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Calgary, Alberta, July 1, 2023 (GLOBE NEWSWIRE) — Pulse Seismic Inc. (TSX: PSD) (OTCQX: PLSDF) (“Pulse” or the “Company”) announces the signing of a $9.0 million seismic data license sales contract.
Revenue of $5.4 million related to the initial delivery of data was recognized upon contract execution, with the majority of the remaining data delivered in 2023, and the final tranche of data to be delivered in 2024. Remaining revenue after the initial delivery of data will be recognized when the data is delivered to the customer.
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The sale announced today, with initial data delivery complete, brings seismic data library sales revenue on June 30, 2023 to $17.1 million, up 84% from 2022 annual data sales revenue.
These second quarter figures are preliminary and have not been audited or reviewed by the auditors. The company will release the financial results for the second quarter and the first half of 2023 after approval by the Board of Directors on July 25, 2023.
Pulse operates with a very simple cost structure and has low capital requirements. This data license agreement is significant and improves the company’s strong financial position. Pulse is debt free and has an undrawn revolving credit facility with a borrowing capacity of $25.0 million, in addition to a current cash balance of approximately $9.6 million. Currently, Pulse pays a regular quarterly dividend, representing an annual dividend of $0.055 per share which results in an annual dividend of approximately $3.0 million. The company also has an automatic share purchase plan under a naturally issued offer and has purchased 92,348 shares to date in 2023.
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Large quarterly and annual fluctuations in data sales are core to the seismic data library business. The company remains focused on maintaining a strong balance sheet, low cost structure and providing excellent customer service.
Company profile
Pulse is a market leader in the acquisition, marketing and licensing of 2D and 3D seismic data for the energy sector in Western Canada. Pulse has the largest licensed seismic data library in Canada, currently consisting of approximately 65,310 square kilometers of 3D earthquakes and 829,207 square kilometers of 2D earthquakes. The library broadly covers the Western Canadian Sedimentary Basin where most of Canada’s oil and natural gas exploration and development occurs.
For more information, please contact:
Neil ColemanPresident and CEO
or
Pamela WeeksVice President of Finance and Chief Financial Officer
Phone: 403-237-5559
Toll-free: 1-877-460-5559
Email: info@pulseseismic.com
Please visit our website at www.pulseseismic.com
Available PDF: http://ml.globenewswire.com/Resource/Download/f575e9d4-45b2-417a-937d-5387e156e031
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