Welcome!

Microsoft Cloud Authors: David H Deans, Pat Romanski, Janakiram MSV, Jnan Dash, Andreas Grabner

News Feed Item

Pulse Seismic Inc. Reports Preliminary Unaudited Record Financial Results

CALGARY, ALBERTA -- (Marketwire) -- 01/30/13 -- Pulse Seismic Inc. (TSX:PSD) (OTCQX:PLSDF) ("Pulse" or "the Company") reports the following preliminary selected unaudited financial and operating results of Pulse for the year ended December 31, 2012 and the fourth quarter of 2012. The financial information contained in this news release 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.

HIGHLIGHTS FOR THE 12 MONTHS ENDED DECEMBER 31, 2012

Pulse achieved the following record results:


--  Seismic data library sales of $64.0 million, a 77 percent increase over
    $36.2 million achieved in 2011; 

--  Total seismic revenue (including participation survey revenue) of $86.4
    million compared to $51.5 million in 2011; 

--  Cash EBITDA(a) of $54.7 million, a 98 percent increase over $27.7
    million in 2011 (and a 112 percent increase on a per-share basis to
    $0.87 per share basic and diluted); 

--  Shareholder free cash flow(a) of $50.0 million, a 109 percent increase
    over $23.9 million in 2011 (and a 122 percent increase on a per-share
    basis to $0.80 per share basic and diluted); and 

--  Net earnings of $27.4 million ($0.44 per share basic and diluted)
    compared to $5.2 million ($0.08 per share basic and diluted) in 2011. 

Record levels of cash generated in 2012 have allowed Pulse to:


--  Purchase and cancel 5.0 million common shares at a cost of $10.5
    million, reducing the total issued and outstanding common shares by 7.4
    percent to 61.1 million shares; 

--  Reduce long term debt by 43 percent through a combination of $13.0
    million in regularly scheduled payments and a $7.0 million penalty-free
    prepayment; 

--  Complete three 3D seismic participation surveys that had commenced in Q3
    and Q4 2011, adding 567 square kilometres to the seismic data library;
    and 

--  Commence operations in the fall of 2012 on two new 3D seismic
    participation surveys, with total gross CAPEX estimated at $52.5
    million. The two surveys are located within the multi-zone geological
    area of Fox Creek in west central Alberta. Field operations on the
    McKinley survey, totalling 541 square kilometres, were originally
    expected to be completed before the end of 2012, and were completed in
    January 2013. The second survey, Fox Creek, totaling 487 square
    kilometres, was originally expected to be completed by the end of the
    first quarter of 2013, and is now expected to be completed in the second
    quarter of 2013. 

HIGHLIGHTS FOR THE THREE MONTHS ENDED DECEMBER 31, 2012


--  Seismic data library sales of $11.9 million, compared to $12.5 million
    in the same period last year; 

--  Total seismic revenue (including participation survey revenue) of $27.8
    million compared to $23.6 million for the comparable period in 2011; 

--  Cash EBITDA of $9.7 million was generated in the fourth quarter of each
    of 2012 and 2011 ($0.16 and $0.15 per share basic and diluted
    respectively in 2012 and 2011); 

--  Shareholder free cash flow of $7.4 million ($0.12 per share basic and
    diluted) compared to $8.9 million ($0.13 per share basic and diluted) in
    the fourth quarter of 2011; 

--  Secured a third new participation survey for the winter season which is
    located in the Pembina area of west central Alberta covering 153 square
    kilometres. Field operations commenced in January 2013 and are expected
    to be completed by the end of the second quarter of 2013. 

"I am extremely pleased with the Company's financial results for 2012," commented Neal Coleman, President & CEO of Pulse. "The record $64.0 million in seismic data library sales provided greater financial flexibility to execute our corporate strategy and deliver solid returns to our shareholders. Our share price has appreciated by 55% to close at $2.72 on December 31, 2012, up from $1.75 at the end of 2011. The directors, management and staff of Pulse look forward to 2013 to build upon this year's accomplishments. We will continue to focus on enhancing shareholder value through dividends, share buybacks, seismic data library growth and debt reduction all the while managing our business in a fiscally responsible manner."

On Monday, March 18, 2013 Pulse intends to release its complete audited financial results for the year ended December 31, 2012. A conference call and webcast to review the 2012 results is scheduled for Tuesday, March 19, 2013 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", "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 International Financial Reporting Standards (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 net 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.

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 27,100 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:


--  expected size, commencement, completion and delivery dates for
    participation surveys; 
--  Pulse's focus on enhancing shareholder value through dividends, share
    buybacks, seismic data library growth and debt reduction; 
--  Pulse's business and growth strategy; and 
--  Other expectations, beliefs, plans, goals, objectives, assumptions,
    information and statements about possible future events, conditions,
    results and performance. 

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.

The material risk factors that could cause actual results to differ materially from the forward-looking information include, but are not limited to:


--  economic risks; 
--  the demand for seismic data and participation surveys; 
--  the pricing of data library license sales; 
--  the level of pre-funding of participation surveys, and the ability of
    the Company to make subsequent data library sales from such
    participation surveys;  
--  the ability of the Company to complete participation surveys on time and
    within budget; 
--  environment, health and safety risks; 
--  the effect of seasonality and weather conditions on participation
    surveys; 
--  federal and provincial government laws and regulation, including
    taxation, royalty rates, environment and safety; 
--  competition; 
--  dependence upon qualified seismic field contractors; 
--  dependence upon key management, operations and marketing personnel; 
--  loss of seismic data; and 
--  protection of Intellectual Property.  

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.

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.

@ThingsExpo Stories
With 10 simultaneous tracks, keynotes, general sessions and targeted breakout classes, Cloud Expo and @ThingsExpo are two of the most important technology events of the year. Since its launch over eight years ago, Cloud Expo and @ThingsExpo have presented a rock star faculty as well as showcased hundreds of sponsors and exhibitors! In this blog post, I provide 7 tips on how, as part of our world-class faculty, you can deliver one of the most popular sessions at our events. But before reading the...
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
In his session at @ThingsExpo, Steve Wilkes, CTO and founder of Striim, will delve into four enterprise-scale, business-critical case studies where streaming analytics serves as the key to enabling real-time data integration and right-time insights in hybrid cloud, IoT, and fog computing environments. As part of this discussion, he will also present a demo based on its partnership with Fujitsu, highlighting their technologies in a healthcare IoT use-case. The demo showcases the tracking of patie...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, 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.
Have you ever noticed how some IT people seem to lead successful, rewarding, and satisfying lives and careers, while others struggle? IT author and speaker Don Crawley uncovered the five principles that successful IT people use to build satisfying lives and careers and he shares them in this fast-paced, thought-provoking webinar. You'll learn the importance of striking a balance with technical skills and people skills, challenge your pre-existing ideas about IT customer service, and gain new in...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists peeled away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud enviro...
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business. Though, IoT is far more complex than most firms expected with a majority of IoT projects having failed. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, Chief IoTologist at Wipro, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology portfolios and business models to adopt and leverage IoT. He will delve in...
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his Day 2 Keynote at @ThingsExpo, Henrik Kenani Dahlgren, Portfolio Marketing Manager at Ericsson, discussed how to plan to cooperate, partner, and form lasting all-star teams to change the...
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, 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. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
SYS-CON Events announced today that Outlyer, a monitoring service for DevOps and operations teams, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Outlyer is a monitoring service for DevOps and Operations teams running Cloud, SaaS, Microservices and IoT deployments. Designed for today's dynamic environments that need beyond cloud-scale monitoring, we make monitoring effortless so you...
There are 66 million network cameras capturing terabytes of data. How did factories in Japan improve physical security at the facilities and improve employee productivity? Edge Computing reduces possible kilobytes of data collected per second to only a few kilobytes of data transmitted to the public cloud every day. Data is aggregated and analyzed close to sensors so only intelligent results need to be transmitted to the cloud. Non-essential data is recycled to optimize storage.
SYS-CON Events announced today that Conference Guru has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. A valuable conference experience generates new contacts, sales leads, potential strategic partners and potential investors; helps gather competitive intelligence and even provides inspiration for new products and services. Conference Guru works with conference organizers to pass great dea...
“We're a global managed hosting provider. Our core customer set is a U.S.-based customer that is looking to go global,” explained Adam Rogers, Managing Director at ANEXIA, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, discussed the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at 20th Cloud Expo, Ed Featherston, director/senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
SYS-CON Events announced today that DatacenterDynamics has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY. DatacenterDynamics is a brand of DCD Group, a global B2B media and publishing company that develops products to help senior professionals in the world's most ICT dependent organizations make risk-based infrastructure and capacity decisions.
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.