|By Marketwired .||
|January 16, 2014 07:00 AM EST||
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.
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.
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle. In his session at 18th Cloud Expo, ...
Jul. 26, 2016 10:00 AM EDT Reads: 963
The competitive landscape of the global cloud computing market in the healthcare industry is crowded due to the presence of a large number of players. The large number of participants has led to the fragmented nature of the market. Some of the major players operating in the global cloud computing market in the healthcare industry are Cisco Systems Inc., Carestream Health Inc., Carecloud Corp., AGFA Healthcare, IBM Corp., Cleardata Networks, Merge Healthcare Inc., Microsoft Corp., Intel Corp., an...
Jul. 26, 2016 09:45 AM EDT Reads: 897
SYS-CON Events announced today the Kubernetes and Google Container Engine Workshop, being held November 3, 2016, in conjunction with @DevOpsSummit at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA. This workshop led by Sebastian Scheele introduces participants to Kubernetes and Google Container Engine (GKE). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, students learn the key concepts and practices for deploying and maintainin...
Jul. 26, 2016 09:45 AM EDT Reads: 743
StackIQ has announced the release of Stacki 3.2. Stacki is an easy-to-use Linux server provisioning tool. Stacki 3.2 delivers new capabilities that simplify the automation and integration of site-specific requirements. StackIQ is the commercial entity behind this open source bare metal provisioning tool. Since the release of Stacki in June of 2015, the Stacki core team has been focused on making the Community Edition meet the needs of members of the community, adding features and value, while ...
Jul. 26, 2016 09:45 AM EDT Reads: 313
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
Jul. 26, 2016 09:30 AM EDT Reads: 1,052
Is your aging software platform suffering from technical debt while the market changes and demands new solutions at a faster clip? It’s a bold move, but you might consider walking away from your core platform and starting fresh. ReadyTalk did exactly that. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, will discuss why and how ReadyTalk diverted from healthy revenue and over a decade of audio conferencing product development to start an innovati...
Jul. 26, 2016 09:15 AM EDT Reads: 1,003
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
Jul. 26, 2016 09:02 AM EDT Reads: 148
Ovum, a leading technology analyst firm, has published an in-depth report, Ovum Decision Matrix: Selecting a DevOps Release Management Solution, 2016–17. The report focuses on the automation aspects of DevOps, Release Management and compares solutions from the leading vendors.
Jul. 26, 2016 09:00 AM EDT Reads: 1,687
Continuous testing helps bridge the gap between developing quickly and maintaining high quality products. But to implement continuous testing, CTOs must take a strategic approach to building a testing infrastructure and toolset that empowers their team to move fast. Download our guide to laying the groundwork for a scalable continuous testing strategy.
Jul. 26, 2016 09:00 AM EDT Reads: 1,952
It’s 2016: buildings are smart, connected and the IoT is fundamentally altering how control and operating systems work and speak to each other. Platforms across the enterprise are networked via inexpensive sensors to collect massive amounts of data for analytics, information management, and insights that can be used to continuously improve operations. In his session at @ThingsExpo, Brian Chemel, Co-Founder and CTO of Digital Lumens, will explore: The benefits sensor-networked systems bring to ...
Jul. 26, 2016 08:45 AM EDT Reads: 1,516
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
Jul. 26, 2016 08:45 AM EDT Reads: 1,308
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Jul. 26, 2016 08:45 AM EDT Reads: 586
Security, data privacy, reliability and regulatory compliance are critical factors when evaluating whether to move business applications from in-house client hosted environments to a cloud platform. In her session at 18th Cloud Expo, Vandana Viswanathan, Associate Director at Cognizant, In this session, will provide an orientation to the five stages required to implement a cloud hosted solution validation strategy.
Jul. 26, 2016 08:15 AM EDT Reads: 954
"Avere Systems is a hybrid cloud solution provider. We have customers that want to use cloud storage and we have customers that want to take advantage of cloud compute," explained Rebecca Thompson, VP of Marketing at Avere Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 26, 2016 07:45 AM EDT Reads: 2,031
"We formed Formation several years ago to really address the need for bring complete modernization and software-defined storage to the more classic private cloud marketplace," stated Mark Lewis, Chairman and CEO of Formation Data Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 26, 2016 07:30 AM EDT Reads: 1,573