CALGARY, ALBERTA--(Marketwire - Jan. 30, 2013) - 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:
Record levels of cash generated in 2012 have allowed Pulse to:
HIGHLIGHTS FOR THE THREE MONTHS ENDED DECEMBER 31, 2012
"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.
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:
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:
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.