Pulse Seismic Inc. Announces Preliminary Unaudited Third Quarter 2013 Financial Results
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 10/10/13 -- Pulse Seismic Inc. ("Pulse" or "the Company") (TSX: PSD)(OTCQX: PLSDF) announces preliminary selected unaudited financial results for the three and nine months ended September 30, 2013.
These financial results are based upon management's estimates and have not yet been approved by the Company's Audit Committee or Board of Directors or reviewed by the Company's auditors.
Pulse expects to release its full financial results for the three and nine months ended September 30, 2013 on November 8, 2013.
Due to the record level of data library sales achieved in the first nine months of 2012, the period over period comparative financial results have decreased substantially. One transaction in the first quarter of 2012 led to a $27.8 million data library sale, which improved an already strong financial position, provided greater financial flexibility, and led to a return of capital to the shareholders through an increased dividend and Pulse share purchases. Revenue fluctuations are a normal part of the seismic data library business.
"Pulse's third quarter data library sales came in at $4.2 million," stated Neal Coleman, Pulse's President and CEO. "Although Q3 is typically a slower quarter in our business, and even though sales were about the same as in the third quarter of 2012, we had hoped to close more deals in light of the particularly slow pace of second quarter 2013 sales."
This lower level of data sales still leads to Pulse generating significant amounts of cash. "The quarter's $4.2 million of sales resulted in $2.5 million of cash EBITDA(a)," Coleman continued. "That was higher than in the same quarter last year, and is enough to pay the quarterly interest on our revolving credit facility and cover the quarterly dividend we paid on September 20, 2013, and still have cash to allocate to share purchases and database growth opportunities."
HIGHLIGHTS FOR THE PERIODS ENDED SEPTEMBER 30, 2013
Q3 2013 CONFERENCE CALL
Pulse will host a conference call on Friday, November 8, 2013 at 11:00 am MST (1:00 pm EST) where Neal Coleman, President & CEO and Pamela Wicks, VP Finance & CFO will discuss the Company's results for the third quarter. A question-and-answer period will follow an update on the Company's strategy and outlook.
To participate please dial 416-340-8530 or 877-440-9795 approximately 10 minutes before the commencement of the call. To listen to the audio webcast of the conference call please visit the Company's website at .
An archival recording of the conference call will be available approximately one hour after the completion of the call until November 16, 2013. To access the replay, please dial 905-694-9451 or 800-408-3053 and enter the pass code 3376392.
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 28,300 net square kilometres of 3D seismic and 340,000 net 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.
Contacts:
Pulse Seismic Inc.
Neal Coleman
President and CEO
(403) 237-5559 or Toll-free: 1-877-460-5559
Pulse Seismic Inc.
Pamela Wicks
VP Finance and CFO
(403) 237-5559 or Toll-free: 1-877-460-5559
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Unternehmensinformation / Kurzprofil:
Datum: 10.10.2013 - 10:45 Uhr
Sprache: Deutsch
News-ID 304621
Anzahl Zeichen: 0
contact information:
Town:
CALGARY, ALBERTA
Kategorie:
Oil & Gas
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