Appulse Corporation: Reporting results for the Six Months ended June 30, 2020

CALGARY, Alberta, Aug. 17, 2020 (GLOBE NEWSWIRE) — Appulse Corporation (“Appulse”) today reported a net income of $543,000 ($.04 per share) for the six months ended June 30, 2020 with revenues of $4,908,000, compared to a net income of $279,000 ($.02 per share) and revenues of $5,460,000 for the same six-month period of the previous year. Operating cash flow (net income adjusted for items not involving cash) for the six-month period ended June 30, 2020 of $815,000 compares to operating cash flow of $691,000 for the same period of 2019.

An increase in the sale of centrifuge parts during the six-month period was offset by lower service and centrifuge machine sale revenues, resulting in a 10% reduction in total revenue compared to the same period of the prior year. Management attributes this reduction to the uncertainty and delays created by the Covid-19 pandemic, restricting travel and impacting short-term priorities for many customers. The Corporation is anticipating a return to prior period revenue levels in the near future. Machine sales recorded to June 30, 2020, combined with purchase orders now in hand for 2020 delivery, exceed $2,100,000 compared to machine sales of $2,369,000 for the entire 2019 fiscal year.

With a customer base primarily involved in food and beverage processing, the Corporation continues to qualify as an essential service provider, following strict safety protocols related to the Covid-19 pandemic. Geographically, customers are located from coast to coast in Canada, supplemented by international sales to countries including the United States and Australia.

About Appulse

Through 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: [email protected]