CALGARY, Alberta, Oct.  24, 2023  (GLOBE NEWSWIRE) -- Pulse Seismic Inc. (TSX:PSD) (OTCQX:PLSDF) ("Pulse" or the "Company") is pleased to report its financial and operating results for the three and nine months ended September 30, 2023. The unaudited condensed consolidated interim financial statements, accompanying notes and MD&A are being filed on SEDAR () and will be available on Pulse's website at .

Pulse's Board of Directors today approved a regular quarterly dividend of $0.01375 per share ($0.055 per share annualized) totalling approximately $724,000 based on Pulse's 52,659,363 common shares outstanding as of October 24, 2023, which will be paid on November 21, 2023 to shareholders of record on November 14, 2023. This dividend is designated as an eligible dividend for Canadian income tax purposes. For non-resident shareholders, Pulse's dividends are subject to Canadian withholding tax.

Pulse considers the return of cash to shareholders through dividends and share buybacks to be a prudent allocation of capital at this time. Excluding the regular dividend approved today, in 2023 the Company has already distributed $0.19 per share in dividends, representing a yield of approximately 10.8% at todays closing share price. Additionally, the Company has purchased 945,506 shares for $1.8 million in the first three quarters of 2023. Since 2003 Pulse has distributed $78.5 million in dividends and spent $48.0 million to purchase shares of the Company through its normal course issuer bid.

HIGHLIGHTS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2023

• Total revenue was $5.1 million for the three months ended September 30, 2023 compared to $2.2 million for the three months ended September 30, 2022. For the nine months ended September 30, 2023, total revenue was $22.3 million compared to $7.1 million for the nine months ended September 30, 2022. Data library sales revenue increased in each quarter of 2023 over the 2022 comparative periods;
  

• Net earnings for the three months ended September 30, 2023 was $393,000 ($0.01 per share basic and diluted) compared to a net loss of $1.7 million ($0.03 per share basic and diluted) for the three months ended September 30, 2022. Net earnings for the nine months ended September 30, 2023 was $6.7 million ($0.13 per share basic and diluted) compared to a net loss of $5.9 million ($0.11 per share basic and diluted) for the nine months ended September 30, 2022;
  

• EBITDA(a) was $3.3 million ($0.06 per share basic and diluted) for the three months ended September 30, 2023, compared to $741,000 ($0.01 per share basic and diluted) for the three months ended September 30, 2022. EBITDA was $16.8 million ($0.32 per share basic and diluted) for the nine months ended September 30, 2023 compared to $1.6 million ($0.03 per share basic and diluted) for the nine months ended September 30, 2022;
  

• Shareholder free cash flow(a) was $2.8 million ($0.05 per share basic and diluted) for the third quarter of 2023 compared to $880,000 ($0.02 per share basic and diluted) for the comparable period in 2022. Shareholder free cash flow was $13.9 million ($0.26 per share basic and diluted) for the nine months ended September 30, 2023 compared to $2.3 million ($0.04 per share basic and diluted) for the nine months ended September 30, 2022;
  

• In the third quarter of 2023, Pulse paid a special dividend of $0.15 per share and a regular quarterly dividend of $0.01375 per share for a total of $8.7 million (regular dividend of $0.0125 per share for a total of $672,000 for the three months ended September 30, 2022). For the nine months ended September 30, 2023, Pulse paid a total of $10.1 million compared to $2.0 million for the same period in 2022;
  

• In the nine-month period ended September 30, 2023 Pulse purchased and cancelled, through its normal course issuer bid, a total of 945,506 common shares at a total cost of approximately $1.8 million (average cost of $1.94 per common share including commissions); and
  

• At September 30, 2023 Pulse was debt-free and had a cash balance of $9.8 million. The Company's $25.0 million revolving credit facility is undrawn and fully available to the Company.
  

SELECTED FINANCIAL AND OPERATING INFORMATION

(a) The Company's continuous disclosure documents provide discussion and analysis of "EBITDA", "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 EBITDA is cash available to invest in growing the Company's seismic data library, pay interest and principal on its long-term debt, purchase its common shares, pay taxes and the payment of dividends. EBITDA is calculated as earnings (loss) from operations before interest, taxes, depreciation and amortization. EBITDA per share is defined as EBITDA divided by the weighted average number of shares outstanding for the period. The Company believes EBITDA assists investors in comparing Pulse's results on a consistent basis without regard to non-cash items, such as depreciation and amortization, which can vary significantly depending on accounting methods or non-operating factors such as historical cost. Shareholder free cash flow further refines the calculation by adding back non-cash expenses, net restructuring costs and deducting net financing costs and current income tax expense from EBITDA. 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) TTM EBITDA is defined as the sum of EBITDA generated over the previous 12 months and is used to provide a comparable annualized measure.
These non-GAAP financial measures are defined, calculated and reconciled to the nearest GAAP financial measures in the Management's Discussion and Analysis.

OUTLOOK

With seismic data library sales of $22.2 million in the first nine months of 2023, Pulse is pleased with the recovery from a slow 2022 and remains optimistic about the remainder of the year. Areas of strength continue to include buoyant global demand for fossil fuels, forecasts for relative strength in industry capital investment and field activities, ongoing corporate profitability, and Alberta mineral lease auctions ("land sales") through September 30 showing the greatest year-to-date strength in nearly a decade. These positive factors are dampened by continued geopolitical instability and a challenging federal regulatory environment.

The Company cautions, as always, that industry conditions do not provide visibility regarding Pulse's seismic data library sales levels. Pulse's key strengths include zero debt, a low-cost structure, high leverage to increased revenue in its EBITDA margin, no capital spending commitments, Canada's largest licensable seismic data library, and strong customer relations.

The Company remains focused on the business practices that have served it throughout the full range of conditions: maintaining a strong balance sheet with access to credit on favourable terms, careful management of cash resources including distributing cash to shareholders when prudent, a low cost structure, a disciplined and rigorous approach to growth opportunities, an experienced and capable management team, and excellent customer care complemented by the initiative to broaden the attractiveness of the seismic data library.

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 largest licensable seismic data library in Canada, currently consisting of approximately 65,310 square kilometres of 3D seismic and 829,207 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.

For further information, please contact:
Neal Coleman, President and CEO
Or
Pamela Wicks, Vice President Finance and CFO
Tel.: 403-237-5559
Toll-free: 1-877-460-5559
E-mail: info@pulseseismic.com.