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Pulse Data Inc. reports corporate update, highlight financial estimates and timing for release of Q1 2008 financial results
TSX: PSD CALGARY, April 30 /CNW/ - Pulse Data Inc. ("Pulse" or the "Company") provides the follow...
About this update from Pulse Seismic Inc.
[{"type":"text","content":"\n\n\n\nTSX: PSD\n\n\nCALGARY, April 30 /CNW/ - Pulse Data Inc. ("Pulse" or the "Company")\nprovides the following financial and corporate update for the three-month\nperiod ended March 31, 2008.\n\n\nPulse recorded estimated seismic data library sales of $7.8 million in Q1\n2008, compared to a record quarter set in Q1 2007 of $10.6 million. Pulse had\nanticipated a first quarter decrease based on lower natural gas prices and\nreduced industry activity. Pulse expects a return to normal sales activity for\nthe remainder of the 2008 fiscal year as demand has steadily increased since\nthe beginning of the second quarter of 2008.\n\n\nCash EBITDA from continuing operations for the three month period ended\nMarch 31, 2008 amounted to approximately $5.9 million, compared to $8.7\nmillion for the same period in 2007. Pulse's working capital at March 31, 2008\nwas approximately $11.8 million (including cash of $9.0 million).\n\n\nThe net loss for the three month period ended March 31, 2008 is\napproximately $1.4 million and consists of a loss from discontinued operations\nof $432,000 and a loss from continuing operations of $1.0 million. The loss\nfrom continuing operations is a direct result of the high fixed seismic data\nlibrary amortization expense of $6.6 million (a non-cash expense) in a quarter\nwhere data library sales were $7.8 million. The comparable first quarter of\n2007 had a net loss of $470,000 which included a loss from discontinued\noperations of $1.3 million which offset the earnings from continuing\noperations of $837,000.\n\n\nThe financial information contained in this news release is based on\nmanagement's estimates and has not yet been approved by the Company's Audit\nCommittee or Board of Directors.\n\n\nOn Wednesday, May 7, 2008, after close of trading on the Toronto Stock\nExchange (TSX), Pulse intends to release its unaudited financial results for\nthe first quarter of 2008, along with details regarding the next regular\nquarterly dividend. A conference call and webcast to review the results are\nscheduled for Thursday, May 8, 2008 at 1:00 pm EDT (11:00 am MDT). Further\ndetails of the conference call, including dial-up numbers, will be provided at\na later date.\n\n\nTerrapoint Update\n\n\nOn April 1, 2008 Pulse announced that it had signed a definitive\nagreement to sell its Terrapoint bu...