CALGARY, Alberta, May 21, 2020 (GLOBE NEWSWIRE) — Appulse Corporation (“Appulse”) (Listed on the TSX Venture Exchange – Symbol ‘APL’) today reported a net income of $99,000 for the three months ended March 31, 2020 with revenues of $2,436,000, compared to a net income of $64,000 and revenues of $2,450,000 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, 2020 of $236,000 compares to operating cash flow of $212,000 for the same three-month period of 2019.
A reduction of approximately 11% in parts and service revenues compared to the same quarter of the prior year was offset by an increase in machine sales. First quarter machine sales combined with purchase orders now in hand for 2020 delivery total approximately $1,800,000, compared to machine sales of $2,369,000 for the entire 2019 fiscal year.A significant majority of the Corporation’s customers are directly involved in food and beverage processing, qualifying the Company as an essential service provider. Geographically, over half of the Company’s customers are located east of Manitoba. Both the Calgary, Alberta and Waterloo, Ontario facilities are fully operative and the Company continues to follow strict safety protocols in response to the Covid-19 pandemic. In addition to the food and beverage industries, the Corporation will continue to develop a series of potential environmental applications.About AppulseThrough its subsidiaries, Centrifuges Unlimited Inc. and Rolyn Oilfield Services Inc., and operating divisions, Appulse specializes in the sales, servicing and refurbishing of centrifuge equipment, serving both domestic and international markets, and offers full service industrial machining. The Corporation continues to expand 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.FOR FURTHER INFORMATION, PLEASE CONTACT:Doug Baird, President, or Dennis Schmidt, CFO
Telephone: (403) 236-2883
Facsimile: (403) 279-3342
Email: dbaird@centrifuges.net
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