Business
Pulse Data Inc. provides corporate update and timing for release of 2006 audited financial results
Pulse Data Inc. provides corporate update and timing for release of 2006 audited financial results.
About this update from Pulse Seismic Inc.
[{"type":"text","content":"\n\n\n\nTSX:PSD\n\n\nCALGARY, Feb. 6 /CNW/ - Ken MacDonald, President and Chief Executive\nOfficer of Pulse Data Inc. (\"Pulse\" or the \"Company\"), is pleased to provide\nthe following corporate update.\n\n\nUNAUDITED FINANCIAL HIGHLIGHTS\n\n\nFor the year ended December 31, 2006, Pulse generated total revenues of\napproximately $45 million of which seismic data licensing revenue amounted to\napproximately $34 million. Free cash flow(1) (funds from operations less total\nparticipation survey capital expenditures) amounted to approximately\n$17 million, and the Company generated an additional $3 million in cash\nproceeds from the sale of non-core assets.\n\n\nPulse acquired a total of approximately 17,860 net kilometres of 2D\nseismic data and approximately 460 net square kilometres of 3D seismic data in\n2006. Capital expenditures directed to seismic data purchases were\n$36.4 million and the Company completed one participation survey with a total\ncost of $6.8 million.\n\n\nFor the LiDAR business segment, Terrapoint recorded a cash loss of\napproximately $1.5 million for 2006 on revenues of approximately $7.8 million.\n\n\nPulse's working capital position was approximately $6 million at\nDecember 31, 2006 (including a cash position of approximately $2.5 million).\nDuring 2006, Pulse utilized cash resources mainly for seismic data purchases\n($11.4 million), a participation survey ($6.8 million), long-term debt\nrepayment ($11.9 million) and dividends ($7.1 million).\n\n\nIn January 2006, Pulse increased its annual dividend rate to $0.15 per\ncommon share amounting to a total of $7.1 million in cash returned to its\nshareholders in 2006. Based on Pulse's closing share price on February 5,\n2007, this annual dividend rate provides an effective yield of 6.1 percent.\n\n\nLooking ahead for 2007, the trend of increasing oil and gas industry\ninterest, oil and gas activity levels and increasing cost to shoot and obtain\nnew seismic data in the deeper-drilling Foothills areas of Alberta and British\nColumbia is expected to generate strong demand for the high-quality regional\n2D seismic data that Pulse recently acquired.\n\n\nThe Company has exceeded its internal data sales targets for the month of\nJanuary 2007 by achieving $4.3 million in 2D and 3D data library sales, which\nis approximately 30% higher than in January 2006.\n\n\nT...