Business
Pulse Data Inc. reports Q3 2006 results and declaration of quarterly dividend
Pulse Data Inc. reports Q3 2006 results and declaration of quarterly dividend.
About this update from Pulse Seismic Inc.
[{"type":"text","content":"\n\n\n\n\nTSX Symbol - PSD\n\nCALGARY, Nov. 6 /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 nine months ended September 30, 2006.\nThe Company also declared its fourteenth consecutive quarterly dividend.\nThe dividend of $0.0375 per common share will be paid on December 20, 2006 to\nshareholders of record at the close of business on December 6, 2006. The\nCompany's Dividend Reinvestment Plan for eligible shareholders will be\navailable for this dividend.\n\n>\n\nFINANCIAL SUMMARY\n\nThe Company's continuous disclosure documents provide discussion and\nanalysis of \"free cash flow\", \"funds from operations\" and \"funds from\noperations per share\". These financial measures do not have standard\ndefinitions prescribed by generally accepted accounting principles (GAAP) in\nCanada and therefore they may not be comparable to similar measures disclosed\nby other companies. The Company has included these non-GAAP financial measures\nbecause management, investors, analysts and others use them as measures of the\nCompany's financial performance. The Company's definition of free cash flow is\ncash available for debt servicing, discretionary capital expenditures and the\npayment of dividends, and is calculated as funds from operations less total\nparticipation survey additions to the data library. The Company's definition\nof funds from operations is cash flow from operations as prescribed by\nCanadian GAAP, but excluding the impact of changes in non-cash working\ncapital. Funds from operations per share is defined as funds from operations\ndivided by the weighted average number of shares outstanding for the period.\n\nOverview\n\nThe loss from continuing operations for the nine months ended\nSeptember 30, 2006 was $5.8 million ($0.13 per share basic and diluted),\ncompared to earnings of $2.7 million ($0.05 per share basic and diluted) for\nthe first nine months of 2005. When calculating loss per share, the basic\nweighted average number of shares outstanding for this period have been\nutilized, as diluted shares would have had the effect of inappropriately\ndecreasing the net loss per share. This loss was due almost entirely to the\none-time writedown of Terrapoint's capital assets taken in the first half ...