Business
Pulse Data Inc. reports Q1 2008 results and declaration of quarterly dividend
TSX Symbol - PSD CALGARY, May 7 /CNW/ - Douglas Cutts, President and Chief Executive Officer of P...
About this update from Pulse Seismic Inc.
[{"type":"text","content":"\n\n\n\nTSX Symbol - PSD\n\n\nCALGARY, May 7 /CNW/ - Douglas Cutts, 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, 2008.\n\n\nMr. Cutts is also pleased to announce that Pulse has declared its\ntwentieth consecutive quarterly dividend. This dividend is $0.05 per common\nshare and will be paid on June 20, 2008 to shareholders of record at the close\nof business on June 6, 2008. The Company's Dividend Reinvestment Plan for\neligible shareholders will be available for this dividend.\n\n\nA conference call to review the third quarter results has been scheduled\nfor 1:00 pm EDT (11:00 am MDT) on Thursday May 8, 2008. The conference call\ndial-in number is 1-800-590-1817 and (416) 644-3426 (Toronto). A live webcast\nof the conference call will be available at:\nhttp://www.newswire.ca/en/webcast/viewEvent.cgi?eventID(equal sign)2249500.\n\n\nHIGHLIGHTS\n\n\n- $7.8 million in seismic data library sales in Q1 2008 compared to a\n record first quarter set in Q1 2007 of $10.6 million. This decrease\n was a result of reduced industry activity during the quarter. The\n Q1 2008 seismic data sales represents the third-strongest first\n quarter in Pulse's history.\n\n- Cash EBITDA(b) from continuing operations for the three month period\n ended March 31, 2008 was $5.9 million compared to $8.7 million for\n the same period in 2007.\n\n- Improved working capital position to $11.8 million (including cash of\n $9.0 million) at March 31, 2008 compared to $5.6 million (including\n cash of $9.2 million) at March 31, 2007.\n\n- Net loss from continuing operations in the first quarter of 2008 was\n $1.0 million ($0.02 per share basic and diluted) compared to net\n earnings of $837,000 ($0.02 per share basic and diluted) in the first\n quarter of 2007 as a result of a high fixed seismic data library\n amortization expense of $6.6 million (a non-cash expense) and lower\n seismic data library sales.\n\n- In the first quarter of 2008 the Company purchased and cancelled\n 178,300 common shares at an average price of $2.59 per share through\n the normal course issuer bid at a total cost of $462,000.\n\n- On April 1, 2008 Pulse announced that it had signed a definitive\n agreement to sell its Terrapoint business un...