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Pulse Seismic Inc. Announces Preliminary 2015 Sales and Renewal of Amended Revolving Credit Facility
Pulse Seismic Inc. Announces Preliminary 2015 Sales and Renewal of Amended Revolving Credi...
About this update from Pulse Seismic Inc.
[{"type":"text","content":"\n\n\n\nPulse Seismic Inc. Announces Preliminary 2015 Sales and Renewal of Amended Revolving Credit Facility\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nPulse Seismic Inc. Announces Preliminary 2015 Sales and Renewal of Amended Revolving Credit Facility\nCanada NewsWire\nCALGARY, Jan. 18, 2016\n\n\n\nTSX: PSDOTCQX: PLSDF\n\n\n\nCALGARY, Jan. 18, 2016 /CNW/ - Pulse Seismic Inc. (\"Pulse\" or \"the Company\") is pleased to report preliminary, strong fourth quarter data library sales of $8.6 million compared to $8.4 million for the fourth quarter of 2014. Year-over-year, total data library sales decreased from $35.7 million in 2014 to $21.1 million in 2015. As of January 15, the Company was debt-free and had a cash balance $1.4 million.\n\nThe year's data library sales consisted of $10.0 million or 47 percent in \"traditional\" sales, or new licensing of data for exploration and development activities, and $11.1 million or 53 percent of \"transaction-based\" sales, which result from corporate mergers and acquisitions, asset sales and partnership and joint venture activity.\n\nThe preliminary selected financial information has not yet been approved by the Company's Audit Committee or Board of Directors or reviewed by the Company's auditors.\n\nAdditionally, the Company is pleased to announce that it has extended its revolving credit facility for an additional year. The new maturity date of the facility is February 13, 2019. At its own discretion, the Company elected to reduce the facility's available borrowing amount to $30.0 million from $50.0 million. Up to $5.0 million of the revolving facility continues to be available as an operating line of credit. The credit facility is with a syndicate led by TD Bank and includes ATB Financial and continues to include an accordion feature which allows Pulse to increase the facility's size up to $70.0 million, subject to the consent of the lenders. The accordion incurs no renewal or standby fees.\n\nThe voluntary reduction in borrowing capacity reflects Pulse's strong balance sheet as the facility is entirely undrawn. The \"right-...