Business
Pulse Data Inc. reports 2006 results and declaration of quarterly dividend
Pulse Data Inc. reports 2006 results and declaration of quarterly dividend.
About this update from Pulse Seismic Inc.
[{"type":"text","content":"\n\n\n\nTSX:PSD\n\n\nCALGARY, March 19 /CNW/ - Ken MacDonald, President and Chief Executive\nOfficer of Pulse Data Inc. ("Pulse" or the "Company") reports the financial\nand operating results of Pulse for the year ended December 31, 2006.\n\n\nMr. MacDonald is also pleased to announce that Pulse has declared its\nfifteenth consecutive quarterly dividend. This dividend is $0.0375 per common\nshare and will be paid on April 12, 2007 to shareholders of record at the\nclose of business on March 29, 2007. The Company's Dividend Reinvestment Plan\nfor eligible shareholders will be available for this dividend. Pulse confirms\nthat all dividends paid to shareholders in 2006 are designated as "eligible\ndividends", as defined by the Government of Canada's Bill C-28, entitling\nCanadian resident individuals to a higher gross up and dividend tax credit.\nPulse also designates all dividends paid in 2007 and subsequent years as\neligible dividends.\n\n\nHIGHLIGHTS\n\n - Pulse added 17,862 net kilometres of 2D seismic and 461 net square\n kilometres of 3D seismic to its data library during 2006. This\n significant addition of seismic data during the year was accomplished\n through the purchase of two seismic datasets totaling 17,862 net\n kilometres of 2D data and 224 net square kilometres of 3D data and\n one participation survey totaling 237 net square kilometres of 3D\n data. This compares to the addition of 2,920 net square kilometres of\n 3D data and 534 net kilometres of 2D data in 2005.\n\n - Based on the Company's current share price, the annual dividend rate\n of $0.15 per share represents an approximate yield of 6.4%.\n\n - Free cash flow(b) for the year ended December 31, 2006 was\n $17.8 million, compared to $23.5 million in 2005.\n\n - Seismic data library sales decreased marginally by 2% to\n $34.2 million for the year ended December 31, 2006 from $34.9 million\n for the year ended December 31, 2005.\n\n - Pulse had a working capital position of $5.7 million at December 31,\n 2006 compared to a working capital position of $17.5 million at\n December 31, 2005.\n\n - Pulse repaid $11.8 million of long-term debt during 2006. In November\n 2006 Pulse restructured its long-term debt facility with its\n principal lenders to include an additional $25.0 million, which\n together with $7.5 million of cash re...