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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 | 1.23% | 2.46 | 2.44 | 2.49 | 2.46 | 2.39 | 2.45 | 11,960 | 21:00:02 |
CALGARY, ALBERTA--(Marketwired - May 1, 2014) - Pulse Seismic Inc. ("Pulse" or "the Company") (TSX:PSD)(OTCQX:PLSDF) reports the financial and operating results of the Company for the three months ended March 31, 2014. The unaudited condensed consolidated interim financial statements and MD&A will be filed on SEDAR (www.sedar.com) and will be available on Pulse's website (www.pulseseismic.com).
Pulse has declared a quarterly dividend of $0.02 per common share. This dividend will be paid on June 20, 2014 to shareholders of record at the close of business on June 6, 2014. Dividends are designated as an eligible dividend for Canadian income tax purposes. For non-resident shareholders, Pulse's dividends are subject to Canadian withholding tax.
HIGHLIGHTS FOR THE THREE MONTHS ENDED MARCH 31, 2014
Pulse's key performance metrics which include cash EBITDA(a), shareholder free cash flow(a), funds from operations(b) and net earnings all declined in the three month period ending March 31, 2014 compared to the prior year. The Company experienced lower data library sales for the quarter and did not have participation surveys in progress.
Selected Financial and Operating Information | ||||
(thousands of dollars except per share data and number of shares) | ||||
Three months ended | ||||
March 31, | Year ended | |||
2014 | 2013 | December 31, | ||
(unaudited) | 2013 | |||
Revenue | ||||
Data library sales | $ 5,506 | $ 13,864 | $ 27,079 | |
Participation surveys | - | 13,068 | 13,429 | |
Total revenue | $ 5,506 | $ 26,932 | $ 40,508 | |
Amortization of seismic data library | $ 5,832 | $ 20,027 | $ 55,619 | |
Net earnings (loss) | $ (1,820) | $ 2,541 | $ (18,834) | |
Per share basic and diluted | $ (0.03) | $ 0.04 | $ (0.31) | |
Cash EBITDA (a) | $ 3,763 | $ 11,341 | $ 19,145 | |
Per share basic and diluted (a) | $ 0.06 | $ 0.19 | $ 0.32 | |
Shareholder free cash flow (a) | $ 3,550 | $ 10,371 | $ 20,682 | |
Per share basic and diluted (a) | $ 0.06 | $ 0.17 | $ 0.34 | |
Funds from operations (b) | $ 3,611 | $ 20,707 | $ 27,751 | |
Per share basic and diluted (b) | $ 0.06 | $ 0.34 | $ 0.46 | |
Capital expenditures | ||||
Participation surveys | $ - | $ 20,700 | $ 21,265 | |
Seismic data purchases and related costs | 183 | 298 | 961 | |
Property and equipment additions | 14 | 74 | 127 | |
Total capital expenditures | $ 197 | $ 21,072 | $ 22,353 | |
Weighted average shares outstanding: | ||||
Basic | 59,346,453 | 60,958,068 | 60,280,876 | |
Diluted | 59,346,453 | 60,998,114 | 60,280,876 | |
Shares outstanding at period end | 59,314,120 | 60,927,170 | 59,349,120 | |
Seismic library | ||||
2D in kilometres | 339,991 | 339,991 | 339,991 | |
3D in square kilometres | 28,284 | 27,642 | 28,284 | |
Financial Position and Ratios | ||||
(thousands of dollars except ratio calculations) | ||||
March 31, | March 31, | December 31, | ||
2014 | 2013 | 2013 | ||
Working capital | $ 4,832 | $ 11,440 | $ 6,476 | |
Working capital ratio | 2.32:1 | 1.85:1 | 3.71:1 | |
Total assets | $ 91,927 | $ 148,546 | $ 98,017 | |
Long-term debt (c) | $ 18,279 | $ 25,707 | $ 21,850 | |
TTM cash EBITDA (e) | $ 11,567 | $ 34,032 | $ 19,145 | |
Shareholders' equity | $ 62,880 | $ 97,318 | $ 65,962 | |
Long-term debt to equity ratio | 0.29:1 | 0.26:1 | 0.33:1 | |
Long-term debt to TTM cash EBITDA ratio | 1.58:1 | 0.76:1 | 1.14:1 |
(a) The Company's continuous disclosure documents provide discussion and analysis of "cash EBITDA", "cash EBITDA per share", "shareholder free cash flow" and "shareholder free cash flow 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. Shareholder free cash flow further refines the calculation of capital available to invest in growing the Company's 2D and 3D seismic data library, to repay debt, to purchase its common shares and to pay dividends by deducting non-discretionary expenditures from cash EBITDA. Non-discretionary expenditures are defined as debt financing costs (net of deferred financing expenses amortized in the current period) and current tax provisions. Shareholder free cash flow per share is defined as shareholder free cash flow 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. Funds from operations for the comparative three months ended March 31, 2013 reflect a reclassification to conform to the current year's financial statement presentation.
(c) Long-term debt is defined as total long-term debt, including current portion, net of debt financing cost.
(d) Net debt is defined as total long-term debt, including current portion, net of debt financing cost less cash.
(e) TTM cash EBITDA is defined as the sum of the trailing 12 month's cash EBITDA and is used to provide a comparable annualized measure.
OUTLOOK
Pulse remains financially strong and well positioned operationally. Although the timing and level of data library sales are unclear, the Company can continue to operate under low revenue levels and still provide returns to shareholders. Individual data library sales can be large, and Pulse's annual revenues could increase substantially at any time. Pulse's profitability has tremendous leverage against revenues.
The Company maintains its cautious outlook for the remainder of 2014. Following relatively weak data library sales in the first quarter, positive indicators of a potential rebound in seismic revenue are:
These positive indicators are offset by continued flat to slightly lower year-over-year drilling activity over the past winter, flat initial forecasts for the year ahead, and by the continuing evolution in the nature of oil and natural gas asset ownership and development cycles in western Canada.
On balance, Pulse is hopeful that the trends noted will lead to greater field capital investment, including on seismic data. In the meantime, Pulse will practise prudent cost and capital management and remain focused on generating returns for shareholders.
CORPORATE UPDATE
Graham Weir will be retiring from the Board of Directors at the Annual General Meeting on May 21, 2014. Mr. Weir has been a director of Pulse since 2002, including Chair of the Board from 2007 to 2012. The Company and the Board of Directors would like to thank Mr. Weir for his extensive contributions and guidance during his 12 years of service and wish him all the best in the future.
CONFERENCE CALL
The Company's next conference call will be held after the release of its year-end 2014 results. Should investors or analysts wish to contact the Company, please feel free to contact Neal Coleman or Pamela Wicks at the information provided below.
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.
Forward-Looking Information
This news release contains information that constitutes "forward-looking information" or "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities legislation. This forward-looking information includes, among other things, statements regarding:
Often, but not always, forward-looking information uses words or phrases such as: "expects", "does not expect" or "is expected", "anticipates" or "does not anticipate", "plans" or "does not plan", "estimates" or "estimated", "projects" or "projected", "forecasts" or "forecasted", "believes" or "does not believe", "intends" or "does not intend", "likely" or "unlikely", "possible", "probable", "scheduled", "positioned", "goal", "objective", "hopes", "optimistic" or states that certain actions, events or results "should", "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Undue reliance should not be placed on forward-looking information. Forward-looking information is based upon current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to vary and in some instances to differ materially from those anticipated in the forward-looking information. Pulse does not publish specific financial goals or otherwise provide guidance, due to the inherently unclear visibility of seismic revenue.
The material risk factors that could cause actual results to differ materially from the forward-looking information include, but are not limited to:
The foregoing list of risks is not exhaustive. Additional information on these risks and other factors which could affect the Company's operations or financial results are included in the Risk Factors section of the Company's MD&A for the most recent calendar year and interim periods. Forward-looking information is based upon the assumptions, expectations, estimates and opinions of the Company's management at the time the information is presented.
Pulse Seismic Inc.Neal ColemanPresident and CEO(403) 237-5559 or Toll-free: 1-877-460-5559Pulse Seismic Inc.Pamela WicksVP Finance and CFO(403) 237-5559 or Toll-free: 1-877-460-5559info@pulseseismic.comwww.pulseseismic.com
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