Business
Pulse Data Inc. reports Q1 2007 results and Declaration of quarterly dividend
Pulse Data Inc. reports Q1 2007 results and Declaration of quarterly dividend.
About this update from Pulse Seismic Inc.
[{"type":"text","content":"\n\n\n\nTSX Symbol - PSD\n\n\nCALGARY, May 10 /CNW/ - Mr. 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 three months ended March 31, 2007.\n\n\nMr. MacDonald is also pleased to announce that Pulse has declared its\nsixteenth consecutive quarterly dividend. This dividend is $0.0375 per common\nshare and will be paid on June 20, 2007 to shareholders of record at the close\nof business on June 6, 2007. The Company's Dividend Reinvestment Plan for\neligible shareholders will be available for this dividend.\n\n\nHIGHLIGHTS\n\n- Record first quarter data library sales: Seismic data library sales\n increased by 5.2 percent to $10.6 million for the three months ended\n March 31, 2007 compared to $10.1 million for the first quarter of\n 2006.\n- Record first quarter free cash flow(b) was also achieved for Q1, 2007\n at $7.9 million, compared to $6.9 in the first quarter of 2006,\n representing a 13.3 percent increase year-over-year.\n- Pulse had a working capital position of $5.6 million (including cash\n of $9.2 million) at March 31, 2007 compared to $5.7 million at\n December 31, 2006 and $20.1 million at March 31, 2006.\n- Pulse's $36.8 million investment to acquire new seismic data in 2006\n has led to higher amortization expense which increased to\n $6.3 million for the three months ended March 31, 2007 compared to\n $4.7 million for the first quarter of 2006.\n- On March 5, 2007 the Company announced that it was initiating a\n process to review strategic alternatives for its LiDAR business unit.\n Since then, the Corporation has developed a formal plan to dispose of\n the assets and business operations of its LiDAR business unit.\n\nFinancial Highlights\n($000s except per share data)\n\n 3 months ended Year ended\n March 31, December 31,\n ----------------- ------------\n 2007 2006 2006\n ---- ---- ----\n (unaudited) (audited)\nRevenue from continuing operations:\n Data library sales $ 10,623 $ 10,098 $ 34,214\n Participation surveys $ - $ - $ 3,058\n Corporate & other $ - $ - $ (130)\n -------------------------------------\nTotal revenue from continuing\n operations $ 10,623 $ 10,098 $ 37,142\nAmortization of seismic data\n library $ 6,288 $ 4,679 $ 22,574\nNet earnings from continuing ops $ 8...