TSX: PSD
OTCQX: PLSDF
CALGARY, 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.
The 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.
The 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.
Additionally, 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.
The voluntary reduction in borrowing capacity reflects Pulse's
strong balance sheet as the facility is entirely undrawn. The
"right-sizing" of the facility is in line with ongoing
cost-reduction initiatives as it will save standby and commitment
fees. The Company believes the revised amounts provide sufficient
credit capacity to execute its business strategy.
"The implementation of cash conservation measures like this
facility reduction is prudent during this unprecedented period of
economic uncertainty, and we value the strong support of our
lenders to this change," commented Neal
Coleman, Pulse's President and CEO. "After a strong fourth
quarter, we are well-positioned as a debt-free organization not
only to continue navigating through the downturn but to pursue
seismic data acquisition opportunities."
On Thursday, March 3, 2016 Pulse
intends to release its complete audited financial results for the
year ended December 31, 2015. A
conference call and webcast to review the 2015 results is scheduled
for Friday, March 4, 2016 at
1:00 EST (11:00 am MST). Further details of the conference
call, including dial-in numbers, will be provided at a later
date.
CORPORATE PROFILE
Pulse is a market leader in the acquisition, marketing and
licensing of 2D and 3D seismic data to the western Canadian energy
sector. Pulse owns the second-largest licensable seismic data
library in Canada, currently
consisting of approximately 28,600 square kilometres of 3D seismic
and 340,000 kilometres of 2D seismic. The library extensively
covers the Western Canada Sedimentary Basin where most of
Canada's oil and natural gas
exploration and development occur.
SOURCE Pulse Seismic Inc.