This report should not be construed as providing investment advice. It is for educational purposes only.  Before making any investment decision, you should always do your own research or consult a investment professional.
See my website on stocks or see my blog at the following sites.  www.spbrunner.com/stocks.html www.spbrunner.blogspot.com/
Pulse Seismic Inc     PSD www.pulsedatainc.com     Fiscal Yr: Dec 31 US-symbol     9/30/10                  
Year 12/31/98 12/31/99 12/31/00 12/31/01 12/31/02 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 12/31/08 12/31/09 12/31/10 12/31/11   Yr 2009 Yr 2010   #Y      
Revenue* $0.069 $1.710 $10.058 $24.631 $31.613 $35.538 $50.992 $54.592 $44.641 $44.225 $45.403 $30.746 $33.000       228% <-Total Growth 10 Revenue    
Increase   2392% 488.29% 144.89% 28.35% 12.42% 43.49% 7.06% -18.23% -0.93% 2.66% -32.28% 7.33%       12.62% <-IRR #YR-> 10 Revenue    
Rev per Share $0.01 $0.17 $0.67 $1.42 $0.78 $0.88 $1.11 $1.17 $0.93 $0.81 $0.85 $0.58 $0.62       -9.58% <-IRR #YR-> 5 Revenue    
P/S (Price/Sales) 31.39 4.29 1.11 0.86 1.51 1.70 1.56 2.00 2.53 3.33 1.79 2.14 2.80       -0.80% <-IRR #YR-> 10 Rev per shares    
*Revenue in M CDN $                P/S 10 yr Ave 2.02 5 yr Ave 2.52       -11.91% <-IRR #YR-> 5 Rev per shares    
                                             
      -$10.1 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $33.0                  
                -$54.6 $0.0 $0.0 $0.0 $0.0 $33.0                  
      -$0.7 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.6                  
                -$1.2 $0.0 $0.0 $0.0 $0.0 $0.6                  
Yr 2010 Yr 2011
EPS* -$0.17 $0.03 $0.21 $0.34 $0.16 $0.15 $0.18 $0.14 -$0.07 -$0.10 $0.01 -$0.05 -$0.03 $0.04   -123.81% <-Total Growth 9 Earnings    
Increase     600.00% 61.90% -52.94% -6.25% 20.00% -22.22% -150.00% 42.86% -110% -600% -40% -233%   #NUM! <-IRR #YR->   10 Earnings    
* ESP per share (Cdn GAAP)                             #NUM! <-IRR #YR->   5 Earnings    
      -$0.21 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 -$0.05                    
              -$0.18 $0.00 $0.00 $0.00 $0.00 -$0.05                    
                                             
Div*           $0.05 $0.05 $0.08 $0.15 $0.16 $0.20 $0.00 $0.00       -100.00% <-Total Growth 5 Dividends    
Increase             0.00% 50.00% 100.00% 8.33% 23.08% -100% #DIV/0!       #DIV/0! <-Average 6 Dividends    
Yield H/L           4.17% 2.87% 3.42% 5.58% 5.99% 9.15% 0.00% 0.00%       3.90% <-Average 8 Dividends    
Yield on Cl           3.36% 2.87% 3.19% 6.36% 6.02% 13.16% 0.00% 0.00%       4.37% <-Average 8 Dividends    
Payout Ratio           33.3% 27.8% 53.6% -214.3% -162.5% 2000.0% 0.0% 0.0%       217.24% <-Average 8 Dividends    
Payout Ratio CF           7.0% 7.5% 11.3% 29.8% 38.1% 27.8% 0.0% #DIV/0!       #DIV/0! <-Average 7 Dividends    
Average 5 Yrs     Div Yd 0.00% in 5 yrs 0.00% in 10 yrs Yield  4.14% 5.11% Payout 459.38% #DIV/0!       #NUM! <-IRR #YR-> 10 Dividends    
* Dividends per share    6.00% 5 6.00% 10                   #NUM! <-IRR #YR-> 5 Dividends    
                                   
      $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00                  
                  -$0.15 $0.00 $0.00 $0.00 $0.00                  
                                             
H/LYield held 5 yrs 7.81% 11.72% 14.71% 16.67% 0.00% 0.00% Ave H/L Yield on your    Dividends    
H/LYield held 10 yrs 47.06% 0.00% 0.00% Ave H/L original money   Dividends    
                                             
Graham No.   $0.70 $2.13 $3.15 $2.27 $2.29 $2.62 $2.36 $1.57 $1.28 $0.53 $0.52 $1.15 $1.15   $1.87 <-Average     Graham Price    
Prem /Disc. High   49.52% -43.73% -42.89% -43.24% -34.57% -24.01% 7.56% 100.15% 156.53% 467.64% 253.13%       79.66% <-Average   10 Graham Price    
Prem /Disc. Low   -39.48% -66.24% -75.89% -59.52% -60.74% -43.10% -21.66% 41.70% 68.15% 159.22% 100.69%       4.26% <-Average   10 Graham Price    
Prem /Disc. Cl   6.80% -64.83% -60.98% -48.08% -35.01% -33.55% -0.49% 49.96% 111.16% 187.60% 139.28% 51.35% 90.49%   24.51% <-Average   10 Graham Price    
                                             
Pre-consolid '98 $0.17                                          
Price Cl $0.43 $0.75 $0.75 $1.23 $1.18 $1.49 $1.74 $2.35 $2.36 $2.70 $1.52 $1.24 $1.74 $2.19     132.00% <-Total Growth 10 Stock Price    
Increase   76.47% 0.00% 64.00% -4.07% 26.27% 16.78% 35.06% 0.43% 14.41% -43.70% -18.42% 40.32% 25.86%     8.78% <-IRR #YR-> 10 Stock Price    
P/E -2.50 25.00 3.57 3.62 7.38 9.93 9.67 16.79 -33.71 -27.00 152.00 -24.80 -58.00 54.75     -5.83% <-IRR #YR-> 5 Stock Price    
Trailing P/E   -4.41 25.00 5.86 3.47 9.31 11.60 13.06 16.86 -38.57 -15.20 124.00 -34.80 -73.00     14.45% <-IRR #YR-> 10 Price & Div    
Median 5 Yrs       4.86% 5.67% Div %  5, 10 yrs   Price Inc 0.43% P/E: Y-T -27.00 -15.20       -0.97% <-IRR #YR-> 5 Price & Div    
                                             
      -$0.75 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.74                  
                -$2.35 $0.00 $0.00 $0.00 $0.00 $1.74                  
      -$0.75 $0.00 $0.00 $0.05 $0.05 $0.08 $0.15 $0.16 $0.20 $0.00 $1.74                  
                -$2.35 $0.15 $0.16 $0.20 $0.00 $1.74                  
                                             
Price Average H/L $0.43 $0.74 $0.96 $1.28 $1.11 $1.20 $1.74 $2.20 $2.69 $2.72 $2.19 $1.44 $1.48       53.65% <-Total Growth 10 Stock Price    
Increase   73.53% 30.17% 33.33% -13.67% 8.60% 45.00% 26.15% 22.55% 0.93% -19.52% -34.32% 2.79%       4.39% <-IRR #YR-> 10 Stock Price    
P/E   24.58 4.57 3.76 6.91 8.00 9.67 15.68 -38.43 -27.15 218.50 -28.70 -49.17       -7.64% <-IRR #YR-> 5 Stock Price    
Trailing P/E   -4.34 32.00 6.10 3.25 7.50 11.60 12.19 19.21 -38.79 -21.85 143.50 -29.50       9.84% <-IRR #YR-> 10 Price & Div    
Median 5 Yrs       5.34% 5.45% Div %  5, 10 yrs   Price Inc 0.93% P/E: Y-T -28.70 -21.85       -2.30% <-IRR #YR-> 5 Price & Div    
                                             
      -$0.96 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.48                  
                -$2.20 $0.00 $0.00 $0.00 $0.00 $1.48                  
      -$0.96 $0.00 $0.00 $0.05 $0.05 $0.08 $0.15 $0.16 $0.20 $0.00 $1.48                  
                -$2.20 $0.15 $0.16 $0.20 $0.00 $1.48                  
                                             
Hi Mths     Sep 00 Nov 01 Mar 02 Oct 03 Mar 04 Sep 05 May 06 Oct 07 Jul Jan Apr                  
Pre-split '98 $0.17                                          
Price Hi $0.43 $1.05 $1.20 $1.80 $1.29 $1.50 $1.99 $2.54 $3.15 $3.28 $3.00 $1.83 $1.75       -2.78% <-Total Growth 10 Stock Price    
Increase   147.06% 14.29% 50.00% -28.33% 16.28% 32.67% 27.64% 24.02% 4.13% -8.54% -39.00% -4.37%       3.85% <-IRR #YR-> 10 Stock Price    
P/E   35.00 5.71 5.29 8.06 10.00 11.06 18.14 -45.00 -32.80 300.00 -36.60 -58.33       -7.18% <-IRR #YR-> 5 Stock Price    
Trailing P/E   -6.18 40.00 8.57 3.79 9.38 13.27 14.11 22.50 -46.86 -30.00 183.00 -35.00                  
Median 5 Yrs                 Price Inc -4.37% P/E: Y-T -36.60 -30.00                  
                                             
      -$1.20 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.75                  
                -$2.54 $0.00 $0.00 $0.00 $0.00 $1.75                  
                                             
Low Mths     Apr 01 Jan 01 Jun 02 Jul 03 Oct 04 Feb-Mar Nov 06 Mar 07 Dec 08 Jul Jul                  
Price Low $0.43 $0.43 $0.72 $0.76 $0.92 $0.90 $1.49 $1.85 $2.23 $2.15 $1.37 $1.04 $1.20       66.67% <-Total Growth 10 Stock Price    
Increase   0.00% 69.41% 5.56% 21.05% -2.17% 65.56% 24.16% 20.54% -3.59% -36.28% -24.09% 15.38%       5.24% <-IRR #YR-> 10 Stock Price    
P/E -2.50 14.17 3.43 2.24 5.75 6.00 8.28 13.21 -31.86 -21.50 137.00 -20.80 -40.00       -8.29% <-IRR #YR-> 5 Stock Price    
Trailing P/E   -2.50 24.00 3.62 2.71 5.63 9.93 10.28 15.93 -30.71 -13.70 104.00 -24.00                  
Median 5 Yrs                 Price Inc -3.59% P/E: Y-T -21.50 -13.70                  
                                             
      -$0.72 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.20                  
                                   
Market Cap $2 $7 $11 $21 $48 $60 $80 $109 $113 $147 $81 $66 $92 $116          
                                       
# of Sh in M 5.068 9.775 14.925 17.298 40.407 40.534 45.775 46.560 47.919 54.482 53.398 53.071 53.071 53.071 Share Capital
Increase #DIV/0! 92.89% 52.68% 15.89% 133.60% 0.31% 12.93% 1.71% 2.92% 13.69% -1.99% -0.61%       23.11% <-Average   10
CF fr Op $M -$0.5 $0.5 $10.2 $17.3 $23.0 $29.0 $30.5 $30.9 $24.1 $23.3 $38.4 $18.9 85.44% <-Total Growth 9 Cash Flow
OPS -$0.10 $0.05 $0.68 $1.00 $0.57 $0.72 $0.67 $0.66 $0.50 $0.43 $0.72 $0.36 -47.85% <-Total Growth 9 Cash Flow
Increase #DIV/0! -147% 1373% 46.87% -43.17% 25.90% -7.02% -0.39% -24.03% -15.19% 68.41% -50.61% 22.61% <-IRR #YR-> 10 Cash Flow
Non-Cash CF $0.0 -$0.3 -$2.8 $2.8 -$2.3 -$2.1 $6.0 $4.2 -$0.1 $1.4 -$3.2 $4.7 -11.80% <-IRR #YR-> 5 Cash Flow
OPS non-cash -$0.10 $0.02 $0.50 $1.16 $0.51 $0.66 $0.80 $0.75 $0.50 $0.45 $0.66 $0.44 36.60% <-IRR #YR-> 10 Cash Flow
P/CF -4.34 38.18 1.51 1.06 2.31 2.24 2.19 3.12 4.70 5.96 2.31 2.79 -11.01% <-IRR #YR-> 5 Cash Flow
*Operational Cash Flow per share P/CF 10 Yrs  2.82 5 Yrs   3.78  
-$0.05 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.36    
-$0.67 $0.00 $0.00 $0.00 $0.00 $0.36      
-$0.02 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.44      
-$0.80 $0.00 $0.00 $0.00 $0.00 $0.44      
                                       
OPM 26.44% 101.06% 70.24% 72.66% 81.63% 59.73% 56.53% 54.05% 52.61% 84.58% 61.31%     should be zero, it is a check on calculations      
Diff from Ave   -61.9% 45.5% 1.2% 4.6% 17.6% -14.0% -18.6% -22.2% -24.2% 21.8% -11.7%       0.00% <-Average   10 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 69.44% 5 Yrs 61.82%      
                          Q3 2010                  
Curr Assets $0.904 $4.898 $11.243 $12.543 $24.229 $24.904 $17.586 $33.812 $22.414 $27.065 $30.096 $30.015 $18.304     Liq ratio of 1.5 and up, best   Assets    
Curr Liab. $0.022 $1.367 $8.648 $5.905 $19.656 $28.618 $13.741 $16.816 $16.733 $14.806 $15.732 $10.719 $17.030     1.67 <-Average   10 Liabilities    
Liquidity 41.54 3.58 1.30 2.12 1.23 0.87 1.28 2.01 1.34 1.83 1.91 2.80 1.07 <-------   1.98 <-Average   5 Ratio    
                                             
Assets $0.904 $14.36 $27.96 $30.56 $98.94 $108.34 $108.43 $129.57 $131.91 $124.47 $112.38 $98.22 $148.53     A/L ratio of 1.5 and up, best   Assets    
Liab. $0.02 $7.22 $13.59 $8.10 $40.97 $45.21 $30.92 $47.14 $56.55 $45.30 $46.10 $34.87 $70.58     2.72 <-Average   10 Liabilities    
A/L Ratio 41.54 1.99 2.06 3.77 2.41 2.40 3.51 2.75 2.33 2.75 2.44 2.82 2.10     2.62 <-Average   5 Ratio    
                                             
Book Value $0.882 $7.142 $14.367 $22.47 $57.968 $63.125 $77.507 $82.432 $75.357 $79.174 $66.288 $63.345 $77.942 $77.942 340.91% <-Total Growth 9 Book Value    
BV per share $0.17 $0.73 $0.96 $1.30 $1.43 $1.56 $1.69 $1.77 $1.57 $1.45 $1.24 $1.19 $1.47 $1.47 24.00% <-Total Growth 9 Book Value    
Change #DIV/0! 319.86% 31.75% 34.92% 10.46% 8.56% 8.73% 4.56% -11.18% -7.59% -14.58% -3.85% 23.04% <-------   1.2987 Current/Historical   Book Value    
P/BV (CL) 2.44 1.03 0.78 0.95 0.82 0.96 1.03 1.33 1.50 1.86 1.22 1.04 1.18 1.49 5.03% <-IRR #YR->   10 Book Value    
Change #DIV/0! -57.97% -24.10% 21.55% -13.15% 16.32% 7.41% 29.17% 13.06% 23.80% -34.10% -15.15% 14.04% -6.75% <-IRR #YR->   5 Book Value    
Leverage (A/BK) 1.02 2.01 1.95 1.36 1.71 1.72 1.40 1.57 1.75 1.57 1.70 1.55 1.91   1.63 <-Average   10 A/BV    
Averages               P/BV 10 Yrs 1.15 5 Yrs 1.39       1.63 <-Average   5 A/BV    
                                       
-$0.73 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.19                    
          -$1.69 $0.00 $0.00 $0.00 $0.00 $1.19                    
                                           
ROE -96.1% 2.1% 15.4% 24.2% 10.6% 9.5% 10.0% 7.9% -4.4% -6.3% 0.9% -4.3% -9.8%     Net Income/Shareholders' equity            
5Yr Running Ave         12.7% 12.1% 11.7% 10.5% 6.5% 3.2% 1.7% -1.1% -5.0%                  
                                           
Net Income -$0.85 $0.15 $2.21 $5.44 $6.12 $6.00 $7.72 $6.49 -$3.29 -$4.98 $0.59 -$2.76 -$7.62   -224.77% <-Total Growth 9 Net Income    
Oper C. F. -$0.50 $0.45 $10.17 $17.30 $22.97 $29.01 $30.46 $30.86 $24.13 $23.27 $38.40 $18.85 $20.93       Cash Flow Statement CF from continuing operations  
Invest. C. F -$1.38 $0.04 -$13.16 -$18.02 -$15.23 -$23.06 -$29.58 -$30.23 -$47.63 -$20.18 -$28.63 -$11.17 -$58.66       Cash Flow Statement        
Total Accruals $1.03 -$0.34 $5.20 $6.16 -$1.63 $0.05 $6.84 $5.86 $20.21 -$8.07 -$9.18 -$10.44 $30.10                  
Total Assets $0.90 $14.36 $27.96 $30.56 $98.94 $108.34 $108.43 $129.57 $131.91 $124.47 $112.38 $98.22 $148.53       Balance Sheet          
Accruals Ratio 114.23% -2.34% 18.61% 20.14% -1.64% 0.04% 6.30% 4.52% 15.32% -6.48% -8.17% -10.63% 20.27%                  
up/down/neutral                                            
Chge in Close 0.00% 76.47% 0.00% 64.00% -4.07% 26.27% 16.78% 35.06% 0.43% 14.41% -43.70% -18.42% 40.32%                  
Any Predictions?                                            
                                             
Fin. C. F $0.79 $2.69 $5.50 $1.63 -$9.04 -$3.06 -$6.08 $7.45 $9.62 $1.26 -$7.36 -$5.95 $35.05                  
Total Accruals $0.24 -$3.03 -$0.30 $4.53 $7.41 $3.10 $12.91 -$1.59 $10.59 -$9.33 -$1.83 -$4.49 -$4.95                  
Accruals Ratio 26.69% -21.10% -1.06% 14.82% 7.49% 2.87% 11.91% -1.23% 8.03% -7.49% -1.63% -4.57% -3.33%                  
                                             
Jan 28, 2011.  Last time I look I got estimates for 2009 and 2011 of -$.24 and --$.07 for earnings.                            
Jun 27, 2009.  When I last reviewed this stock, in January 2009, I got an earnings estimate for 2008 of $.16 and 2009 of $.15.                        
Mar 2009.  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.                                
AP 2007.  I like to use what was really earned, so I have included Terrapoint figures in 2006 and 2007.  They loss money in 06 and 07 because of Terrapoint.                  
Old Name Pulse Data                                            
                                             
How they make their money.                                        
Pulse Data Inc. is a provider of 2D and 3D seismic library data and is based in Calgary, Alberta. Pulse owns the second-largest licensable seismic data library in western Canada. Pulse’s 2D and 3D seismic           
data library extends over the Western Canada Sedimentary Basin, plus selected areas of the U.S. Rocky Mountains region and northern Canada, with a particular focus on active exploration areas.          
                                           
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield and asset/liability ratios and here you want a higher ratios to indicate a good stock price.          
Also, for the Operational Profit Margin, a higher percentage is better.  With the OPM, you should only compare companies in similar industries.                    
                                             
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VA Partners I, LLC     7.30   13.75%                                  
                                             
Robotti, Robert Edward   5.57   10.50%                                  
                                             
          36.04%