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Pulse Data Inc. provides corporate update, announces 50% increase in annual dividend rate and timing for release of 2005 audited financial results
Pulse Data Inc. provides corporate update, announces 50% increase in annual dividend rate and timing for release of 2005 audited financial results.
About this update from Pulse Seismic Inc.
[{"type":"text","content":"\n\n\n\n\nTSX Symbol - (TSX:PSD) \n\nCALGARY, Feb. 14 /CNW/ - Mr. Ken MacDonald, President and Chief Executive\nOfficer of Pulse Data Inc. (\"Pulse\" or the \"Company\") is pleased to provide\nthe following corporate update.\n\nFINANCIAL\n\nFor the year ended December 31, 2005, Pulse generated total revenues of\napproximately $54 million. Seismic data licensing revenue amounted to a record\nlevel of approximately $35 million, a 36% increase over 2004. Pulse added\napproximately 2,900 net square kilometres of quality 3D seismic data to its\nlibrary in 2005. This additional data significantly contributed to the\nincreased data licensing revenue in 2005.\nFree cash flow(1) (funds from operations less total participation survey\ncapital expenditures) reached a record level of approximately $23 million in\n2005, compared to $12 million for the year ended December 31, 2004.\nThe increase in cash seismic data licensing revenue and the resulting\nincreased level of free cash flow has significantly improved the Company's\nbalance sheet. Pulse's working capital position increased four-fold to\napproximately $17 million at December 31, 2005 (including a cash position of\napproximately $12 million), compared to working capital of $4 million at\nDecember 31, 2004. In addition, the Company's leverage position remains\nhealthy with a total long-term debt to annualized free cash flow(1) ratio of\napproximately 1:1.\nThe financial information contained in this news release is management's\nestimate only and it has not yet been approved by the Company's Audit\nCommittee or Board of Directors, or audited by the Company's auditors.\n\nINCREASE IN ANNUAL DIVIDEND RATE\n\nBased on the Company's record level of free cash flow(1) in 2005, its\nstrong balance sheet and confidence that strong free cash flow(1) levels will\ncontinue to be generated by the Company's quality asset base, the Board of\nDirectors of Pulse has approved a 50% increase in the annual dividend rate to\n$0.15 per share. Based on Pulse's closing share price on February 13, 2006,\nthis annual dividend provides an effective yield of 6%. Pulse expects to\ndeclare the next regular quarterly dividend in conjunction with the release of\nits audited 2005 financial results.\n\n2005 AUDITED FINANCIAL RESULTS RELEASE\n\nPulse intends to release its complete financial results for the year\nende...