CALGARY, Alberta, Feb. 15, 2024 (GLOBE NEWSWIRE) — Pulse Seismic Inc. (TSX:PSD) (OTCQX:PLSDF) (“Pulse” or the “Company”) is pleased to report its financial and operating results for the year ended December 31, 2023. The audited consolidated 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 $0.01375 per share. The total of the regular dividend will be approximately $715,000 based on Pulse’s 52,003,063 common shares outstanding as of February 15, 2024, to be paid on March 11, 2024, to shareholders of record on March 1, 2024. 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.
“The financial performance of the Company in 2023 was exceptional, with material increases in both traditional and transaction-based sales over the prior year,” stated Neal Coleman, the Company’s President and CEO. “We returned 94% of 2023 free cashflow to our shareholders. That is $23.3 million of capital allocated to dividends and share buybacks. Revenue was $39.1 million for the year, 63% of which converted to shareholder free cashflow. Having zero debt and a low-cost structure allows for significant returns of capital in high sales years,” Coleman continued. “I am also very pleased to report a great start to 2024, as we have earned $8.3 million of data licensing revenue so far this year,” he concluded.
HIGHLIGHTS FOR THE YEAR ENDED DECEMBER 31, 2023
The return of capital to shareholders in 2023 including all declared dividends and NCIB share purchases, totalled $23.3 million;
Dividends of $0.40375 per share were declared in 2023. Regular dividends declared and paid totalled $0.05375 per share. The annualized regular dividend of $0.05 per share was increased by 10% to $0.055 per share in the first quarter of the year. The first of two special dividends declared in 2023, was for $0.15 per share and paid in the third quarter. The second, for $0.20 per share, was declared in December and paid on January 8, 2024. Total dividends paid in 2023 were $10.9 million and the January paid dividend totalled $10.5 million;
1,005,006 shares were purchased during the year under the Normal Course Issuer Bid (NCIB) at an average price of $1.92 per share, for total cost of approximately $1.9 million;
Shareholder free cash flow(a) was $24.8 million ($0.47 per share basic and diluted) compared to $3.2 million ($0.06 per share basic and diluted) for the year ended December 31, 2022;
EBITDA(a) was $30.4 million ($0.57 per share basic and diluted) compared to $2.0 million ($0.04 per share basic and diluted) for the year ended December 31, 2022;
Net earnings were $15.0 million ($0.28 per share basic and diluted) compared to a net loss of $7.9 million ($0.15 per share basic and diluted) for 2022;
Total revenue was $39.1 million compared to $9.6 million for the year ended December 31, 2022; and
At December 31, 2023, the Company remained debt-free and had a cash balance of $15.9 million as well as $25.0 million of available liquidity on its credit facility. Subsequent to year end the Company amended its credit facility to a revolving demand facility with a borrowing limit of $5.0 million.
HIGHLIGHTS FOR THE THREE MONTHS ENDED DECEMBER 31, 2023
A special dividend of $0.20 per share, totalling $10.5 million, was declared in December 2023 and paid on January 8, 2024;
The regular quarterly dividend of $0.01375 per share was paid in the fourth quarter;
Shareholder free cash flow was $10.9 million ($0.21 per share basic and diluted) compared to $908,000 ($0.02 per share basic and diluted) in the fourth quarter of 2022;
EBITDA was $13.6 million ($0.26 per share basic and diluted) compared to $467,000 ($0.01 per share basic and diluted) in the fourth quarter of 2022;
Net earnings were $8.3 million ($0.16 per share basic and diluted) compared to a net loss of $1.9 million ($0.04 per share basic and diluted) in the fourth quarter of 2022;
Total revenue was $16.9 million compared to $2.4 million for the three months ended December 31, 2022;
A total of 59,500 shares were purchased under the NCIB in the fourth quarter, at an average price of $1.87 per share and total cost of approximately $112,000; and
The TSX accepted Pulse’s notice of intention to commence an NCIB, allowing Pulse to purchase up to 2,957,406 common shares between December 20, 2023 and December 19, 2024. The Company’s purchase of shares during any trading day will not exceed 2,618 common shares, subject to Pulse’s ability to make block purchases in accordance with the TSX facilities and rules. Shares purchased on behalf of Pulse, will be carried out by Peter’s and Co. Limited.
SELECTED FINANCIAL AND OPERATING INFORMATION
(thousands of dollars except per share data,
Three months ended December 31,
Years ended December 31,
numbers of shares and kilometres of seismic data)
2023
2022
2023
2022
Revenue
16,861
2,439
39,127
9,570
Amortization of seismic data library
2,270
2,416
9,103
9,818
Net earnings (loss)
8,307
(1,948)
15,007
(7,907)
Per share basic and diluted
0.16
(0.04)
0.28
(0.15)
Cash provided by operating activities