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Pulse Seismic Inc. (TSX: PSD) - Full-Year 2009 Results
March 24, 2010 (Investorideas.com Energy Newswire) – Pulse Seismic Inc. (TSX: PSD) reported its financial and operating results for the fourth quarter and full year 2009 ended December 31.
Fourth Quarter 2009
Pulse Seismic reported fourth-quarter 2009 earnings of $0.01 per share compared with a loss of $0.03 per share for the same period in 2008. Total revenues fell 16.2% to $10.3 million, as the result of a significant decline in Participation Survey revenue from $2.2 million in Q4/08 to $48,000 in Q4/09. Seismic Data Library sales grew 1.6% to $10.2 million. The Company benefited in the latest quarter from cost-cutting measures.
Full Year 2009
For the full year 2009, Pulse incurred a loss from continuing operations of $0.05 per share, compared with earnings of $0.02 per share in 2008. Total revenues declined approximately 32% to $30.7 million, reflecting a 36% decline in Seismic Data Library sales to $23.4 million and a 14% drop in Participation Survey revenue to $7.3 million. The declines reflected the impact of significantly lower levels of drilling activity in western Canada in 2009.
Pulse Seismic increased its working capital to $19.3 million by year end 2009, compared with $14.4 million at the end of 2008. The Company reduced its long-term debt to $20.4 million from $26.2 million over the same period, and subsequently prepaid a further $2.8 million in February 2010.
Further details on Pulse Seismic's results are contained in the Company's March 12, 2010 news release, available on SEDAR at www.sedar.com.
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Published at the Investor Ideas Newswire
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