ALBERTA

Pulse Seismic warns it expects Q2 loss, lower revenue, non-cash charge

07/16/2013 09:01 EDT | Updated 09/15/2013 05:12 EDT
CALGARY - Pulse Seismic Inc. (TSX:PSD) is warning that it expects to report a second-quarter loss when its full results are issued on Aug. 2.

The Calgary-based company says its preliminary estimate is for a $15.1-million net loss for the quarter ended June 30, primarily because of a non-cash amortization expense of $22.3 million.

That's down from net earnings of $1.9 million in the same quarter last year, including a non-cash amortization expense of $6.8 million.

Its revenue was also down substantially from the comparable quarter last year, dropping to $4.8 million from $13.3 million in the second quarter of 2012.

Shareholder free cash flow dropped to $3.4 million or six cents per share from $13.8 million or 23 cents per share a year earlier.

The company also said it saw lower data library sales in the first and second quarters, which contributed to weaker results.

Seismic data library sales for the second quarter were $4.5 million compared to $13.5 million for the comparable period last year.

Pulse acquires, markets and licenses 2D and 3D seismic data to the western Canadian energy sector, and owns the second-largest licensable seismic data library in Canada.

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