Pulse's practice of consistently paying quarterly dividends since 2003 and of twice raising the dividend rate represents a meaningful component of Pulse's total return. This should be considered when valuating Pulse and its shares. Oil and natural gas service companies and exploration/production companies are traditionally valuated by a straight multiple of cash flow (typically five to eight times estimated forward annual EBITDA, depending on the current growth dynamics).

The cash flow multiple analysis doesn't provide a complete picture of value for companies such as Pulse. Over the past two years Pulse's dividends have represented a yield of 4-7.7 percent (depending on the current share price). A value analysis should include this robust dividend yield, which is among the highest of Canadian publicly traded corporations. See also Dividend History for further discussion.

Going forward, Pulse's management and Board of Directors intend to continue paying a quarterly dividend, at a rate supportable by Pulse's cash EBITDA.

Pulse's dividend history, in reverse chronological order, is as follows: