Business
Pulse reports record Q1 seismic data sales revenue and a corporate update
Pulse reports record Q1 seismic data sales revenue and a corporate update.
About this update from Pulse Seismic Inc.
[{"type":"text","content":"\n\n\n\nTSX: PSD\n\n\nCALGARY, April 9 /CNW/ - Ken MacDonald, President and CEO of Pulse Data\nInc. ("Pulse" or the "Company") is pleased to provide the following financial\nand corporate update for the first quarter of 2007.\n\n\nFor the three months ended March 31, 2007, Pulse generated cash seismic\ndata licensing revenues of $10.6 million. Mr. MacDonald stated that, "Our\nseismic data sales revenue in Q1 2007 was a record first quarter, and reflects\ncontinuing strong demand for data from the Company's high-quality seismic data\nlibrary."\n\n\nFree cash flow(1) amounted to $6.2 million for the first quarter of 2007\nand the Company's working capital position was $5.7 million at March 31, 2007\n(including cash of $9.7 million).\n\n\nFurther to the Company's news release of March 5, 2007, when the Company\nannounced that it had initiated a process to evaluate strategic alternatives\nfor its LiDAR business segment which operates under the name of Terrapoint,\nthe Company has engaged Dundee Securities Corporation as its financial advisor\nto assist in the process. Further, the Company advises that it has executed\nfive confidentiality agreements to date in connection with this process.\n\n\nThe financial information contained in this news release is based on\nmanagement's estimates only and has not been approved by the Company's Audit\nCommittee and Board of Directors, or reviewed by the Company's auditors.\n\n\nPulse intends to release its complete unaudited financial results for the\nthree months ended March 31, 2007 along with details regarding the next\nregular quarterly dividend after the close of trading on the Toronto Stock\nExchange on Wednesday, May 9, 2007.\n\n\nPulse is a Calgary-based company with two operating units: Pulse Seismic\nwhich specializes in acquiring, marketing and licensing seismic data to the\nwestern Canadian energy sector, and Terrapoint which focuses on acquisitions\nand processing of digital elevation and image data (or LiDAR) to diverse\nmarkets. Through these two operating units, Pulse Seismic and Terrapoint, the\nCompany has evolved into an industry leader providing Better Information\nFaster(TM).\n\n\nPulse trades on the Toronto Stock Exchange under the symbol PSD.\n\n\n(1) The Company's continuous disclosure documents provide discussion and\n analysis of "fre...