CALGARY, ALBERTA–(Marketwired – May 18, 2017) – Appulse Corporation (“Appulse”) (TSX VENTURE:APL) today reported a net income of $14,000 for the three months ended March 31, 2017 with revenues of $2,159,000, compared to a net income of $18,000 and revenues of $1,798,000 for the same three-month period of the previous year. Operating cash flow (net income for the period adjusted for items not involving cash) for the quarter ended March 31, 2017 of $85,000 compares to operating cash flow of $83,000 for the same three-month period of 2016.
Service revenues for the quarter increased by 28% compared to the same three month period of the prior year. The sale of parts also increased substantially, although the majority of this increase related to product lines with lower margins. While machine sales recorded in the first quarter were only $215,000, second quarter revenue from this source will show a substantial improvement. First quarter machine sales combined with purchase orders now in hand for 2017 delivery total approximately $1,500,000, compared to machine sales of $1,598,000 for the entire 2016 fiscal year. The Corporation continues to expand its market coverage and diversify the range of applications for its products.
About Appulse
Through its subsidiaries, Centrifuges Unlimited Inc., Rolyn Oilfield Services Inc., and Design Machining Unlimited Inc., Appulse specializes in the sales, servicing and refurbishing of industrial centrifuge equipment, serving both domestic and international markets, and offers full service industrial machining. The Corporation continues to pursue expansion to its product base and geographic markets, in addition to pursuing further representative arrangements and joint venture opportunities.
Further information on Appulse and its subsidiaries can be obtained through the Corporation’s website, at www.appulsecorp.net and on SEDAR at www.sedar.com. Certain statements in this release are forward looking and the reader is cautioned that such information, although considered reasonable by the Corporation at the time of preparation, may prove to be incorrect.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Doug Baird
President
(403) 236-2883
(403) 279-3342 (FAX)
[email protected]
Appulse Corporation
Dennis Schmidt
CFO
(403) 236-2883
(403) 279-3342 (FAX)
