CALGARY, Alberta, July 23, 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 and six months ended June 30, 2024. 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. Today, Pulse's Board of Directors declared both a regular quarterly dividend of $0.015 per common share and a special dividend of $0.05 per common share. The total of the dividends will be approximately $3.3 million based on Pulse's 51,243,863 common shares outstanding as of July 23, 2024, and will be paid on August 21, 2024, to shareholders of record on August 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. "Pulse had a solid first half of 2024, generating revenue more than sufficient to cover a full year of cash operating costs, as well as the annual regular dividend of $0.06 per common share," stated Neal Coleman, Pulse's President and CEO. "We know from history that annual revenue can vary significantly, so we continue to exercise diligence in maintaining a strong balance sheet and low-cost business model," Coleman continued. "We have established a track record of positive free cashflow generation and significant return of capital to shareholders, which remains our priority. Including the share buybacks in the first half of the year and all dividends declared by the Board of Directors in 2024 up to today, we have allocated approximately 80% of the shareholder free cashflow generated as of June 30, as returns to shareholders," he concluded. HIGHLIGHTS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024 The regular quarterly dividend of $0.015 per share declared and paid in the second quarter was an increase of 9% over the regular quarterly dividend of $0.01375 per share declared and paid in the first quarter;   A special dividend of $0.20 per share totalling $10.5 million, declared in December 2023, was also paid in the first quarter;   In the six-month period ended June 30, 2024, Pulse purchased and cancelled, through its normal course issuer bid, 2.2% of the shares outstanding at December 31, 2023, for a total of 1,166,800 common shares at a total cost of approximately $2.4 million (at an average cost of $2.06 per common share including commissions);   Shareholder free cash flow(a) was $3.9 million ($0.07 per share basic and diluted) for the second quarter of 2024 compared to $5.8 million ($0.11 per share basic and diluted) for the comparable period in 2023. Shareholder free cash flow was $8.9 million ($0.17 per share basic and diluted) for the six months ended June 30, 2024, compared to $11.1 million ($0.21 per share basic and diluted) for the six months ended June 30, 2023;   EBITDA(a) was $4.4 million ($0.09 per share basic and diluted) for the three months ended June 30, 2024, compared to $6.9 million ($0.13 per share basic and diluted) for the three months ended June 30, 2023. EBITDA was $10.6 million ($0.21 per share basic and diluted) for the six months ended June 30, 2024, compared to $13.6 million ($0.25 per share basic and diluted) for the six months ended June 30, 2023;   Net earnings for the three months ended June 30, 2024, was $1.3 million ($0.03 per share basic and diluted) compared to net earnings of $3.4 million ($0.06 per share basic and diluted) for the three months ended June 30, 2023. Net earnings for the six months ended June 30, 2024, was $4.0 million ($0.08 per share basic and diluted) compared to net earnings of $6.3 million ($0.12 per share basic and diluted) for the six months ended June 30, 2023;   Total revenue was $6.3 million for the three months ended June 30, 2024, compared to $8.8 million for the three months ended June 30, 2023. For the six months ended June 30, 2024, total revenue was $15.1 million compared to $17.2 million for the six months ended June 30, 2023; and   At June 30, 2024, Pulse was debt-free and held cash of $9.4 million. SELECTED FINANCIAL ANDOPERATING INFORMATION                       (Thousands of dollars except per share data, Three months ended June 30, Six months ended June 30, Year ended numbers of shares and kilometres of seismic data) 2024          2023     2024 2023 December 31,   (Unaudited) (Unaudited) 2023 Revenue         Data library sales 6,300   8,756 15,077 17,163 39,127 Amortization of seismic data library 2,279   2,274 4,549 4,560 9,103 Net earnings (loss) 1,341   3,399 4,022 6,307 15,007 Per share basic and diluted 0.03   0.06 0.08 0.12 0.28 Cash provided by operating activities (1,269 ) 548 9,195 5,961 23,524 Per share basic and diluted (0.02 ) 0.01 0.18 0.11 0.44 EBITDA (a) 4,418   6,935 10,647 13,550 30,431 Per share basic and diluted (a) 0.09   0.13 0.21 0.25 0.57 Shareholder free cash flow (a) 3,869   5,829 8,907 11,090 24,829 Per share basic and diluted (a) 0.07   0.11 0.17 0.21 0.47             Capital expenditures           Seismic data -   - 225 - - Property and equipment