Kelman Announces 2004 Operating Results

Kelman Technologies Inc ("KTI") announced a net loss of $2.1 million ($0.05 per share) for the year 2004. An operating loss of $1.0 million was exacerbated by the write down of $1.1 million of goodwill from the balance sheet of the wholly owned subsidiary KTI USA. The write down is a non-cash charge resulting from the acquisition of Seismic Data Processors in 2000 by KTI USA. Cash flow of $2.0 million was down 40% compared to last year. Interest expense and depreciation were lower while capital expenditures of $2.0 million were also down 35% when compared to 2003. The Company ended the year with working capital of $3.8 million up significantly from the same period last year and with only $47 thousand in long term debt. The Company also wishes to announce the resignation of David Richard from the Board of Directors effective March 9, 2005. In commenting on the results John Paul, President of KTI said, "The results for fiscal 2004 reflect a general reduction in seismic activity in our principal market of North America during the year. Each of our processing operations suffered setbacks in excess of the cost reductions taken earlier in the year. In response to fluctuating processing revenues from our traditional market segment we opened a new division, KT International, with its initial office in London, UK to service exploration programs in Europe, Africa and the Middle East. This initiative was rewarded early in 2005 with a first major contract from an E&P company working in Libya. The data management division, despite the slowness in seismic activity was able to maintain its market lead in Canada, add major new clients in the United States, increase revenue year over year and add positive net income to the consolidated results. However, such income was not enough to offset the reversals experienced in our processing division." Kelman Technologies Inc. is a publicly traded Canadian company listed on the Toronto Stock Exchange under the trading symbol KTI. With offices in Calgary and Toronto, Canada, Denver, Houston, and Oklahoma City in the United States and London in the UK, KTI services oil and gas exploration companies with a full suite of seismic processing and on-line data management and data archival services.
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