CALGARY, Alberta, April 24, 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 three months ended March 31, 2024. The unaudited condensed consolidated interim financial statements, accompanying notes and MD&A are being filed on SEDAR () and will be available on Pulse's website at .
Pulse's Board of Directors today approved a 9% increase to the regular dividend and declared a regular quarterly dividend of $0.015 per share. This increase results in an annualized regular dividend of $0.06 per share. The total of the dividend will be approximately $780,000 based on Pulse's 51,994,563 common shares outstanding as of April 24, 2024, and will be paid on May 23, 2024, to shareholders of record on May 14, 2024. These 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.
The annual general meeting of the shareholders of Pulse Seismic Inc. will be held at 11:00 a.m. (MDT) on April 25, 2024 at the offices of McCarthy Tetrault LLP, Suite 4000, 421-7th Avenue SW, Calgary, Alberta.
HIGHLIGHTS FOR THE THREE MONTHS ENDED MARCH 31, 2024
A regular quarterly dividend of $0.01375 per share was declared and paid in the first quarter;
The special dividend of $0.20 per share totalling $10.5 million, declared in December 2023, was paid in the first quarter;
Shareholder free cash flow(a) was $5.0 million ($0.10 per share basic and diluted) compared to $5.3 million ($0.10 per share basic and diluted) in the first quarter of 2023;
EBITDA(a) was $6.2 million ($0.12 per share basic and diluted) compared to $6.6 million ($0.12 per share basic and diluted) in the first quarter of 2023;
Net earnings were $2.7 million ($0.05 per share basic and diluted) compared to net earnings of $2.9 million ($0.05 per share basic and diluted) in the first quarter of 2023;
Total revenue was $8.8 million compared to $8.4 million for the three months ended March 31, 2023;
In the three-month period ended March 31, 2024, Pulse purchased and cancelled, through its normal course issuer bid, a total of 627,300 common shares at a total cost of approximately $1.2 million (at an average cost of $1.89 per common share including commissions); and
At March 31, 2024, Pulse was debt-free and held cash of $13.8 million.
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SELECTED FINANCIAL AND OPERATING INFORMATION | | | | |
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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) | 2024 | 2023 | December 31, | |
| (Unaudited) | 2023 | |
Revenue | | | | |
Data library sales | 8,777 | 8,407 | 39,127 | |
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Amortization of seismic data library | 2,270 | 2,286 | 9,103 | |
Net earnings | 2,681 | 2,908 | 15,007 | |
Per share basic and diluted | 0.05 | 0.05 | 0.28 | |
Cash provided by operating activities | 10,464 | 5,413 | 23,524 | |
Per share basic and diluted | 0.20 | 0.10 | 0.44 | |
EBITDA(a) | 6,229 | 6,615 | 30,431 | |
Per share basic and diluted(a) | 0.12 | 0.12 | 0.57 | |
Shareholder free cash flow(a) | 5,038 | 5,261 | 24,829 | |
Per share basic and diluted(a) | 0.10 | 0.10 | 0.47 | |
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Capital expenditures | | | | |
Seismic data | 225 | - | - | |
Property and equipment | - | 4 | 28 | |
Total capital expenditures | 225 | 4 | 28 | |
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Dividends | | | | |
Regular dividends | 715 | 670 | 2,862 | |
Special dividends | - | - | 18,519 | |
Total dividends | 715 | 670 | 21,381 | |
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Weighted average shares outstanding | | | | |
Basic and diluted | 52,122,006 | 53,614,717 | 53,237,569 | |
Shares outstanding at period-end | 51,994,563 | 53,596,769 | 52,621,863 | |
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Seismic library | | | | |
2D in kilometres | 829,207 | 829,207 | 829,207 | |
3D in square kilometres | 65,310 | 65,310 | 65,310 | |
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FINANCIAL POSITION AND RATIO | | | | |
| March 31, | March 31, | December 31, | |
(thousands of dollars except ratio) | 2024 | 2023 | 2023 | |
Working capital | 10,579 | 11,136 | 7,468 | |
Working capital ratio | 3.8:1 | 13.3:1 | 1.5:1 | |
Cash and cash equivalents | 13,765 | 10,455 | 15,948 | |
Total assets | 31,122 | 37,220 | 41,249 | |
Trailing 12-month (TTM) EBITDA(b) | 30,045 | 8,641 | 30,431 | |
Shareholders' equity | 26,543 | 35,679 | 25,655 | |
(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 long-term debt when applicable, 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 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.
These non-GAAP financial measures are defined, calculated and reconciled to the nearest GAAP financial measures in the Management's Discussion and Analysis.
OUTLOOK
Following the high level of data licensing and financial performance achieved in 2023, the Company has also experienced a solid start to 2024, generating $8.8 million of revenue in the first quarter. While the outlook for economic and commodity markets is mixed, several factors are expected to have a positive impact on the year ahead in the energy industry. The continued strength in crude oil prices and expectations that global demand for fossil fuels will continue to trend upward is key. The completion of the Trans Mountain Pipeline Expansion project is imminent and the LNG Canada facility is expected to be operational in 2025. These critical energy projects will provide increased export capacity for delivering both oil and natural gas to global markets.
After two high-volume years of industry Merger & Acquisition activity, Sayer Energy Advisors reported that they anticipate a year-over-year reduction to approximately $12 billion in 2024. This forecast reflects the stronger balance sheets and profitability in the industry and, accordingly, fewer assets and companies for sale. An initial 2024 forecast by Enserva anticipates industry capital spending growth of a further 10 percent this year. Land sales are also forecast to remain robust. In November 2023, the Canadian Association of Energy Contractors issued an initial 2024 drilling forecast of 6,229 wells, up from 5,748 in 2023.
The Company cautions, as always, that industry conditions do not provide visibility regarding Pulse's seismic data library sales levels and remains focused on the business practices that have served it throughout the full range of conditions. Pulse maintains a strong balance sheet, has zero debt, no capital spending commitments, and a disciplined and rigorous approach to evaluating growth opportunities. This 15-person company, led by an experienced and capable management team, operates with a low-cost structure and focuses on developing excellent client relations and providing exceptional customer service. Pulse's strong financial position, high leverage to increased revenue in its EBITDA margin and careful management of its cash resources have resulted in the return of capital to shareholders through regular and special dividends and the repurchase of its shares.
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 largest licensable seismic data library in Canada, currently consisting of approximately 65,310 square kilometres of 3D seismic and 829,207 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.
艾伯塔省卡尔加里,2024年4月24日(GLOBE NEWSWIRE)——Pulse Seismic Inc.(多伦多证券交易所股票代码:PSD)(OTCQX: PLSDF)(“Pulse” 或 “公司”)欣然公布截至2024年3月31日的三个月的财务和经营业绩。未经审计的简明合并中期财务报表、附注和MD&A已在SEDAR () 上提交,并将在Pulse的网站上公布,网址为。
Pulse董事会今天批准将定期股息增加9%,并宣布定期派发每股0.015美元的季度股息。这一增长导致每股0.06美元的年化定期股息。根据Pulse截至2024年4月24日已发行的51,994,563股普通股,股息总额约为78万美元,并将于2024年5月23日支付给2024年5月14日的登记股东。这些股息被指定为符合条件的股息,用于加拿大所得税的目的。对于非居民股东,Pulse的股息需缴纳加拿大预扣税。
Pulse Seismic Inc.的年度股东大会将于2024年4月25日上午11点(MDT)在艾伯塔省卡尔加里市西南第七大道421-7号4000套房的麦卡锡泰特劳律师事务所办公室举行。
截至2024年3月31日的三个月的亮点
第一季度宣布并支付了每股0.01375美元的定期季度股息;
2023年12月宣布的每股0.20澳元的特别股息总额为1,050万美元,已在第一季度支付;
股东自由现金流(a)为500万美元(基本和摊薄后每股0.10美元),而2023年第一季度为530万美元(基本每股和摊薄后每股0.10美元);
息税折旧摊销前利润(a)为620万美元(基本每股摊薄后为0.12美元),而2023年第一季度为660万美元(基本和摊薄后每股收益0.12美元);
净收益为270万美元(基本每股收益和摊薄后为0.05美元),而2023年第一季度的净收益为290万美元(基本每股收益和摊薄后为0.05美元);
总收入为880万美元,而截至2023年3月31日的三个月为840万美元;
在截至2024年3月31日的三个月期间,Pulse通过其正常发行人的出价购买和取消了共计627,300股普通股,总成本约为120万美元(包括佣金在内的每股普通股平均成本为1.89美元);以及
截至2024年3月31日,Pulse没有债务,持有1,380万美元的现金。
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精选的财务和运营信息 | | | | |
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(除每股数据外,千美元, | 截至3月31日的三个月 | 年终了 | |
地震数据的份额和千米数) | 2024 | 2023 | 十二月三十一日 | |
| (未经审计) | 2023 | |
收入 | | | | |
数据库销售 | 8,777 | 8,407 | 39,127 | |
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地震数据库的摊销 | 2,270 | 2,286 | 9,103 | |
净收益 | 2,681 | 2,908 | 15,007 | |
基本每股和摊薄后的每股 | 0.05 | 0.05 | 0.28 | |
经营活动提供的现金 | 10,464 | 5,413 | 23,524 | |
基本每股和摊薄后的每股 | 0.20 | 0.10 | 0.44 | |
息税折旧摊销前利润 (a) | 6,229 | 6,615 | 30,431 | |
基本每股和摊薄后每股 (a) | 0.12 | 0.12 | 0.57 | |
股东自由现金流 (a) | 5,038 | 5,261 | 24,829 | |
基本每股和摊薄后每股 (a) | 0.10 | 0.10 | 0.47 | |
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资本支出 | | | | |
地震数据 | 225 | - | - | |
财产和设备 | - | 4 | 28 | |
资本支出总额 | 225 | 4 | 28 | |
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分红 | | | | |
定期分红 | 715 | 670 | 2,862 | |
特别股息 | - | - | 18,519 | |
分红总额 | 715 | 670 | 21,381 | |
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加权平均已发行股数 | | | | |
基本款和稀释版 | 52,122,006 | 53,614,717 | 53,237,569 | |
期末已发行股份 | 51,994,563 | 53,596,769 | 52,621,863 | |
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地震库 | | | | |
2D 以千米为单位 | 829,207 | 829,207 | 829,207 | |
以平方千米为单位的 3D | 65,310 | 65,310 | 65,310 | |
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财务状况和比率 | | | | |
| 3月31日 | 3月31日 | 十二月三十一日 | |
(除比率外,以千美元计) | 2024 | 2023 | 2023 | |
营运资金 | 10,579 | 11,136 | 7,468 | |
营运资金比率 | 3. 8:1 | 13. 3:1 | 1. 5:1 | |
现金和现金等价物 | 13,765 | 10,455 | 15,948 | |
总资产 | 31,122 | 37,220 | 41,249 | |
过去 12 个月 (TTM) 息税折旧摊销前利润 (b) | 30,045 | 8,641 | 30,431 | |
股东权益 | 26,543 | 35,679 | 25,655 | |
(a) 公司的持续披露文件提供了 “息税折旧摊销前利润”、“每股息税折旧摊销前利润”、“股东自由现金流” 和 “每股股东自由现金流” 的讨论和分析。这些财务指标没有《国际财务报告准则》规定的标准定义,因此可能无法与其他公司披露的类似指标进行比较。公司之所以纳入这些非公认会计准则财务指标,是因为管理层、投资者、分析师和其他人将其用作衡量公司财务业绩的指标。公司对息税折旧摊销前利润的定义是可用于投资发展公司地震数据库、支付利息和长期债务本金(如果适用)、购买普通股、纳税和支付股息的现金。息税折旧摊销前利润计算为扣除利息、税项、折旧和摊销前的运营收益(亏损)。每股息税折旧摊销前利润定义为息税折旧摊销前利润除以该期间已发行股票的加权平均数。该公司认为,息税折旧摊销前利润可以帮助投资者持续比较Pulse的业绩,而不考虑折旧和摊销等非现金项目,这些项目可能会因会计方法或历史成本等非经营因素而有很大差异。股东自由现金流通过加回非现金支出并从息税折旧摊销前利润中扣除净融资成本和当期所得税支出来进一步完善计算方法。每股股东自由现金流定义为股东自由现金流除以该期间已发行股票的加权平均数。
(b) TTM 息税折旧摊销前利润定义为过去12个月产生的息税折旧摊销前利润总和,用于提供可比的年化衡量标准。
这些非公认会计准则财务指标是根据管理层讨论和分析中最接近的GAAP财务指标进行定义、计算和核对的。
展望
继2023年实现高水平的数据许可和财务业绩之后,该公司在2024年也经历了良好的开端,第一季度创造了880万澳元的收入。尽管经济和大宗商品市场的前景喜忧参半,但预计有几个因素将对能源行业的来年产生积极影响。原油价格持续走强以及对全球化石燃料需求将继续呈上升趋势的预期是关键。跨山管道扩建项目即将完成,加拿大液化天然气设施预计将于2025年投入运营。这些关键能源项目将增加向全球市场输送石油和天然气的出口能力。
在经历了两年的高额行业并购活动之后,Sayer Energy Advisors报告称,他们预计到2024年将同比减少至约120亿美元。这一预测反映了该行业更强劲的资产负债表和盈利能力,因此也反映了待售资产和公司的减少。Enserva对2024年的初步预测预计,今年行业资本支出将再增长10%。预计土地销售也将保持强劲。2023年11月,加拿大能源承包商协会发布了2024年钻探6,229口油井的初步预测,高于2023年的5,748口。
该公司一如既往地警告说,行业状况无法让人们了解Pulse的地震数据库销售水平,而是继续关注在各种条件下为其服务的业务惯例。Pulse保持强劲的资产负债表,零债务,没有资本支出承诺,并且采用纪律严格的方法来评估增长机会。这家由15人组成的公司由经验丰富且有能力的管理团队领导,以低成本的结构运营,专注于发展良好的客户关系和提供卓越的客户服务。Pulse强劲的财务状况、可增加息税折旧摊销前利润率收入的高杠杆率以及对现金资源的谨慎管理,通过定期和特别股息以及回购股票向股东返还了资本。
公司概况
Pulse 是加拿大西部能源部门收购、营销和许可二维和三维地震数据的市场领导者。Pulse 拥有加拿大最大的可许可地震数据库,目前包含大约 65,310 平方千米的三维地震数据和 829,207 千米的二维地震数据。该图书馆广泛涵盖了加拿大西部的沉积盆地,加拿大的大部分石油和天然气勘探和开发都发生在那里。