Business
Pulse Seismic Inc. reports Q2 2009 results
TSX Symbol - PSD CALGARY, Aug. 6 /CNW/ - Douglas Cutts, President and Chief Executive Officer of ...
About this update from Pulse Seismic Inc.
[{"type":"text","content":"\n\n\n\nTSX Symbol - PSD\n\n\nCALGARY, Aug. 6 /CNW/ - Douglas Cutts, President and Chief Executive\nOfficer of Pulse Seismic Inc. ("Pulse" or "the Company"), reports the\nfinancial and operating results of Pulse for the three and six months ended\nJune 30, 2009. The interim consolidated financial statements, accompanying\nnotes and MD&A have been filed on SEDAR. These documents are also available on\nPulse's website www.pulseseismic.com.\n\n\nHIGHLIGHTS\n\n- Seismic data library sales for the three months ended June 30, 2009\n were $8.4 million compared to $10.9 million for the same period in\n 2008.\n\n- Cash EBITDA(a) for the three months ended June 30, 2009 was\n $6.7 million ($0.13 per share basic and diluted), compared to\n $8.8 million ($0.16 per share basic and diluted) for the three months\n ended June 30, 2008.\n\n- Net earnings from continuing operations were $872,000 ($0.02 per\n share basic and diluted) for the three months ended June 30, 2009\n compared to net earnings from continuing operations of $1.3 million\n ($0.02 per share basic diluted) for the same period in 2008.\n\n- The working capital position was $15.5 million (including cash of\n $14.6 million) at June 30, 2009 compared to $12.8 million (including\n cash of $11.3 million) at June 30, 2008 and $14.4 million (including\n cash of $13.2 million) at December 31, 2008.\n\n- In the second quarter of 2009 a total of 32,700 common shares were\n purchased and cancelled through the normal course issuer bid program\n for a total cost of approximately $41,000.\n\n\nFINANCIAL HIGHLIGHTS\n(000s of dollars except per share data)\n\n 3 months ended 6 months ended Year ended\n June 30 June 30 Dec. 31\n ---------------------- ----------------------- -----------\n 2009 2008 2009 2008 2008\n ---- ---- ---- ---- ----\n (re- (re-\n (unaudited) stated)(b) (unaudited) stated)(b)\n\nRevenue from\n continuing\n operations:\n Data library\n sales $ 8,379 $ 10,895 $ 10,531 $ 18,724 $ 36,894\n Participation\n surveys - 437 4,872 437 8,509\n -----------------------------------------------------------\nTotal revenue\n from\n continuing\n operations $ 8,379 $ 11,332 $ 15,403 $ 19,161 $ 45,403\n\nAmortization\n of seismic\n data library $ 4,899 $ 6,582 $ 13,755 $ 13,228 $ 32,438\n\nNet earnings\n (loss) from\n continuing\n ops $ 872 $ 1,340 $ (2,053) $ 331 $ 88...