February 03, 2017 18:05 ET
CALGARY, ALBERTA--(Marketwired - Feb. 3, 2017) - Pulse Seismic Inc. ("Pulse" or the "Company") (TSX:PSD)(OTCQX:PLSDF) announces preliminary unaudited revenues for 2016.
These preliminary results have not yet been approved by the Company's Audit Committee or Board of Directors or reviewed by the Company's auditors.
Data library sales revenue for the year was $14.3 million compared to $21.2 million in 2015. For the fourth quarter of 2016 data library sales were $4.2 million compared to $8.8 million for the comparable period in 2015. The Company did not have any participation survey revenue in 2016, while in 2015 one participation survey generated $3.2 million in participation survey revenue.
Additionally, at December 31, 2016 Pulse had $5.8 million in cash in the bank and zero debt.
A news release announcing Pulse's full audited financial results will be issued on March 7, 2017 and the related financial statements and MD&A will be filed concurrently on SEDAR.
The Company will hold a conference call and live audio webcast on Wednesday, March 8, 2017 at 11:00 a.m. (MST) (1:00 p.m. EST) to discuss the Company's 2016 results. Details on how to participate in the call will be contained in a news release closer to the call date.
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 28,642 square kilometres of 3D seismic and 447,000 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.
Pulse Seismic Inc.Neal ColemanPresident and CEO(403) 237-5559 or Toll-free: 1-877-460-5559Pulse Seismic Inc.Pamela WicksVP Finance and CFO(403) 237-5559 or Toll-free: firstname.lastname@example.org
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