Business
Pulse Data Inc. reports 2007 results and declaration of quarterly dividend
TSX Symbol - PSD CALGARY, March 19 /CNW/ - Douglas Cutts, President and Chief Executive Officer o...
About this update from Pulse Seismic Inc.
[{"type":"text","content":"\n\n\n\nTSX Symbol - PSD\n\n\nCALGARY, March 19 /CNW/ - Douglas Cutts, President and Chief Executive\nOfficer of Pulse Data Inc. ("Pulse" or "the Company"), is pleased to report\nthe financial and operating results of Pulse for the year ended December 31,\n2007, which included achieving record annual seismic data library sales of\n$41.2 million.\n\n\nMr. Cutts is also pleased to announce that Pulse has declared its\nnineteenth consecutive quarterly dividend. The dividend is $0.05 per common\nshare and will be paid on April 11, 2008 to shareholders of record at the\nclose of business on March 28, 2008. The Company's Dividend Reinvestment Plan\nfor eligible shareholders will be available for this dividend. Pulse\nre-confirms that all dividends paid to shareholders in 2007, and subsequent\nyears, are designated as "eligible dividends", as defined by the Government of\nCanada's Bill C-28, entitling Canadian resident individuals to a higher gross\nup and dividend tax credit.\n\n\nA conference call to review the third quarter results has been scheduled\nfor 1:00 pm EST (11:00 am MST) on Thursday March 20, 2008. The conference call\ndial-in number is (416) 644-3429 (Toronto) and 1-800-588-4490. A live webcast\nof the conference call will be available at:\nhttp://www.newswire.ca/en/webcast/viewEvent.cgi?eventID(equal sign)2187240.\n\n\nHIGHLIGHTS\n\n- 21% increase in annual seismic data library sales to $41.2 million in\n 2007 compared to $34.2 million in 2006.\n\n- 19% increase in total seismic revenues (including revenues from\n participation surveys) to $44.2 million in 2007 compared to\n $37.3 million in 2006.\n\n- Pulse invested $11.7 million in strategic seismic acquisitions of\n 1,536 net square kilometres of 3D data and 65 net kilometres of 2D\n data in two seismic data purchases.\n\n- Pulse invested $7.0 million in one participation survey. The Cutbank\n River 3D participation survey added a total of 248 net square\n kilometres of 3D data to the seismic data library.\n\n- Improved working capital position year-over-year to $12.3 million\n (including cash of $6.5 million) at December 31, 2007 compared to\n $5.7 million (including cash of $2.2 million) at December 31, 2006.\n\n- Increase of 25% in cash EBITDA(b) to $33.0 million for the year ended\n December 31, 2007 from $26.5 million for the year e...