Business
Pulse Data announces record Q3, 2007 cash data library sales and increases annual dividend by 33% to $0.20 per common share
Pulse Data announces record Q3, 2007 cash data library sales and increases annual dividend by 33% to $0.20 per common share.
About this update from Pulse Seismic Inc.
[{"type":"text","content":"\n\n\n\nTSX: PSD\n\n\nCALGARY, Sept. 21 /CNW/ - Pulse Data Inc. ("Pulse" or the "Company")\nannounces record Q3, 2007 cash data library sales and strong Q3, 2007 total\nseismic revenues. As at September 21, 2007, Pulse has posted Q3 cash data\nlibrary sales of $8.7 million, surpassing the Q3 record of $8.6 million set in\n2005. The Company will set record cash data library sales for 3 consecutive\nquarters. Pulse also expects Q3, 2007 total seismic revenues of at least \n$10.5 million, which includes an expected partial delivery by September 30,\n2007 of a 3D seismic participation survey in the Deep Basin area of\nwest-central Alberta that commenced on July 11, 2007.\n\n\nThe financial information contained in this news release is based upon\nmanagement's estimates only and has not been approved by the Audit Committee\nor Board of Directors, or reviewed by the Company's auditors.\n\n\nAs a result of the increased level of sustainable free cash flow, the\nBoard of Directors of Pulse has approved a 33% increase in the annual dividend\nrate from $0.15 to $0.20 per common share. Based on Pulse's closing share\nprice on September 21, 2007, this annual dividend provides an effective yield\nof 6.5%. This is the 3rd increase in the dividend since Pulse commenced paying\na dividend in 2003. Pulse expects to declare the next regular quarterly\ndividend, the eighteenth consecutive, in conjunction with the release of its\nQ3, 2007 results on November 8, 2007.\n\n\nDouglas Cutts, President & CEO commented, "We are extremely pleased with\nour sales efforts at a time when oil and gas service companies are under\nextreme pressure as a result of depressed natural gas prices. Going forward,\nthe board and management are committed to our strategic business plan as a\npure seismic data library business. The 33% increase in our dividend is an\nindication of the confidence we have in this plan."\n\n\nOn September 5, 2007 Pulse announced that it had signed a non-binding\nletter of intent to sell the assets of its Terrapoint business unit to a\nmanagement-led group of Terrapoint. The letter of intent provided an exclusive\nperiod for negotiations until September 17, 2007. Although the exclusive\nperiod for negotiations has expired, Pulse continues to work with the\npurchaser, and the Company continues to work towards a...