Welcome!

News Feed Item

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.

HIGHLIGHTS FOR THE 12 MONTHS ENDED DECEMBER 31, 2013

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
    million.

HIGHLIGHTS FOR THE THREE MONTHS ENDED DECEMBER 31, 2013

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.

CORPORATE PROFILE

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.

DISCLAIMER:

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.

Contacts:
Pulse Seismic Inc.
Neal Coleman, President & CEO
(403) 237-5559 or 1-877-460-5559

Pamela Wicks, Vice President Finance and CFO
(403) 237-5559 or 1-877-460-5559
E-mail: [email protected]
www.pulseseismic.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Many organizations adopt DevOps to reduce cycle times and deliver software faster; some take on DevOps to drive higher quality and better end-user experience; others look to DevOps for a clearer line-of-sight to customers to drive better business impacts. In truth, these three foundations go together. In this power panel at @DevOpsSummit 21st Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, industry experts will discuss how leading organizations build application success from all...
Most of the time there is a lot of work involved to move to the cloud, and most of that isn't really related to AWS or Azure or Google Cloud. Before we talk about public cloud vendors and DevOps tools, there are usually several technical and non-technical challenges that are connected to it and that every company needs to solve to move to the cloud. In his session at 21st Cloud Expo, Stefano Bellasio, CEO and founder of Cloud Academy Inc., will discuss what the tools, disciplines, and cultural...
The “Digital Era” is forcing us to engage with new methods to build, operate and maintain applications. This transformation also implies an evolution to more and more intelligent applications to better engage with the customers, while creating significant market differentiators. In both cases, the cloud has become a key enabler to embrace this digital revolution. So, moving to the cloud is no longer the question; the new questions are HOW and WHEN. To make this equation even more complex, most ...
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory?
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain.
SYS-CON Events announced today that App2Cloud will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct. 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. App2Cloud is an online Platform, specializing in migrating legacy applications to any Cloud Providers (AWS, Azure, Google Cloud).
Agile has finally jumped the technology shark, expanding outside the software world. Enterprises are now increasingly adopting Agile practices across their organizations in order to successfully navigate the disruptive waters that threaten to drown them. In our quest for establishing change as a core competency in our organizations, this business-centric notion of Agile is an essential component of Agile Digital Transformation. In the years since the publication of the Agile Manifesto, the conn...
WebRTC is great technology to build your own communication tools. It will be even more exciting experience it with advanced devices, such as a 360 Camera, 360 microphone, and a depth sensor camera. In his session at @ThingsExpo, Masashi Ganeko, a manager at INFOCOM Corporation, will introduce two experimental projects from his team and what they learned from them. "Shotoku Tamago" uses the robot audition software HARK to track speakers in 360 video of a remote party. "Virtual Teleport" uses a mu...
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devic...
Mobile device usage has increased exponentially during the past several years, as consumers rely on handhelds for everything from news and weather to banking and purchases. What can we expect in the next few years? The way in which we interact with our devices will fundamentally change, as businesses leverage Artificial Intelligence. We already see this taking shape as businesses leverage AI for cost savings and customer responsiveness. This trend will continue, as AI is used for more sophistica...
21st International Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Me...
Trying to improve density, lower costs and run applications faster than before? Today, enterprises looking for a secure cloud strategy are increasingly turning to container-based Platform as a Service solutions for on-premises hosted DevOps. In her session at 21st Cloud Expo, Alise Cashman Spence, Offering Manager, Power Systems Cloud Solutions at IBM, will discuss the driving factors behind these cloud trends and how IBM customers are realizing exceptional performance, security and control for ...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In their Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, and Mark Lav...
"NetApp's vision is how we help organizations manage data - delivering the right data in the right place, in the right time, to the people who need it, and doing it agnostic to what the platform is," explained Josh Atwell, Developer Advocate for NetApp, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
SYS-CON Events announced today that SourceForge has been named “Media Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. SourceForge is the largest, most trusted destination for Open Source Software development, collaboration, discovery and download on the web serving over 32 million viewers, 150 million downloads and over 460,000 active development projects each and every month.