Business
Pulse Data Inc. reports Q2 2006 results, declaration of quarterly dividend and completion of rebuilding plan for the LiDAR segment following writedown of capital assets
Pulse Data Inc. reports Q2 2006 results, declaration of quarterly dividend and completion of rebuilding plan for the LiDAR segment following writedown of capital assets.
About this update from Pulse Seismic Inc.
[{"type":"text","content":"\n\n\n\n\nTSX Symbol - PSD\n\nCALGARY, Aug. 13 /CNW/ - Mr. Ken MacDonald, President and Chief Executive\nOfficer of Pulse Data Inc. (\"Pulse\" or \"the Company\") reports a 21 percent\nincrease in seismic data library sales for the six months ended June 30, 2006.\nThe Company also declared its thirteenth consecutive quarterly dividend.\nThe dividend of $0.0375 per common share will be paid on September 20, 2006 to\nshareholders of record at the close of business on September 6, 2006. The\nCompany's Dividend Reinvestment Plan for eligible shareholders will be\navailable for this dividend.\nPulse recorded a writedown of $8.8 million ($5.6 million after income\ntaxes) on the Terrapoint LiDAR capital assets to their estimated residual\nvalue. The retirement of Terrapoint's older, high altitude systems, and their\nreplacement with more reliable sensors, will better position Pulse's LiDAR\nsegment to re-establish itself as a high quality reliable LiDAR provider.\nA conference call to review the second quarter results has been scheduled\nfor 1:00 pm ET (11:00 am MT) on Monday August 14, 2006. The conference call\ndial-in number is (416) 644-3417 (Toronto) and 1-866-250-4907. A live webcast\nwill be accessible at:\nhttp://www.newswire.ca/en/webcast/viewEvent.cgi?eventID(equal sign)1560680\n\n>\n\nIn its first quarter 2006 report, Pulse addressed the possibility of an\nadditional writedown on the remaining older high-range systems. The high-range\nsystems acquired as part of the United States operations of Mosaic have been\nreplaced by a more reliable 3100 high-range system from Optech International,\nwhich allows Terrapoint to carry out projects more efficiently.\nThe writedown does not diminish Pulse's confidence in the future of\nTerrapoint and LiDAR technology. Our confidence is underscored by Pulse's\nappointment on July 6, 2006 of Mr. Jake Jenkins as Vice President Sales and\nMarketing of Terrapoint Canada Inc. Mr. Jenkins was previously Director of the\nAirborne Terrestrial Survey Division at Optech International, a Toronto-based\nLiDAR manufacturer. Mr. Jenkins has 22 years of extensive worldwide experience\nin the fields of remote sensing, LiDAR technology and related sales and\nmarketing.\n\n>\n\nFINANCIAL SUMMARY\n\nThe Company's continuous disclosure documents provide discussion and\nanalysis of \"free cash flow\", \"funds fr...