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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Pulse Seismic Inc | TSX:PSD | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.03 | -1.27% | 2.34 | 2.33 | 2.40 | 2.38 | 2.34 | 2.38 | 600 | 21:00:01 |
CALGARY, ALBERTA--(Marketwired - Jan 16, 2014) - 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:
HIGHLIGHTS FOR THE THREE MONTHS ENDED DECEMBER 31, 2013
Pulse achieved the following results:
* 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.
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.
Pulse Seismic Inc.Neal Coleman, President & CEO(403) 237-5559 or 1-877-460-5559Pamela Wicks, Vice President Finance and CFO(403) 237-5559 or 1-877-460-5559E-mail: info@pulseseismic.comwww.pulseseismic.com
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