The Board of Directors of Pason Systems Inc. declared a quarterly dividend of CAD 0.13 per share on the company's common shares. The dividend will be paid on July 2, 2013 to shareholders of record at the close of business on June 14, 2013.

Pason Systems Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, net earnings increased by 2% to CAD 29.6 million or CAD 0.36 per share on revenue of CAD 109.3 million compared to net earnings of CAD 29.1 million or CAD 0.35 per share on revenue of CAD 115.1 million in the first quarter of 2012. First quarter net earnings were impacted by the following factors: A CAD 3.2 million decrease in stock-based compensation due to a smaller increase in stock price during the first quarter of 2013 compared to the first quarter of 2012; A CAD 1.0 million increase in R&D costs as it completed the hiring of staff to support Electronic Drilling Recorder (EDR) evolution projects; A drop in foreign exchange loss of CAD 1.5 million. Operating profit was CAD 56.1 million against CAD 59 million for the same period last year. Income before income taxes was CAD 41.1 million against CAD 40.3 million of prior year period. EBITDA for the first quarter dropped by 7% to CAD 59.8 million or CAD 0.72 diluted per share versus EBITDA of CAD 64.1 million or CAD 0.78 diluted per share of prior year period. EBITDA, as a percentage of revenue, was 55% in the first quarter compared to 56% in the first quarter of the previous year. Capital expenditures for the first quarter were CAD 13.9 million, down from CAD 19.5 million the previous year, as the North American roll-out of the new Gas Analyzer was completed over the previous summer. Net cash from operating activities was CAD 46.2 million against CAD 45 million of prior year period. Additions to property, plant and equipment were CAD 10.2 million against CAD 17.2 million of prior year period. Funds flow from operations were CAD 47.8 million or CAD 0.58 basic and diluted per share against CAD 51.7 million or CAD 0.63 basic and diluted per share of prior year period. The company provided capex guidance for 2013. The company’s capital expenditure budget for the next 12 months is CAD 79 million, CAD 56 million of which is directed towards equipment that can generate incremental revenue or save operating costs, CAD 10 million for maintenance capital, and CAD 13 million for capitalized R&D.

Pason Systems Inc. announced that they will report Q1, 2013 results at 5:00 PM, Eastern Standard Time on May 01, 2013