Pulse Seismic Inc. Reports Q2 2014 Results and Declares Quarterly Dividend

About this update from Pulse Seismic Inc.

[{"type":"text","content":"\n\n\nTSX: PSD\nOTCQX: PLSDF\n\n\nCALGARY, Aug. 1, 2014 /CNW/ - Pulse Seismic Inc. (\"Pulse\" or \"the\n Company\") reports its financial and operating results for the three and\n six months ended June 30, 2014. The unaudited condensed consolidated\n interim financial statements and MD&A will be filed on SEDAR (www.sedar.com) and will be available on Pulse's website (www.pulseseismic.com).\n\n\nPulse has declared a quarterly dividend of $0.02 per common share. This\n dividend will be paid on September 19, 2014 to shareholders of record\n at the close of business on September 5, 2014. Dividends are designated\n as an eligible dividend for Canadian income tax purposes. For\n non-resident shareholders, Pulse's dividends are subject to Canadian\n withholding tax.\n\n\nHIGHLIGHTS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2014\n\n\nPulse's key performance metrics, which include cash EBITDA(a), shareholder free cash flow(a), funds from operations(b) and net earnings or loss, all improved in the three-month period ending\n June 30, 2014 over the prior year's period. The improvement resulted\n from the period-over-period increase in data library sales.\n\n\nFor the six months ended June 30, 2014, the period-over-period reduction\n in data library sales and participation survey revenue reduced Pulse's\n key performance metrics, with the exception of net loss.\n\n\nThe net loss in both prior-year periods was increased by the record\n seismic amortization expense recorded upon completion of the 2012-2013\n winter seismic surveys.\n\n\n\nSeismic data library sales for the second quarter of 2014 increased to\n $7.3 million from $4.5 million for the comparable period in 2013.\n Seismic data library sales for the six months ended June 30, 2014 were\n $12.8 million compared to $18.4 million for the first half of 2013.\n\n\n\n\nTotal seismic revenue (including revenue from participation surveys) was\n $7.3 million for the three months ended June 30, 2014 and $12.8 million\n for the six months ended June 30, 2014, compared to $4.8 million and\n $31.8 million for the respective periods in 2013. There were no\n participation surveys in progress during the first two quarters of\n 2014. The Company recognized $13.4 million of participation survey\n revenue for the 2012-2013 winter seismic surveys in the first half of\n 2013.\n\n\n\n\nCash EBITDA...

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