Pulse Seismic Inc. Reports Q1 2022 Results and Declares Quarterly Dividend
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CALGARY, Alberta, April 20, 2022 (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 months ended March 31, 2022. The unaudited condensed consolidated interim financial statements, accompanying notes and MD&A are being filed on SEDAR (www.sedar.com) and will be available on Pulse’s website at www.pulseseismic.com.
Pulse’s Board of Directors today approved a quarterly dividend of $0.0125 per share. The total of the regular dividend will be approximately $672,000 based on Pulse’s 53,733,117 common shares outstanding as of April 20, 2022, to be paid on May 24, 2022 to shareholders of record on May 16, 2022. 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.
HIGHLIGHTS FOR THE THREE MONTHS ENDED MARCH 31, 2022
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Total revenue was $1.9 million compared to $4.8 million for the three months ended March 31, 2021;
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Net loss was $2.5 million ($0.05 per share basic and diluted) compared to net earnings of $33,000 ($0.00 per share basic and diluted) in the first quarter of 2021;
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EBITDA(a) was $9,000 ($0.00 per share basic and diluted) compared to $3.7 million ($0.07 per share basic and diluted) in the first quarter of 2021;
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Shareholder free cash flow(a) was $188,000 ($0.00 per share basic and diluted) compared to $2.6 million ($0.05 per share basic and diluted) in the first quarter of 2021;
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In the three-month period ended March 31, 2022 Pulse purchased and cancelled, through its normal course issuer bid, a total of 51,600 common shares at a total cost of approximately $104,000 (at an average cost of $2.00 per common share including commissions); and
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At March 31, 2022 Pulse was debt-free and held cash of $5.3 million. The $25.0 million revolving credit facility is undrawn and fully available to the Company.
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| (thousands of dollars except per share data, | Three months ended March 31, | Year ended | |||||||
| numbers of shares and kilometres of seismic data) | 2022 | 2021 | December 31, | ||||||
| (unaudited) | 2021 | ||||||||
| Revenue | |||||||||
| Data library sales | 1,743 | 4,740 | 48,717 | ||||||
| Other revenue | 113 | 85 | 433 | ||||||
| Total revenue | 1,856 | 4,825 | 49,150 | ||||||
| Amortization of seismic data library | 2,515 | 2,498 | 10,010 | ||||||
| Net earnings (loss) | (2,518 | ) | 33 | 21,514 | |||||
| Per share basic and diluted | (0.05 | ) | 0.00 | 0.40 | |||||
| Cash provided by operating activities | 8,629 | 9,082 | 29,799 | ||||||
| Per share basic and diluted | 0.16 | 0.17 | 0.55 | ||||||
| EBITDA (a) | 9 | 3,730 | 42,632 | ||||||
| Per share basic and diluted (a) | 0.00 | 0.07 | 0.79 | ||||||
| Shareholder free cash flow (a) | 188 | 2,569 | 32,082 | ||||||
| Per share basic and diluted (a) | 0.00 | 0.05 | 0.60 | ||||||
| Capital expenditures | |||||||||
| Seismic data digitization and related costs | - | 96 | 350 | ||||||
| Property and equipment | 4 | - | 8 | ||||||
| Total capital expenditures | 4 | 96 | 358 | ||||||
| Weighted average shares outstanding | |||||||||
| Basic and diluted | 53,748,780 | 53,793,317 | 53,792,984 | ||||||
| Shares outstanding at period-end | 53,733,117 | 53,793,317 | 53,784,717 | ||||||
| Seismic library | |||||||||
| 2D in kilometres | 829,207 | 829,207 | 829,207 | ||||||
| 3D in square kilometres | 65,310 | 65,310 | 65,310 | ||||||
| FINANCIAL POSITION AND RATIOS | |||||||||
| March 31, | March 31, | December 31, | |||||||
| (thousands of dollars except ratios) | 2022 | 2021 | 2021 | ||||||
| Working capital | 6,878 | (401 | ) | 9,749 | |||||
| Working capital ratio | 7.1:1 | 0.8:1 | 2.7:1 | ||||||
| Cash and cash equivalents | 5,276 | - | - | ||||||
| Total assets | 42,944 | 48,077 | 52,899 | ||||||
| Long-term debt | - | 18,976 | 2,265 | ||||||
| Trailing 12-month (TTM) EBITDA (b) | 38,911 | 10,116 | 42,632 | ||||||
| Shareholders’ equity | 40,945 | 25,356 | 44,141 | ||||||
| Long-term debt to TTM EBITDA ratio | 0.00 | 1.88 | 0.05 | ||||||
| Long-term debt to equity ratio | 0.00 | 0.75 | 0.05 | ||||||
(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.