06:32 AM EDT, 10/23/2024 (MT Newswires) -- Pulse Seismic ( PLSDF ) , which rose 3.5% yesterday, overnight Tuesday said it swung to a third-quarter loss as revenues for the period nearly halved.

For the three months ended September 30, the company posted a net loss of $1.4 million ($0.03 per basic and diluted share) compared to net earnings of $393,000 ($0.01 per basic and diluted share) in the same quarter last year.

Total revenue was $2.7 million in the quarter, down from $5.1 million in the third quarter of 2023.

Pulse's board approved a regular quarterly dividend of $0.015 per common share. The total dividend will be approximately $764,000 and will be paid on Nov. 28 to shareholders of record on Nov. 14.

"While Pulse's third quarter sales were not as robust as in 2023, it is common in our business to have significant variances between quarterly and annual results, which is why we focus on keeping costs low and maintaining a strong balance sheet," said Pulse's President and CEO Neal Coleman.

"Already in October, we have completed another $2.7 million in sales, bringing year to date total revenue to $20.5 million.

"We have consistently generated positive quarterly free cashflow and remain committed to providing a significant return of capital to shareholders. Pulse has declared $0.10875 per share in dividends up to today and bought back nearly 1.7 million shares under the NCIB in the first three quarters of the year. Total capital returned to shareholders is approximately 92% of the shareholder free cashflow generated as of September 30, 2024."