results for the year ended December 31, 2007, along with details regarding the
next regular quarterly dividend. A conference call and webcast to review the
2007 results are scheduled for Thursday, March 20, 2008 at 1:00 pm EDT
(11:00 am MDT). Further details of the conference call, including dial-up
numbers, will be provided at a later date.
Pulse is a market leader in the acquisition, marketing and licensing of
2D and 3D seismic data for the western Canadian energy sector. Pulse owns the
second-largest freely tradeable seismic data library in Canada, currently
consisting of 257,300 net kilometres of 2D seismic and 11,600 net square
kilometres of 3D seismic. The library extensively covers the Western Canada
Sedimentary Basin where most of Canada's oil and natural gas exploration and
development occurs. The replacement value of Pulse's library is currently
estimated at over $1 billion based on current field replacement costs.
Pulse has publicly traded on the TSX since 2001. The Company has paid its
shareholders a quarterly dividend since 2003, and at Pulse's current share
price provides one of the highest dividend yields on the TSX.
(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 seismic data library.
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 securities laws.
For further information:
For further information: Douglas Cutts, President and C.E.O., Tel.:
(403) 237-5559, Toll-free: 1-877-460-5559, E-mail: email@example.com.,
Please visit our website at www.pulsedatainc.com.