CALGARY, ALBERTA -- (Marketwire) -- 03/18/13 -- Pulse Seismic Inc. ("Pulse" or "the Company") (TSX: PSD) (OTCQX: PLSDF) reports the financial and operating results of the Company for the year ended December 31, 2012. The year-end audited financial results were in line with the preliminary unaudited financial results announced in the Company's news release on January 30, 2013. 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 has declared a quarterly dividend of $0.02 per common share. This dividend will be paid on April 11, 2013 to shareholders of record at the close of business on March 28, 2013. Dividends are 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 12 MONTHS ENDED DECEMBER 31, 2012
Pulse achieved the following record results:
-- Seismic data library sales of $64.0 million, a 77 percent increase over $36.2 million achieved in 2011;-- Total seismic revenue (including participation survey revenue) of $86.4 million compared to $51.5 million in 2011;-- Cash EBITDA(a) of $54.7 million, a 98 percent increase over $27.7 million in 2011 (and a 112 percent increase on a per-share basis to $0.87 per share basic and diluted);-- Shareholder free cash flow(a) of $50.0 million, a 109 percent increase over $23.9 million in 2011 (and a 122 percent increase on a per-share basis to $0.80 per share basic and diluted); and-- Net earnings of $27.4 million ($0.44 per share basic and diluted) compared to $5.2 million ($0.08 per share basic and diluted) in 2011.
Record levels of cash generated in 2012 have allowed Pulse to:
-- Purchase and cancel 5.0 million common shares at a cost of $10.5 million, reducing the total issued and outstanding common shares by 7.6 percent to 61.1 million shares;-- Reduce long term debt by 43 percent through a combination of $13.0 million in regularly scheduled payments and a $7.0 million penalty-free prepayment;-- Increase the annual dividend by 60% from $0.05 per common share to $0.08 per common share;-- Complete three 3D seismic participation surveys that had commenced in Q3 and Q4 2011, adding 567 square kilometres of new 3D data to the seismic data library; and-- Commence operations in the fall of 2012 on two new 3D seismic participation surveys, with total gross CAPEX estimated at $52.5 million. Field operations on both the McKinley survey, totalling 541 square kilometres, and the Fox Creek survey, totaling 487 square kilometres, have now been completed. Both surveys are located within the Fox Creek vicinity in west central Alberta encompassing the Kaybob, Waskahigan, McKinley and Tony Creek areas, which have the potential for multi-zone production of liquids-rich gas, oil and natural gas and include the extensive Montney and Duvernay shales.