TSX: PSD
CALGARY, April 9 /CNW/ - Ken MacDonald, President and CEO of Pulse Data Inc. ("Pulse" or the "Company") is pleased to provide the following financial and corporate update for the first quarter of 2007.
For the three months ended March 31, 2007, Pulse generated cash seismic data licensing revenues of $10.6 million. Mr. MacDonald stated that, "Our seismic data sales revenue in Q1 2007 was a record first quarter, and reflects continuing strong demand for data from the Company's high-quality seismic data library."
Free cash flow(1) amounted to $6.2 million for the first quarter of 2007 and the Company's working capital position was $5.7 million at March 31, 2007 (including cash of $9.7 million).
Further to the Company's news release of March 5, 2007, when the Company announced that it had initiated a process to evaluate strategic alternatives for its LiDAR business segment which operates under the name of Terrapoint, the Company has engaged Dundee Securities Corporation as its financial advisor to assist in the process. Further, the Company advises that it has executed five confidentiality agreements to date in connection with this process.
The financial information contained in this news release is based on management's estimates only and has not been approved by the Company's Audit Committee and Board of Directors, or reviewed by the Company's auditors.
Pulse intends to release its complete unaudited financial results for the three months ended March 31, 2007 along with details regarding the next regular quarterly dividend after the close of trading on the Toronto Stock Exchange on Wednesday, May 9, 2007.
Pulse is a Calgary-based company with two operating units: Pulse Seismic which specializes in acquiring, marketing and licensing seismic data to the western Canadian energy sector, and Terrapoint which focuses on acquisitions and processing of digital elevation and image data (or LiDAR) to diverse markets. Through these two operating units, Pulse Seismic and Terrapoint, the Company has evolved into an industry leader providing Better Information Faster(TM).
Pulse trades on the Toronto Stock Exchange under the symbol PSD.
(1) The Company's continuous disclosure documents provide discussion and
analysis of "free cash flow". This financial measure does not have a
standard definition prescribed by generally accepted accounting
principles in Canada (GAAP) and therefore it may not be comparable to
similar measures disclosed by other companies. The Company has
included this non-GAAP financial measure because it is used by
management, investors, analysts and others as a measure of the
Company's financial performance. The Company's definition of free
cash flow is cash available for debt servicing, discretionary capital
expenditures and the payment of dividends, and is calculated as funds
from operations less total participation survey additions to the data
library.
Certain information contained herein may constitute forward-looking statements under applicable securities laws. Such statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Investors are encouraged to review the "Risk Factors" section of the Management's Discussion and Analysis in the Company's most recent Annual Report and interim reports for a discussion of risks that could affect the Company's operations and financial results. Forward-looking statements are based upon management's assumptions, expectations and estimates at the time that such statements are made. Pulse does not update forward-looking statements should circumstances change or management's assumptions, expectations or estimates change, except as required by law.
Please visit our website at www.pulsedatainc.com.