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Pulse Seismic Inc. Reports Preliminary Unaudited 2013 Financial Results

CALGARY, ALBERTA -- (Marketwired) -- 01/16/14 -- Pulse Seismic Inc. (TSX:PSD)(OTCQX:PLSDF) ("Pulse" or "the Company") reports the following preliminary selected unaudited financial and operating results for the three months and year ended December 31, 2013. The financial information contained herein is based on management's estimates and has not yet been approved by the Company's Audit Committee or Board of Directors, or reviewed by the Company's auditors.

Due to the Company's record level of data library sales in 2012, the year-over-year comparative financial results have decreased substantially. A $27.8 million data library sale in the first quarter of 2012 resulted in record financial results for the year. Revenue fluctuations are a normal part of the seismic data library business.

"Pulse's historically strong fourth quarter data library sales came in at only $4.6 million in 2013, bringing the total for the year to $27.1 million," stated Neal Coleman, Pulse's President and CEO. "In 2013, low natural gas drilling activity combined with fewer asset and corporate transaction-based sales of seismic data than we experienced in 2012 had a significant negative affect on our year-over-year financial results."

Coleman noted that Pulse continues to benefit from its low cost structure and strong financial position. Having a lean organization with low fixed costs enables Pulse to continue delivering positive cash EBITDA in years like 2013. Cash EBITDA was $19.1 million or 70 percent of data library sales for the year and $2.9 million or 63 percent of data library sales in the fourth quarter. "We returned $13.2 million of capital to our shareholders through dividends and share buybacks in 2013, with the remainder contributing to our 2012/2013 winter participation survey capital program," said Coleman.


Pulse achieved the following results:

--  Seismic data library sales of $27.1 million, a 58 percent decrease from
    the record $64.0 million achieved in 2012; 

--  Total seismic revenue (including participation survey revenue) of $40.5
    million compared to $86.4 million in 2012; 

--  Cash EBITDA(a) of $19.1 million, a 64 percent decrease from $54.7
    million in 2012, and a 63 percent decrease on a per-share basis from
    $0.87 to $0.32 per share basic and diluted; 

--  Funds from operations(b) of $27.7 million ($0.46 per share basic and
    diluted) compared to $74.3 million ($1.19 per share basic and diluted)
    for 2012(i); 
--  Pulse completed three 3D participation surveys totalling 1,182 square
    kilometres, with total gross capital expenditures amounting to $58.0
    million. Some of these survey costs were incurred in 2012 when the
    surveys were initiated; 

--  Pulse purchased and cancelled, through its normal course issuer bid, a
    total of 2,447,222 common shares (4 percent of the total outstanding at
    December 31, 2012) at a total cost of approximately $8.4 million; 

--  Pulse paid four quarterly dividends of $0.02 per common share at a total
    cost of $4.8 million; and 

--  At December 31, 2013 Pulse's cash balance was $1.7 million and long-term
    debt(c) was $21.8 million, resulting in a net debt position of $20.1


Pulse achieved the following results:

--  Seismic data library sales of $4.6 million, down 62 percent from $11.9
    million in the same period of 2012; 

--  Total seismic revenue of $4.6 million (no participation survey revenue)
    compared to $27.8 million (including participation revenue of $15.9
    million) for the comparable period in 2012; 

--  Cash EBITDA of $2.9 million or $0.05 per share basic and diluted
    compared to $9.7 million or $0.16 per share basic and diluted in the
    fourth quarter of 2012; 

--  Funds from operations of $2.7 million ($0.04 per share basic and
    diluted) compared to $25.3 million ($0.41 per share basic and diluted)
    for the three months ended December 31, 2012(i). 

(i) Funds from operations for the comparative three and twelve month periods ended December 31, 2012 reflect a reclassification to conform to the current year's financial statement presentation.

On Monday, March 17, 2014 Pulse intends to release its complete audited financial results for the year ended December 31, 2013. A conference call and webcast to review the 2013 results is scheduled for Tuesday, March 18, 2014 at 1:00 EDT (11:00 am MDT). Further details of the conference call, including dial-in numbers, will be provided at a later date.

a.  The Company's continuous disclosure documents provide discussion and
    analysis of "cash EBITDA" and "cash EBITDA per share". These financial
    measures do not have standard definitions prescribed by IFRS and,
    therefore, may not be comparable to similar measures disclosed by other
    companies. The Company has included these non-GAAP financial measures
    because management, investors, analysts and others use them as measures
    of the Company's financial performance. The Company's definition of cash
    EBITDA is cash available for interest payments, cash taxes if
    applicable, debt servicing, discretionary capital expenditures and the
    payment of dividends, and is calculated as earnings (loss) from
    operations before interest, taxes, depreciation and amortization less
    participation survey revenue, plus any non-cash and non-recurring
    expenses. Cash EBITDA excludes participation survey revenue as these
    funds are directly used to fund specific participation surveys and this
    revenue is not available for discretionary capital expenditures. The
    Company believes cash EBITDA assists investors in comparing Pulse's
    results on a consistent basis without regard to participation survey
    revenue and non-cash items, such as depreciation and amortization, which
    can vary significantly depending on accounting methods or non-operating
    factors such as historical cost. Cash EBITDA per share is defined as
    cash EBITDA divided by the weighted average number of shares outstanding
    for the period 

b.  Funds from operations is an additional GAAP measure. Funds from
    operations is defined as cash provided by operations as prescribed by
    IFRS, excluding the impact of changes in non-cash working capital. Funds
    from operations represents the cash that was generated during the
    period, regardless of the timing of collection of receivables and
    payment of payables. Funds from operations per share is defined as funds
    from operations divided by the weighted average number of shares
    outstanding for the period. 

c.  Long-term debt is defined as total long-term debt net of deferred
    financing costs. 


Pulse is a market leader in the acquisition, marketing and licensing of 2D and 3D seismic data to the western Canadian energy sector. Pulse owns the second-largest licensable seismic data library in Canada, currently consisting of approximately 28,300 square kilometres of 3D seismic and 340,000 kilometres of 2D seismic. The library extensively covers the Western Canada Sedimentary Basin where most of Canada's oil and natural gas exploration and development occur.


This news release contains preliminary unaudited financial results. These financial results are based upon management's estimates, and have not yet been approved by the Company's Audit Committee or Board of Directors or audited by the Company's auditors. The final audited financial results could differ from these preliminary unaudited financial results.

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