Business
Pulse Data Inc. reports Q2 2007 results and declaration of quarterly dividend
Pulse Data Inc. reports Q2 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, Aug. 13 /CNW/ - Douglas Cutts, President and Chief Executive\nOfficer of Pulse Data Inc. ("Pulse" or "the Company"), is pleased to report\nthe financial and operating results of Pulse for the three and six months\nended June 30, 2007.\n\n\nMr. Cutts is also pleased to announce that Pulse has declared its\nseventeenth consecutive quarterly dividend. The dividend is $0.0375 per common\nshare and will be paid on September 20, 2007 to shareholders of record at the\nclose of business on September 6, 2007. The Company's Dividend Reinvestment\nPlan for eligible shareholders will be available for this dividend.\n\n\nHIGHLIGHTS FOR THE SECOND QUARTER AND FIRST HALF OF 2007\n\n - Seismic data library sales increased by 59 percent to a second-\n quarter record of $10.5 million for the three months ended\n June 30, 2007, from $6.6 million for the second quarter of 2006.\n - Seismic data library sales also achieved a first-half record,\n increasing by 26 percent to $21.1 million for the six months ended\n June 30, 2007 from $16.7 million for the first half of 2006.\n - First-half free cash flow(b) set a record of $14.3 million for the\n six-month period ended June 30, 2007, compared to $5.7 in the\n first half of 2006, representing an 151 percent increase period-\n over-period.\n - Pulse had working capital of $8.0 million (including cash of\n $8.6 million) at June 30, 2007 compared to $5.7 million at\n December 31, 2006 and $16.4 million at June 30, 2006.\n - During the second quarter Pulse repurchased 34,200 common shares\n through the Normal Course Issuer Bid at a total cost of $89,000.\n\nSubsequent to the end of the second quarter:\n\n - On July 11, 2007 Pulse commenced a 3D seismic participation survey\n in the Deep Basin area of west-central Alberta.\n - On July 27, 2007 Pulse closed a bought-deal private placement\n financing of 6.44 million common shares at an issue price of $2.70\n per common share for total gross proceeds of $17.4 million.\n - On July 31, 2007, Pulse acquired the remaining 50 percent interest\n in certain seismic data owned jointly with a partner, consisting\n of 1,388 net square kilometres of 3D seismic data and 65 net\n kilometres of 2D seismic data, for $11.1 million, bringing Pulse's\n interest in this data to 100 percent.\n\nFinancial Highlights\n(000...