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Pulse Seismic Inc. reports developments tied to its business of acquiring, marketing and licensing 2D and 3D seismic data for the western Canadian energy sector. The company’s licensable data library covers the Western Canada Sedimentary Basin, where Canadian oil and natural gas exploration and development activity is concentrated.
Recurring news includes quarterly and annual financial results, seismic data license sales, EBITDA and free-cash-flow commentary, and capital returns through regular or special dividends. Pulse also reports normal course issuer bids, share cancellations, annual meeting voting results, director elections and advisory votes on executive compensation.
Pulse Seismic announces the Toronto Stock Exchange's approval of its normal course issuer bid (NCIB) to repurchase up to 3,070,659 shares, representing 10% of its public float. This bid will run from November 16, 2022, to November 15, 2023. The maximum purchase on any trading day is set at 4,248 shares. Previously, between November 2021 and November 2022, Pulse bought 159,000 shares at an average price of $1.96. Since 2003, the company has returned $113.9 million to shareholders through dividends and buybacks, with $46.2 million allocated for share repurchases.
Pulse Seismic Inc. (PLSDF) reported significant declines in revenue for the three and nine months ending September 30, 2022, with total revenue of $2.2 million compared to $8.9 million in the same period of 2021. For the nine months, revenue dropped to $7.1 million from $32.8 million due to reduced transaction-based data library sales. The company incurred a net loss of $1.7 million for Q3 2022 versus a profit of $3.2 million in Q3 2021. Despite these results, Pulse declared a quarterly dividend of $0.0125, reflecting a commitment to shareholders amidst challenging market conditions.
Pulse Seismic Inc. (OTCQX:PLSDF) reported financial results for Q2 and first half of 2022. Total revenue dropped to $3.1 million in Q2 2022 from $19.1 million in Q2 2021, and $5.0 million from $23.9 million for the first half. The net loss was $1.8 million ($0.03 per share) for Q2 2022 vs. earnings of $10.2 million in Q2 2021. EBITDA decreased to $818,000 in Q2 2022 from $17.6 million in Q2 2021. Despite these results, the company's balance sheet remains strong with no debt and $5.9 million in cash. A quarterly dividend of $0.0125 per share was approved.
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On April 21, 2022, Pulse Seismic Inc. held its annual meeting, where all nominee directors were elected with overwhelming support. Neal Coleman received 99.94% approval, followed closely by others, with the lowest approval at 99.78%. Additionally, the "Say on Pay" advisory vote on executive compensation passed with 99.7% approval. Pulse Seismic is a major player in acquiring and licensing seismic data in Canada, owning the largest licensable data library covering around 65,310 square kilometers of 3D seismic and 829,207 kilometers of 2D seismic in the Western Canada Sedimentary Basin.
Pulse Seismic Inc. (OTCQX:PLSDF) reported its financial results for Q1 2022, revealing a total revenue of $1.9 million, a sharp decline from $4.8 million in Q1 2021. The company experienced a net loss of $2.5 million compared to net earnings of $33,000 in the same period last year. Despite these challenges, a quarterly dividend of $0.0125 per share was approved, amounting to approximately $672,000. As of March 31, 2022, Pulse remained debt-free with $5.3 million in cash, while industry conditions show signs of improvement.
Pulse Seismic has partnered with the Alberta Biodiversity Monitoring Institute to enhance the public database of seismic lines in Alberta. This agreement aims to incorporate data on the age and geometry of seismic lines into the ABMI's human footprint dataset. Pulse's extensive seismic data library, covering about 65,310 square kilometers of 3D and 829,207 kilometers of 2D seismic data, will significantly aid land-use planning in Alberta. This collaboration not only supports environmental stewardship but also assists in restoration efforts for historic seismic lines in caribou ranges.
Pulse Seismic Inc. (OTCQX:PLSDF) provides a message from President and CEO Neal Coleman aimed at shareholders and prospective investors. The company, a leader in acquiring and licensing seismic data, owns the largest seismic data library in Canada, covering approximately 65,310 square kilometers of 3D seismic and 829,207 kilometers of 2D seismic. This extensive library primarily serves the Western Canada Sedimentary Basin, key for oil and natural gas exploration.
Pulse Seismic reported a strong financial performance for the year ended December 31, 2021, generating total revenue of $49.2 million, up from $11.3 million in 2020. The company achieved net earnings of $21.5 million ($0.40 per share) compared to a net loss of $6.8 million in the prior year. Key metrics include a cash margin of 87% and a conversion of 65% of revenue to shareholder free cash flow, totaling $32.1 million. With a debt-free status and a strong balance sheet, Pulse reinstated a quarterly dividend of $0.0125 per share.
Pulse Seismic has successfully renewed its revolving credit facility, extending its maturity to January 15, 2025, with an unchanged borrowing limit of $25 million. Currently, the drawn balance is $1.4 million, leaving $23.6 million available. The company repaid its subordinated debt earlier this year and made $2.8 million in dividend payments. A significant cash inflow of $9.7 million is expected in January from a deal finalized on December 13, 2021, enabling further debt repayment. Pulse is positioned for strategic growth in the seismic data sector.