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Pulse Seismic says weaker industry demand in summer affected library sales

10/15/2012 07:13 EDT | Updated 12/15/2012 05:12 EST
CALGARY - Pulse Seismic Inc. (TSX:PSD) says its seismic data library sales in the third quarter were down nearly 40 per cent from the same time last year due to a decline in industry demand during the summer months.

However, Pulse says its preliminary estimates show sales over the first nine months of 2012 were a record high for the Calgary-based company, rising to $52.2 million from $23.6 million a year earlier.

Pulse is scheduled to release complete unaudited financial results for the quarter on Nov. 2.

It said Monday that seismic data library sales for the three months ended Sept. 30 were about $4.1 million, down from $6.7 million a year earlier.

Total seismic revenue, including from participation in seismic surveys, was $8.7 million in the quarter, up from $7.3 million a year earlier.

For the first nine months of 2012, total seismic revenue was $58.5 million, up from $27.9 million a year earlier.

Pulse acquires, markets and licenses two-dimensional and three-dimensional seismic data that's used by the energy sector in western Canada.

Its library of seismic data extensively covers the Western Canada Sedimentary Basin where most of Canada's oil and natural gas exploration and development occur.

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