Financial Highlights
— Total seismic revenue for the three months ended March 31, 2009 was $7 million, comprising of $2.1 million in data library sales and $4.9 million in participation survey revenue; compared with total seismic revenue of $7.8 million, consisted entirely of data library sales, for the same period in 2008.
— One participation survey was finished during first quarter 2009, adding 291 net square kilometers of 3D seismic data to the data library at a total cost of $8.9 million (and a net cost to Pulse of $2.9 million).
— Cash EBITDA for the three months ended March 31, 2009 was $663,000 ($0.01 per share basic and diluted), compared with $5.9 million ($0.11 per share basic and diluted) for the same period in 2008.
— A total of 237,100 common shares were bought and cancelled through the normal course issuer bid program for a total cost of about $371,000.
Operations Update
During the first quarter of 2009, Pulse Data accomplished and delivered one participation survey, comprising of 291 net square kilometers of 3D data. The participation survey was started in the fourth quarter of 2008 and was about 19% complete at December 31, 2008. The participation survey is situated in the Edson/Hinton region in west central Alberta and the dataset generated is complementary to Pulse Data’s current seismic data library.
Corporate Update
On March 23, 2009 Pulse Data announced the temporary suspension of the company’s quarterly dividend. The dividend will be reinstated when seismic data library sales recovery.
Pulse Data announced that Peter Fuss will not be standing for re-election as a director of Pulse Data at the annual and special shareholders meeting on May 21, 2009. Fuss was instrumental in offering guidance during the period from which Pulse Data acquired, and consequently sold, the Terrapoint business unit. The directors, management and staff of Pulse thank Fuss for his five years of valuable service.
