Business
Pulse Data Inc. reports strong 2008 results; temporarily suspends quarterly dividend in response to lower energy sector spending
TSX Symbol - PSD CALGARY, March 23 /CNW/ - Douglas Cutts, President and Chief Executive Officer o...
About this update from Pulse Seismic Inc.
[{"type":"text","content":"\n\n\n\nTSX Symbol - PSD\n\n\nCALGARY, March 23 /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 year ended December 31, 2008. The\naudited consolidated financial statements, accompanying notes and MD&A will be\nfiled March 23, 2009 on SEDAR. These documents will also be available on\nPulse's website www.pulsedatainc.com.\n\n\nFor Pulse, 2008 was a good year in what was a challenging time for the\nCanadian oil and natural gas industry. Significantly, the Company returned to\nbeing a pure play seismic data library company.\n\n\n2008 HIGHLIGHTS\n\n- Returned $10.8 million in dividends to shareholders from cash\n EBITDA(b).\n- Increased the 3D seismic data library by 907 net square kilometres at a\n total cost of $21.0 million (at a net cost to Pulse of $13.6 million).\n- Reduced net long-term debt by $5.2 million.\n- Purchased and cancelled 2,186,900 common shares through the normal\n course issuer bid program for a total cost of $5.4 million.\n- Total seismic revenue was the highest in the Company's history, and\n 2008 data library sales and cash EBITDA were the second highest.\n- Total seismic revenue was $45.4 million, comprised of $36.9 million of\n data library sales and $8.5 million of participation survey revenue;\n compared to 2007 total seismic revenues of $44.2 million, comprised of\n $41.2 million of data library sales and $3.0 million of participation\n survey revenue.\n- Cash EBITDA for the year ended December 31, 2008 was $28.2 million,\n compared to $33.0 million in 2007.\n- Net earnings from continuing operations were $880,000 ($0.02 per share\n basic and diluted) in 2008 compared to $2.5 million ($0.05 per share\n basic and diluted) in 2007.\n- Net earnings were $586,000 ($0.01 per share basic and diluted) in 2008,\n compared to a loss of $5.0 million ($0.10 per share basic and diluted)\n in 2007.\n\n\nTEMPORARY SUSPENSION OF DIVIDEND\n\n\nAs a result of a combination of sharply lower seismic data library sales\nin the first quarter of 2009, and the extreme uncertainty related to commodity\nprices and energy sector capital expenditures, Pulse announces that it is\ntemporarily suspending the Company's quarterly dividend. Mr. Cutts indicated\nthat the Board and management ...