.jpg)
1 hour ago
3
Article content
CALGARY, Alberta, April 28, 2026 (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, 2026. The unaudited condensed consolidated interim financial statements, accompanying notes and MD&A are being filed on SEDAR+ (www.sedarplus.ca) and will be available on Pulse’s website at www.pulseseismic.com.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
Today, Pulse’s Board of Directors approved a 7% increase to the regular quarterly dividend, declaring a dividend of $0.01875 per share. This results in an increase in the annual regular dividend from $0.07 per share to $0.075 per share. The total of the dividend will be approximately $951,000 based on Pulse’s 50,714,857 common shares outstanding as of April 28, 2026, to be paid on May 26, 2026, to shareholders of record on May 12, 2026. 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.
Article content
Article content
Article content
“Pulse has had a slow start to 2026 from a data licensing perspective, which is not unusual following years in which large volumes of data are licensed, as in 2025,” stated Neal Coleman, Pulse’s President and CEO. “Pulse’s seismic data library assets are instrumental for risk mitigation and well optimization by our energy industry clients, but the timing of new licensing is impacted by factors affecting industry activity and is therefore subject to significant fluctuations both quarterly and annually,” Coleman continued. “We continue to focus on returning capital to shareholders through our regular quarterly dividend, which was increased by 7% today, and by allocating capital to special dividends when deemed appropriate by Pulse’s Board of Directors,” concluded Coleman.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
HIGHLIGHTS FOR THE THREE MONTHS ENDED MARCH 31, 2026
Article content
- In the first quarter of 2026, the Company’s declared and paid a regular dividend of $0.0175 per share and a special dividend of $0.10 per share, totalling $6.0 million.
- At March 31, 2026, the Company had a cash balance of $13.1 million as well as $5.0 million of available liquidity on its credit facility.
- Total revenue for the first quarter of 2026 was $1.9 million, as compared to $22.8 million for the same period in 2025.
- EBITDA(a) for the first quarter of 2026 was negative $1.5 million ($0.03 per share basic and diluted), compared to $20.0 million ($0.39 per share basic and diluted) for the same period in 2025.
- Shareholder free cash flow(a) was negative $1.5 million ($0.03 per share basic and diluted) in the first quarter of 2026, as compared to $15.4 million ($0.30 per share basic and diluted) for the same period in 2025.
- In the first quarter of 2026, the Company incurred a net loss of $1.4 million ($0.03 per share basic and diluted), as compared to net earnings of $13.4 million ($0.26 per share basic and diluted) for the same period in 2025.
- Trailing twelve-month (TTM) EBITDA(b) at the end of Q1 2026 was $19.3 million, compared to $29.3 million for the same period in the prior year. As revenue fluctuations are a normal part of the seismic data library business, TTM EBITDA provides a more consistent comparable annualized performance measure.
- The Company renewed its Normal Course Issuer Bid (NCIB) on March 16, 2026, and entered into an automatic share purchase plan (ASPP) to facilitate repurchases of common shares. No purchases were made in the first quarter of 2026.
Article content
Article content
| SELECTED FINANCIAL AND OPERATING INFORMATION | ||||
| Three months ended March 31, | Year ended December 31, | |||
| (Thousands of dollars except per share data, | 2026 | 2025 | 2025 | |
| numbers of shares and kilometres of seismic data) | (unaudited) | (audited) | ||
| Revenue | 1,851 | 22,759 | 51,090 | |
| Amortization of seismic data library | 384 | 2,225 | 8,898 | |
| Net (loss) earnings | (1,363) | 13,375 | 23,119 | |
| Per share basic and diluted | (0.03) | 0.26 | 0.46 | |
| Cash (used in) provided by operating activities | (637) | 16,615 | 35,204 | |
| Per share basic and diluted | (0.01) | 0.33 | 0.69 | |
| EBITDA (a) | (1,474) | 20,048 | 40,847 | |
| Per share basic and diluted (a) | (0.03) | 0.39 | 0.80 | |
| Shareholder free cash flow (a) | (1,450) | 15,419 | 31,596 | |
| Per share basic and diluted (a) | (0.03) | 0.30 | 0.62 | |
| Dividends | ||||
| Regular dividends declared | 888 | 763 | 3,425 | |
| Special dividends declared | 5,071 | 10,167 | 20,318 | |
| Total dividends declared | 5,959 | 10,930 | 23,743 | |
| Normal course issuer bid | ||||
| Number of shares purchased and cancelled | – | 43,300 | 120,800 | |
| Cost of shares purchased and cancelled | – | 106 | 309 | |
| Weighted average shares outstanding | ||||
| Basic and diluted | 50,714,857 | 50,829,404 | 50,770,625 | |
| Shares outstanding at period-end | 50,714,857 | 50,794,563 | 50,714,857 | |
| Seismic library | ||||
| 2D in kilometres | 829,207 | 829,207 | 829,207 | |
| 3D in square kilometres | 65,310 | 65,310 | 65,310 | |
| FINANCIAL POSITION | ||||
| March 31, | March 31, | December 31, | ||
| (Thousands of dollars except working capital ratio) | 2026 | 2025 | 2025 | |
| Working capital | 9,801 | 14,201 | 16,792 | |
| Working capital ratio | 3.2:1 | 3.7:1 | 4.9:1 | |
| Cash and cash equivalents | 13,128 | 14,305 | 19,746 | |
| Total assets | 16,120 | 27,412 | 22,732 | |
| Trailing 12-month (TTM) EBITDA (b) | 19,325 | 29,315 | 40,847 | |
| Shareholders’ equity | 9,994 | 20,533 | 17,316 | |
| (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 for interest payments, cash taxes, repayment of debt, purchase of its shares, discretionary capital expenditures and the payment of dividends, and is calculated as earnings or loss from operations before interest, taxes, depreciation and amortization. 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. EBITDA per share is defined as EBITDA divided by the weighted average number of shares outstanding for the period. Shareholder free cash flow further refines the calculation of capital available to invest in growing the Company’s 2D and 3D seismic data library, to repay debt, to purchase its common shares and to pay dividends by deducting non-discretionary expenditures from EBITDA. Non-discretionary expenditures are defined as non-cash expenses, debt financing costs (net of deferred financing expenses amortized in the current period), net restructuring costs and current tax provisions. 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. These non-GAAP financial measures are defined, calculated and reconciled to the nearest GAAP financial measures in the Management’s Discussion and Analysis. (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. | ||||
English (US)