TSX Symbol - PSD
CALGARY, Aug. 8 /CNW/ - Mr. Ken MacDonald, President and Chief Executive
Officer of Pulse Data Inc. ("Pulse" or the "Company") is pleased to report the
financial and operating results of Pulse for the three and six months ended
June 30, 2005.
In addition, Mr. MacDonald is pleased to announce that in light of
continuing strong data library sales and significant free cash flow, Pulse has
doubled its quarterly dividend from $0.0125 to $0.025 per common share. The
dividend will be paid on September 20, 2005 to shareholders of record at the
close of business on September 6, 2005. The Company's Dividend Reinvestment
Plan (DRIP) for eligible shareholders will be available for this dividend.
HIGHLIGHTS
- The Company successfully completed the acquisition of approximately
2,500 net square kilometres of 3D seismic data and 500 net kilometres
of 2D seismic data for a purchase price of $15.2 million. This data
purchase increased Pulse's 3D seismic data library by 40%.
- Seismic data library sales increased by 11.4% to a record first half
of $13.9 million for the six months ended June 30, 2005 compared to
$12.4 million for the six months ended June 30, 2004.
- Free cash flow(1) for the six months ended June 30, 2005 was
$5.4 million, compared to $2.5 million in the same period in 2004.
This significant increase in free cash flow in 2005 is attributed to
higher data library sales in 2005 and lower cash requirements for
participation surveys conducted in the first half of 2005.
- Pulse had a working capital position of $5.3 million at June 30,
2005, compared to a slight deficiency at June 30, 2004.
- Pulse repaid $5.3 million of long-term debt over the twelve month
period ended June 30, 2005.
- The Company's decision to add to its data library by purchasing a
significant seismic data base, in addition to the lower number of
participation surveys compared to the unusually high number of
participation surveys in the first half of 2004, resulted in lower
total revenue, net earnings and funds from operations(1) for the
first half of 2005 compared to the same period in 2004. However it is
expected that going forward the data acquired will have a higher
potential to generate net earnings due to the lower capitalized cost
and corresponding lower amortization.
<<
Financial Highlights
('000's except per share data)
3 months ended 6 months ended
June 30 June 30
------- -------
2005 2004 2005 2004
---- ---- ---- ----
(unaudited) (unaudited)
Revenue
Data library
sales $ 8,059 $ 8,400 $ 13,852 $ 12,433
Participation
surveys $ 68 $ - $ 5,031 $ 12,375
LiDAR $ 2,556 $ 506 $ 4,036 $ 506
Trango & other $ 437 $ 172 $ 735 $ 429
Total revenue $ 11,120 $ 9,078 $ 23,654 $ 25,743
Amortization of
data libraries $ 3,996 $ 3,513 $ 10,130 $ 12,741
Net earnings $ 683 $ 1,053 $ 1,407 $ 4,004
Net earnings per
share:
basic $ 0.01 $ 0.03 $ 0.03 $ 0.10
diluted $ 0.01 $ 0.03 $ 0.03 $ 0.10
Funds from
operations(1) $ 5,167 $ 5,406 $ 11,517 $ 19,484
Funds from operations
per share(1):
basic $ 0.11 $ 0.13 $ 0.25 $ 0.47
diluted $ 0.11 $ 0.13 $ 0.25 $ 0.46
Free cash flow(1) $ 5,162 $ 5,360 $ 5,415 $ 2,546
Working capital
(deficiency) $ 5,348 $ (57) $ 5,348 $ (57)
Total assets $ 121,635 $ 104,167 $ 121,635 $ 104,167
Capital expenditures
Seismic data
purchases $ 15,225 $ - $ 15,225 $ -
Participation
surveys $ 5 $ 46 $ 6,102 $ 16,938
Changes to work
in progress $ 4 $ 6 $ 2 $ (8,366)
Property &
equipment
additions $ 694 $ 7 $ 1,125 $ 36
Total capital
expenditures $ 15,928 $ 59 $ 22,454 $ 8,608
Total long-term
debt $ 29,475 $ 19,341 $ 29,475 $ 19,341
Shareholders'
equity $ 78,679 $ 74,381 $ 78,679 $ 74,381
Weighted average
shares outstanding:
basic 46,078,884 42,664,997 45,927,686 41,516,049
diluted 46,750,196 43,208,065 46,559,971 42,090,640
Shares outstanding
at period end 46,219,768 45,568,724 46,219,768 45,568,724
(1) These non-GAAP financial measures are defined in the Financial
Summary below.
Seismic Library:
2D in net
kilometres 239,820 239,013 239,820 239,013
3D in net square
kilometres 9,256 6,080 9,256 6,080
Year ended
Dec. 31
-------
2004
----
(audited)
Revenue
Data library
sales $ 25,611
Participation
surveys $ 19,979
LiDAR $ 3,886
Trango & other $ 1,792
Total revenue $ 51,268
Amortization of
data libraries $ 22,862
Net earnings $ 7,719
Net earnings per
share:
basic $ 0.18
diluted $ 0.18
Funds from
operations(1) $ 36,776
Funds from operation
per share(1):
basic $ 0.84
diluted $ 0.84
Free cash flow(1) $ 11,988
Working capital
(deficiency) $ 3,845
Total assets $ 108,426
Capital expenditures
Seismic data
purchases $ 1,295
Participation
surveys $ 24,788
Changes to work
in progress $ (8,436)
Property &
equipment
additions $ 574
Total capital
expenditures $ 18,221
Total long-term
debt $ 16,865
Shareholders'
equity $ 77,507
Weighted average
shares outstanding:
basic 43,646,866
diluted 43,990,061
Shares outstanding
at period end 45,774,816
(1) These non-GAAP financial measures are defined in the Financial
Summary below.
Seismic Library:
2D in net
kilometres 239,288
3D in net square
kilometres 6,522
FINANCIAL SUMMARY
The Company's continuous disclosure documents provide discussion and
analysis of "free cash flow", "funds from operations" and "funds from
operations per share". These financial measures do not have standard
definitions prescribed by generally accepted accounting principles in Canada
(GAAP) and therefore they may not be comparable to similar measures disclosed
by other companies. The Company has included these non-GAAP financial measures
because they are used by management, investors, analysts and others as
measures of the Company's financial performance. The Company's definition of
free cash flow is cash available for debt servicing, discretionary capital
expenditures and the payment of dividends, and is calculated as funds from
operations less participation survey additions to the data library and any
monetary data exchanges. The Company's definition of funds from operations is
cash flow from operations as prescribed by Canadian generally accepted
accounting principles, but excluding the impact of changes in non-cash working
capital. Funds from operations per share is defined as funds from operations
divided by the weighted average number of shares outstanding for the period.
Overview
Net earnings for the six months ended June 30, 2005 were $1.4 million
($0.03 per share diluted), compared to $4.0 million ($0.10 per share diluted)
for the same period in 2004. Funds from operations for the six months ended
June 30, 2005 were $11.5 million ($0.25 per share diluted), compared to
$19.5 million ($0.46 per share diluted) generated for the same period in 2004.
These per share figures are based on the weighted average diluted shares
outstanding of 46,559,971 for the first six months of 2005, compared to
42,090,640 for the comparative period in 2004. Free cash flow for the six
months ended June 30, 2005 was $5.4 million, a 112.7% increase compared to
free cash flow of $2.5 million for the six months ended June 30, 2004.
Net earnings for the three-month period ended June 30, 2005 were $683,000
($0.01 per share diluted) compared to $1.1 million ($0.03 per share diluted)
for the same period in 2004. Funds from operations for the second quarter of
2005 of $5.2 million ($0.11 per share diluted) were slightly less than the
$5.4 million ($0.13 per share diluted) generated in the second quarter of
2004. These per share figures are based on the weighted average diluted shares
outstanding of 46,750,196 for Q2 2005 compared to 43,208,065 for Q2 2004. Free
cash flow for the three months ended June 30, 2005 was $5.2 million, a 3.7%
decrease compared to $5.4 million for the three months ended June 30, 2004.
The primary reason for the reduced total revenues, funds from operations
and net earnings for the six and three months ended June 30, 2005 compared to
2004 is that during the first half of 2005, the Company recorded $5.0 million
of participation surveys, while in the first half of 2004, the Company
recorded $12.4 million of participation surveys. Pre-funding commitments by
clients for participation surveys are recorded as revenues when received,
which increase total revenues, funds from operations and earnings for that
period. The first half of 2005 reflected a more normal volume of participation
surveys, while the first half of 2004 reflected an unusually high volume of
participation surveys mainly due to the delay of a significant survey from
late 2003 into early 2004.
On June 15, 2005 Pulse successfully completed the acquisition of a
significant seismic data base which has increased the Company's 3D data
library by 40%. The acquisition consists of approximately 2,500 net square
kilometres of 3D seismic data and 500 net kilometres of 2D seismic data and is
located in the south-central area of Alberta. This valuable addition is
complementary to Pulse's existing database and is located in an area that has
recently seen a significant increase in exploration activity by oil and gas
companies. The purchase price of $15.2 million was principally financed by
term debt through Pulse's existing debt provider. The effective date of the
transaction was May 2, 2005.
Revenue
Stated in thousands of dollars
-------------------------------------------------------------------------
For the six months ended June 30
--------------------------------------------------
Business Segment: 2005 2004
--------------------------------------------------
% of % of
Total Total
Revenue Revenue Revenue Revenue % Change
-------------------------------------------------------------------------
Seismic revenue
-------------------------------------------------------------------------
Data library sales $ 13,852 59 $ 12,433 48 11.4
-------------------------------------------------------------------------
Participation surveys 5,031 21 12,375 48 (59.3)
-------------------------------------------------------------------------
LiDAR revenue 4,036 17 506 2 697.6
-------------------------------------------------------------------------
Trango revenue 862 4 351 1 145.6
-------------------------------------------------------------------------
Corporate and other (127) (1) 78 1 (262.8)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Total $ 23,654 100 $ 25,743 100 (8.1)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
For the three months ended June 30
--------------------------------------------------
Business Segment: 2005 2004
--------------------------------------------------
% of % of
Total Total
Revenue Revenue Revenue Revenue % Change
-------------------------------------------------------------------------
Seismic revenue
-------------------------------------------------------------------------
Data library sales $ 8,059 73 $ 8,400 93 (4.1)
-------------------------------------------------------------------------
Participation surveys 68 1 - - -
-------------------------------------------------------------------------
LiDAR revenue 2,556 23 506 6 405.1
-------------------------------------------------------------------------
Trango revenue 463 4 193 2 139.9
-------------------------------------------------------------------------
Corporate and other (26) (1) (21) (1) (23.8)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Total $ 11,120 100 $ 9,078 100 22.5
-------------------------------------------------------------------------
Seismic Data Segment:
---------------------
The seismic data segment contributed 80% of total revenue for the Company
in the first half of 2005, and 74% of total revenue for the second quarter of
the current year. In 2004, with the Terrapoint acquisition effective May 26,
2004 the seismic data segment contributed 96% of total revenue for the six-
month period ended June 30, 2004 and 93% of total revenue for the second
quarter. For the six-month period ended June 30, 2005, Pulse recorded seismic
revenue of $18.9 million compared to $24.8 million for the same period in
2004.
Within the seismic data segment the Company generates two types of
revenue: data library sales and participation survey revenue. While
participation surveys increase revenue and earnings significantly in periods
of survey completion, the participation survey actually results in the
capitalization of survey costs, which must be amortized, adding a further
charge to earnings in future periods. Data library sales represent licenses of
seismic data from the existing library of seismic data, which can occur many
times over without further costs being incurred.
Seismic data segment revenue for the six months ended June 30, 2005
reflects a 23.9% decrease from the comparable six-month period in 2004 but,
includes an 11.4% increase in data library sales for the same period, and a
39.1% increase in data library sales for the second quarter of 2005 compared
to the first quarter of 2005. The primary reason for the decrease in total
seismic data segment revenue was that Pulse recorded $5.0 million of
participation survey revenue in the first quarter of 2005, compared to
$12.4 million of participation survey revenue in the first quarter of 2004.
The 2004 period had a higher than normal level of participation surveys
delivered. For the three-month comparative periods ended June 30, 2005 and
2004, the Company had a 4.1% decrease in data library sales and a negligible
increase of $68,000 in participation survey revenue. This survey revenue
related to project management work completed during the second quarter.
LiDAR Segment:
--------------
For the second quarter of 2005, LiDAR revenue increased 72.7% to
$2.6 million over the first quarter of 2005, to reach a year-to-date total of
$4.0 million. It is not relevant to make comparisons to the three and six-
month periods ended June 30, 2004, as the acquisition of the Light Detection
and Ranging (LiDAR) business occurred May 26, 2004. The increased second
quarter sales results were attributable to an increased marketing effort, and
improvements in weather that had hampered operations in the first quarter of
2005.
Trango Segment:
---------------
Revenue for the first half of 2005 increased 145.6% to $862,000 in 2005
from $351,000 in 2004. For the second quarter of 2005 the revenue of $463,000
was an increase of 139.9% from the $193,000 generated in the second quarter of
2004. These improved results in the second quarter are mainly the result of
work completed on major contracts awarded to Trango by three oil and gas
companies in the United States in late 2004.
Data Library
Pulse acquires seismic data to grow its data library through two primary
methods. The Company conducts participation surveys every year, and also makes
data purchases when the opportunity arises to acquire the proprietary rights
to complementary seismic data. During the first six months of 2005 Pulse
invested $21.3 million to acquire new seismic data. In the second quarter of
2005 the Company purchased the proprietary rights to approximately 2,500 net
square kilometres of 3D seismic data and 500 net kilometres of 2D seismic
data, located in the south-central area of Alberta, for $15.2 million.
Additionally, in the first half of 2005 the Company invested $6.1 million to
acquire new data through participation surveys. In comparison, the Company
spent $8.6 million on participation surveys in the first half of 2004. This
amount was in addition to $8.4 million that was recorded at December 31, 2003
as work in progress, relating to the participation survey programs completed
in the first quarter of 2004, which was converted to data library additions in
2004 with the delivery of the data in February and March 2004. The total
capital expenditures for the participation programs in 2005 related to two 3D
participation surveys that were conducted in northern Alberta. The Company
acquired a total of 241 square kilometres of 3D data, all of which is 100%
owned by Pulse. The Company expects that capital expenditures directed to
seismic data acquisition in 2005 will be higher than the 2004 level, due to
the major seismic data purchase completed during the second quarter of 2005.
Liquidity, Capital Resources and Capital Requirements
The working capital position of Pulse at June 30, 2005, including the
current portion of long-term debt of $5.6 million was $5.3 million, compared
to $3.8 million at December 31, 2004 and a deficiency of $57,000 at June 30,
2004. The working capital position has improved by 39.1% compared to the
December 31, 2004 position as a result of increased accounts receivable
related to the high level of seismic data library and LiDAR sales achieved in
the second quarter, as well as a decrease in accounts payable. The accounts
payable balance decreased due to participation surveys that were carried out
in the first quarter being fully settled in the second quarter, and no new
participation surveys commencing in the second quarter. All working capital
covenants with Pulse's lenders have been met throughout each of these periods.
With the continuation of the trend of very strong existing seismic data
sales levels, and significantly improved operational procedures and cost
structures combined with a solid contract backlog position in Terrapoint,
Pulse management expects that its funds from operations will be sufficient to
finance operations, debt servicing, dividends and budgeted capital
expenditures for the remainder of 2005. The seismic data library is
continually growing through the acquisition of new, principally 3D, data. The
ongoing growth in the Company's seismic data library continues to position
Pulse to be able to provide valuable seismic data to industry participants
into the future. Historical data sales analysis shows most seismic data
retains its value for many years, and with the technological advancements in
reprocessing that have been made in recent years, the Company's clients are
able to enhance the quality of older data in the library. With the acquisition
of Terrapoint, Pulse has added airborne and ground-based LiDAR services to its
product offerings, and has begun accessing customers in new industries and
markets.
Although quarterly results can show significant swings in working
capital, Pulse remains liquid. The capital-intensive nature of the seismic
business is such that working capital deficiency balances can accumulate
during the busy participation survey season, only to be reversed upon delivery
of the seismic data to survey participants. In order to limit risk in
participation surveys, the Company does not proceed with a participation
survey without obtaining minimum pre-funding commitments from clients. Because
Pulse's largest expense in any given period is the non-cash amortization
expense, funds from operations is usually much higher than net earnings.
Pulse also has a $10 million operating line of credit facility with
Scotiabank. Any drawdowns on this facility are repayable on demand and bear
interest at the bank's prime lending rate plus 0.25%. This facility was not
utilized throughout 2002, 2003, 2004 and we do not anticipate using it in
2005.
PULSE DATA INC.
Interim Consolidated Balance Sheets
(In thousands of dollars)
-------------------------------------------------------------------------
June 30, December 31,
2005 2004
-------------------------------------------------------------------------
(unaudited) (audited)
Assets
Current assets:
Cash and cash equivalents $ 3,983 $ 3,827
Accounts receivable 14,268 12,832
Prepaid expenses 167 234
Work in progress 1,449 693
-------------------------------------------------------------------------
19,867 17,586
Data libraries 86,209 75,010
Property and equipment 14,929 15,042
Investments 432 667
Deferred charges 198 121
-------------------------------------------------------------------------
$ 121,635 $ 108,426
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable and accrued liabilities $ 3,234 $ 4,466
Deferred revenue 3,314 3,613
Current portion of long-term debt 5,594 5,662
Income taxes payable 2,377 -
-------------------------------------------------------------------------
14,519 13,741
Long-term debt 23,881 11,203
Deferred revenue 250 -
Future income taxes 4,306 5,975
Shareholders' equity:
Share capital 51,108 50,531
Contributed surplus 787 449
Retained earnings 26,784 26,527
-------------------------------------------------------------------------
78,679 77,507
-------------------------------------------------------------------------
$ 121,635 $ 108,426
-------------------------------------------------------------------------
-------------------------------------------------------------------------
PULSE DATA INC.
Interim Consolidated Statements of Earnings and Retained Earnings
(In thousands of dollars, except per share data)
-------------------------------------------------------------------------
Three months Six months
ended June 30 ended June 30
----------------------- -----------------------
2005 2004 2005 2004
-------------------------------------------------------------------------
(unaudited) (unaudited)
Revenue $ 11,120 $ 9,078 $ 23,654 $ 25,743
Operating expenses:
Amortization of data
libraries 3,996 3,513 10,130 12,741
Operating 3,218 1,744 5,721 2,474
Depreciation and
amortization 640 328 1,238 405
-------------------------------------------------------------------------
7,854 5,585 17,089 15,620
-------------------------------------------------------------------------
Gross margin 3,266 3,493 6,565 10,123
General and administrative
expenses 1,630 1,350 3,277 2,187
Research and development
expenses 274 - 513 -
Interest:
Long-term debt 243 263 470 555
Other (24) 301 (63) 275
-------------------------------------------------------------------------
219 564 407 830
-------------------------------------------------------------------------
Earnings before income taxes 1,143 1,579 2,368 7,106
Income taxes:
Current 852 89 2,630 873
Future (reduction) (392) 437 (1,669) 2,229
-------------------------------------------------------------------------
460 526 961 3,102
Net earnings $ 683 $ 1,053 $ 1,407 $ 4,004
Retained earnings,
beginning of the period 26,678 23,469 26,527 21,027
Dividend paid (577) (570) (1,150) (1,079)
-------------------------------------------------------------------------
Retained earnings,
end of the period $ 26,784 $ 23,952 $ 26,784 $ 23,952
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Earnings per share,
basic and diluted $ 0.01 $ 0.03 $ 0.03 $ 0.10
-------------------------------------------------------------------------
-------------------------------------------------------------------------
PULSE DATA INC.
Interim Consolidated Statements of Cash Flows
(In thousands of dollars)
-------------------------------------------------------------------------
Three months Six months
ended June 30 ended June 30
----------------------- -----------------------
2005 2004 2005 2004
-------------------------------------------------------------------------
(unaudited) (unaudited)
Cash provided by (used in):
Operations:
Net earnings $ 683 $ 1,053 $ 1,407 $ 4,004
Items not involving cash:
Amortization of data
libraries 3,996 3,513 10,130 12,741
Depreciation and
amortization 640 328 1,238 405
Unrealized loss on
foreign exchange 51 - 64 -
Future income taxes
(reduction) (392) 437 (1,669) 2,229
Stock-based compensation 199 69 357 93
Other (10) 6 (10) 12
-------------------------------------------------------------------------
Funds from operations 5,167 5,406 11,517 19,484
Net change in non-cash
working capital items
related to operations (4,700) (3,987) 1 (6,646)
Increase (decrease) in
non-current deferred
revenue 250 (14) 250 (55)
-------------------------------------------------------------------------
717 1,405 11,768 12,783
Financing:
Long-term debt 15,439 - 15,439 -
Repayment of long-term
debt (1,389) (1,094) (2,829) (2,134)
Issue of share capital 558 397 558 592
Dividends paid (1,150) (570) (1,150) (1,079)
-------------------------------------------------------------------------
13,458 (1,267) 12,018 (2,621)
Investing:
Additions to data
libraries through
participation surveys (5) (46) (6,102) (16,938)
Seismic data purchases (15,225) - (15,225) -
(Increase) decrease in
participation surveys
in progress (4) (6) (2) 8,366
Decrease in investments - 498 235 285
Additions to property
and equipment (694) (7) (1,125) (36)
Business acquisition - (2,142) - (2,142)
Net change in non-cash
working capital items
related to investing 728 670 (1,411) (7,166)
-------------------------------------------------------------------------
(15,200) (1,033) (23,630) (17,631)
-------------------------------------------------------------------------
Increase (decrease) in
cash position (1,025) (895) 156 (7,469)
Cash and cash equivalents,
beginning of period 5,008 2,444 3,827 9,018
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Cash and cash equivalents,
end of period $ 3,983 $ 1,549 $ 3,983 $ 1,549
-------------------------------------------------------------------------
-------------------------------------------------------------------------
During the three and six month periods ended June 30, 2005 the
Corporation paid interest of $232,000 (2004-$563,000) and $415,000 (2004-
$746,000), respectively. During the three and six month periods ended June 30,
2005 the Corporation paid income taxes of $51,000 (2004 $611,000) and $95,700
(2004-$2,393,000), respectively.
OUTLOOK
Management and employees are committed and focused on continuing to
implement operational efficiencies in Terrapoint. By leveraging off the
initial improvements achieved during the second quarter, combined with a solid
contract backlog position and the execution of further operational
initiatives, the LiDAR segment is expected to contribute improved financial
results during the third and fourth quarters of 2005.
Trango has made steady progress penetrating the United States marketplace
and has added several new products to its offering which are expected to add
future earnings.
Continuing strong commodity prices have resulted in a continuing high
level of oil and gas exploration activity by Canadian energy companies leading
to a strong demand for seismic data. By continuing to focus on its core
business, Pulse remains focused on building a quality seismic data library and
generating a solid level of free cash flow in the years ahead.
CORPORATE PROFILE
Pulse is a Calgary-based international company specializing in data
ownership through acquisition, marketing and information management, with a
current focus on the energy sector. Through its three operating segments,
Pulse Seismic, Terrapoint and Trango, the Company has evolved into an industry
leader in providing better information faster.
Pulse Seismic is at the forefront with regard to acquiring, marketing and
licensing seismic data in Western Canada. Pulse Seismic's library currently
consists of approximately 240,000 net kilometres of 2D data and more than
9,200 net square kilometres of 3D data. Revenue is generated through licensing
of the data library and through the licensing of participation surveys.
With offices in Calgary, Ottawa and Houston, Terrapoint is the largest
and most experienced LiDAR (Light Detection And Ranging) data provider in the
world. LiDAR data is used to produce survey-quality 3D digital elevation
models. The use of digital elevation data significantly reduces the cost of
project planning and design in a broad array of industries including urban
planning, transportation and industrial and resource planning and development.
Since its inception in 1998, Terrapoint has worked in many countries around
the world providing cost-effective solutions to its clients' needs.
Trango has developed an exceptional reputation for providing GIS data
management products and services to the North American oil and gas industry.
Trango provides the technology that allows clients to better exploit their
seismic, well, geologic and related data.
Pulse operates prudently using a disciplined approach that capitalizes on
its strong financial base, which in turn has provided a solid foundation for
growth. By incorporating synergistic products and services into the company
mix, Pulse has positioned itself for continued expansion and diversification
in market areas that require better information faster.
Pulse trades on the Toronto Stock Exchange under the symbol PSD.
Certain information contained herein may constitute forward-looking
statements under applicable securities laws. Such statements are subject to
known or unknown risks and uncertainties that may cause actual results to
differ materially from those anticipated or implied in the forward-looking
statements.
Investors are encouraged to review the "Risk Factors" section of the
Management's Discussion and Analysis in the Company's Annual Report for 2004
and 2005 Interim Reports for a discussion of risks that could affect the
Company's operations and financial results. Forward-looking statements are
based upon management's assumptions, expectations and estimates at the time
that such statements are made. Pulse does not update forward-looking
statements should circumstances change or management's assumptions,
expectations or expectations change.
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