CALGARY, Alberta - Pulse Seismic Inc. (TSX:PSD) (OTCQX:PLSDF) ('Pulse' or the 'Company') is pleased to report its financial and operating results for the three and six months ended June 30, 2022. The unaudited condensed consolidated interim 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 $0.0125 per share. The total of the regular dividend will be approximately $672,000 based on Pulse's 53,720,317 common shares outstanding as of July 20, 2022, to be paid on August 23, 2022 to shareholders of record on August 15, 2022. 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.
HIGHLIGHTS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2022
Total revenue was $3.1 million for the three months ended June 30, 2022 compared to $19.1 million for the three months ended June 30, 2021. For the six months ended June 30, 2022, total revenue was $5.0 million compared to $23.9 million for the six months ended June 30, 2021. The period-over-period revenue decreases are a result of the large amount of transaction-based data library sales related to mergers and acquisitions in the first half of 2021;
Net loss for the three months ended June 30, 2022 was $1.8 million ($0.03 per share basic and diluted) compared to net earnings of $10.2 million ($0.19 per share basic and diluted) for the three months ended June 30, 2021. Net loss for the six months ended June 30, 2022 was $4.3 million ($0.08 per share basic and diluted) compared to net earnings of $10.2 million ($0.19 per share basic and diluted) for the six months ended June 30, 2021;
EBITDA(a) was $818,000 ($0.02 per share basic and diluted) for the three months ended June 30, 2022, compared to $17.6 million ($0.33 per share basic and diluted) for the three months ended June 30, 2021. EBITDA was $827,000 ($0.02 per share basic and diluted) for the six months ended June 30, 2022 compared to $21.3 million ($0.40 per share basic and diluted) for the six months ended June 30, 2021;
Shareholder free cash flow(a) was $1.2 million ($0.02 per share basic and diluted) for the second quarter of 2022 compared to $12.8 million ($0.24 per share basic and diluted) for the comparable period in 2021. Shareholder free cash flow was $1.4 million ($0.03 per share basic and diluted) for the six months ended June 30, 2022 compared to $15.4 million ($0.29 per share basic and diluted) for the six months ended June 30, 2021;
In the six-month period ended June 30, 2022 Pulse purchased and cancelled, through its normal course issuer bid, a total of 64,400 common shares at a total cost of approximately $129,000 (at an average cost of $2.00 per common share including commissions); and
At June 30, 2022 Pulse was debt-free and held cash of $5.9 million. The $25.0 million revolving credit facility is undrawn and fully available to the Company.
Contact:
Pamela Wicks
Vice President Finance and CFO
Tel: 403-237-5559
Toll-free: 1-877-460-5559
E-mail: info@pulseseismic.com.
Website: www.pulseseismic.com.
This document contains information that constitutes 'forward-looking information' or 'forward-looking statements' (collectively, 'forward-looking information') within the meaning of applicable securities legislation. Forward-looking information is often, but not always, identified by the use of words such as 'anticipate', 'believe', 'expect', 'plan', 'intend', 'forecast', 'target', 'project', 'guidance', 'may', 'will', 'should', 'could', 'estimate', 'predict' or similar words suggesting future outcomes or language suggesting an outlook.
Pulse cautions that the foregoing list of factors that may affect future results is not exhaustive. Additional information on these risks and other factors which could affect the Company's operations and financial results is included under 'Risk Factors' in the Company's most recent annual information form, and in the Company's most recent audited annual financial statements, most recent MD&A, management information circular, quarterly reports, material change reports and news releases. Copies of the Company's public filings are available on SEDAR at www.sedar.com.
When relying on forward-looking information to make decisions with respect to Pulse, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Furthermore, the forward-looking information contained in this document is provided as of the date of this document and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking information, except as required by law. The forward-looking information in this document is provided for the limited purpose of enabling current and potential investors to evaluate an investment in Pulse. Readers are cautioned that such forward-looking information may not be appropriate, and should not be used, for other purposes.
PULSE SEISMIC INC. 
