Business
Pulse Data Inc. announces record second quarter and first half seismic data sales
Pulse Data Inc. announces record second quarter and first half seismic data sales.
About this update from Pulse Seismic Inc.
[{"type":"text","content":"\n\n\n\nTSX: PSD\n\n\nCALGARY, July 10 /CNW/ - Mr. Douglas Cutts, President and CEO of Pulse\nData Inc. ("Pulse" or the "Company") is pleased to announce that Pulse has\nachieved record second quarter seismic data sales for the three months ended\nJune 30, 2007. Pulse generated seismic data sales of $10.5 million in Q2 2007,\ncompared to $6.6 million for the second quarter of 2006. These results\ncomplement Pulse's Q1 2007 record seismic data sales of $10.6 million, and\nhave propelled the Company to record first half seismic data sales of\n$21.1 million, a 26 percent increase over the first half of 2006 at $16.7\nmillion.\n\n\nFree cash flow (1) from continuing operations for Q2 2007 amounted to\napproximately $6.7 million compared to negative free cash flow of $1.2 million\nfor the comparable period in 2006. The negative free cash flow in the second\nquarter of 2006 was primarily due to the completion of a $6.7 million\nparticipation survey - activity that decreases the Company's free cash flow.\nFor the first six months of 2007 free cash flow from continuing operations was\napproximately $14.5 million, compared to $5.7 million for the six month period\nended June 30, 2006. Free cash flow for Q2 2007 and the first half of 2007 did\nnot increase proportionately to the increase in revenues as a result of\nunexpected M&A transactions costs and a higher current income tax provision.\nThe Company's working capital position at June 30, 2007 was approximately\n$8.4 million (including cash of $8.9 million). At June 30, 2006 working\ncapital was $16.4 million including cash of $17.6 million. Mr. Cutts stated,\n"Our seismic data sales have exceeded our expectations given the general\ncurrent market conditions facing the oil and gas industry. We are extremely\npleased with the efforts of our sales team and we continue to see strong\ndemand for our high-quality seismic data library."\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\nPulse intends to release its complete unaudited financial results for the\nthree and six months ended June 30, 2007 along with details concerning its\nseventeenth consecutive quarterly dividend after the clo...