Pulse Seismic Inc. provides preliminary unaudited fourth quarter and year-end
financial results and timing for release of 2009 audited financial results
TSX Symbol - PSD
HIGHLIGHTS
- Seismic data library sales for the three months ended December 31, 2009 were approximately $10.2 million, compared to $10.1 million for the same period in 2008. Seismic data library sales for the year ended December 31, 2009 were approximately $23.4 million compared to $36.9 million for the year ended December 31, 2008. - Total seismic revenue (including revenue from participation surveys) for the year ended December 31, 2009 was approximately $30.7 million compared to $45.4 million for the year ended December 31, 2008. - Cash EBITDA(a) from continuing operations for the year ended December 31, 2009 was approximately $16.4 million ($0.31 per share basic and diluted) compared to $28.2 million ($0.52 per share basic and diluted) for the year ended December 31, 2008. - Net loss from continuing operations for the year ended December 31, 2009 was approximately $2.6 million ($0.05 per common share basic and diluted) compared to net earnings from continuing operations of $880,000 ($0.02 per share basic and diluted) for the year ended December 31, 2008. - Pulse's working capital position grew to approximately $19.3 million (including cash of $15.0 million and current portion of long term debt of $7.0 million) at December 31, 2009 from $14.4 million (including cash of $13.2 million and current portion of long term debt of $6.8 million) at December 31, 2008. - One 3D participation survey in the Deep Basin area of northwestern Alberta totalling 108 net square kilometres was completed and delivered in Q4 2009.
"Seismic data library sales for Q4 2009 were stronger than anticipated as a result of a number of E&P companies expediting their capital expenditures prior to year end. As pleased as we are with the results for the quarter we continue to maintain a highly cautious stance heading into 2010," commented
"Looking beyond, we are encouraged to see renewed interest and new discoveries in the Cardium and Pembina plays in Alberta which are being advanced through new horizontal drilling technologies, initially developed for the unconventional oil and natural gas plays, and now being utilized in the conventional areas. Pulse has concentrated over the past few years on building upon its seismic data library in Alberta both through participation surveys and the acquisition of existing data. More than one third of Pulse's 12,800 square kilometre 3D seismic data library covers the territory encompassing the Cardium zone potential. Although we are excited about future potential data sales opportunities, there remains significant uncertainty in the recovery in drilling activity relating to the natural gas component of the industry."
On
(a) The Company's continuous disclosure documents provide discussion and analysis of "cash EBITDA", "funds from continuing operations" and "funds from continuing operations per share". These financial measures do not have standard definitions prescribed by GAAP in
CORPORATE PROFILE
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 licensable seismic data library in
Forward Looking Information
This document contains information that constitutes "forward looking information" or "forward looking statements" (collectively, "forward looking information") within the meaning of applicable securities legislation. This forward looking information includes, among other things, statements regarding:
- estimated future demand for seismic data; - estimated future seismic data sales; - estimated future demand for participation surveys; - estimated costs, funding, size, commencement dates and delivery dates of participation surveys; - planned future participation surveys; - planned growth of the seismic data library; - planned future normal course issuer bid purchases; - Pulse's business strategy; and - Other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results and performance.
Often, but not always, forward looking information uses words or phrases such as: "expects", "does not expect" or "is expected", "anticipates" or "does not anticipate", "plans" or "does not plan", "estimates" or "estimated", "projects" or "projected", "forecasts" or "forecasted", "believes" or "does not believe", "intends" or "does not intend", "likely" or "unlikely", "possible", "probable", "scheduled", "positioned", "goal", "objective", "hopes", "optimistic" or states that certain actions, events or results "should", "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Undue reliance should not be placed on forward-looking information. Forward looking information is based upon current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to vary and in some instances to differ materially from those anticipated in the forward looking information.
The material risk factors include, but are not limited to:
- the demand for seismic data and participation surveys; - the pricing of data library license sales; - the level of pre-funding of participation surveys, and the ability of the Company to make subsequent data library sales from such participation surveys; - the ability of the Company to complete participation surveys on time and within budget; - the price and demand for oil and natural gas; - the level of oil and natural gas exploration and development activities; - the ability of the Company's customers to raise capital; - environment, health and safety risks; - the effect of seasonality and weather conditions on participation surveys; - federal and provincial government laws and regulation, including taxation, royalty rates, environment and safety; - competition from other seismic data library companies; - dependence upon qualified seismic field contractors; - dependence upon key management, operations and marketing personnel; and - protection of Intellectual Property.
The foregoing list of risks is not exhaustive. Additional information on these risks and other factors which could affect the Company's operations or financial results are included in the Risk Factors section of the Company's MD&A for the most recent calendar year and interim periods. Forward looking information is based upon the assumptions, expectations, estimates and opinions of the Company's management at the time the information is presented.
For further information: Douglas Cutts, President and C.E.O., Tel.: (403) 237-5559, Toll-free: 1-877-460-5559, E-mail: [email protected]; Please visit our website at www.pulseseismic.com
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