TSX Symbol - PSD

CALGARY, March 23 /CNW/ - Douglas Cutts, President and Chief Executive Officer of Pulse Data Inc. ("Pulse" or "the Company"), reports the financial and operating results of Pulse for the year ended December 31, 2008. The audited consolidated financial statements, accompanying notes and MD&A will be filed March 23, 2009 on SEDAR. These documents will also be available on Pulse's website www.pulsedatainc.com.

For Pulse, 2008 was a good year in what was a challenging time for the Canadian oil and natural gas industry. Significantly, the Company returned to being a pure play seismic data library company.

2008 HIGHLIGHTS
- Returned $10.8 million in dividends to shareholders from cash
  EBITDA(b).
- Increased the 3D seismic data library by 907 net square kilometres at a
  total cost of $21.0 million (at a net cost to Pulse of $13.6 million).
- Reduced net long-term debt by $5.2 million.
- Purchased and cancelled 2,186,900 common shares through the normal
  course issuer bid program for a total cost of $5.4 million.
- Total seismic revenue was the highest in the Company's history, and
  2008 data library sales and cash EBITDA were the second highest.
- Total seismic revenue was $45.4 million, comprised of $36.9 million of
  data library sales and $8.5 million of participation survey revenue;
  compared to 2007 total seismic revenues of $44.2 million, comprised of
  $41.2 million of data library sales and $3.0 million of participation
  survey revenue.
- Cash EBITDA for the year ended December 31, 2008 was $28.2 million,
  compared to $33.0 million in 2007.
- Net earnings from continuing operations were $880,000 ($0.02 per share
  basic and diluted) in 2008 compared to $2.5 million ($0.05 per share
  basic and diluted) in 2007.
- Net earnings were $586,000 ($0.01 per share basic and diluted) in 2008,
  compared to a loss of $5.0 million ($0.10 per share basic and diluted)
  in 2007.

TEMPORARY SUSPENSION OF DIVIDEND

As a result of a combination of sharply lower seismic data library sales in the first quarter of 2009, and the extreme uncertainty related to commodity prices and energy sector capital expenditures, Pulse announces that it is temporarily suspending the Company's quarterly dividend. Mr. Cutts indicated that the Board and management believe that it is in the shareholders' best interests to preserve cash at this time in order to maintain Pulse's financial position and to maintain financial flexibility to take advantage of attractive opportunities in the current downturn.

"Pulse is in an enviable financial position and we want to preserve that competitive advantage," said Mr. Cutts, noting Pulse's strong current working capital position of $11.5 million (including cash of $18.8 million) and total long-term debt of $32.3 million (including current portion of $6.8 million). At year-end 2008, Pulse had a total debt to equity ratio of 0.5 and cash EBITDA to total debt ratio of 0.85. On December 17, 2008 Pulse closed a $75.0 million syndicated revolving credit facility to provide additional financing should attractive growth opportunities arise, of which $42.7 million is currently undrawn. The current interest rate of this facility is 4.7 percent. The Company is currently in compliance with all financial covenants under this facility.

Seismic data library sales drive cash EBITDA - Pulse's key financial metric. Under normal economic conditions, Pulse's business model generates sufficient cash EBITDA to distribute dividends to shareholders. Pulse initiated its quarterly dividend program in 2003 and to date has made 22 consecutive payments totaling $32.9 million, equivalent to $0.6625 per share. The board of directors decided to temporarily suspend the dividend rather than reduce it, and is committed to reviewing and reinstating the payment of dividends when seismic data library sales recover.

The dividend suspension will result in cash savings on a quarterly basis of approximately $2.6 million. Pulse has also implemented additional cost saving measures including a reduction in directors' and senior management's compensation and reductions in other general and administrative costs.