CALGARY, Alberta, Nov. 24, 2017 (GLOBE NEWSWIRE) — Appulse Corporation (“Appulse”) (TSX VENTURE:APL) today reported a net income of $75,000 for the nine months ended September 30, 2017 with revenues of $6,505,000, compared to a net income of $122,000 and revenues of $6,180,000 for the same nine-month period of the previous year. Operating cash flow (net income for the period adjusted for items not involving cash) for the nine months ended September 30, 2017 of $317,000 compares to operating cash flow of $352,000 for the same nine-month period of 2016.
Revenues from service activities and the sale of parts increased by 12% compared to the nine month period of the prior year. A major portion of the parts sales increase, however, comprised lower margin revenues which reduced the impact on total gross margin for the period. While machine sales to September 30, 2017 were substantially lower than the same period of the prior year, total machine sales for the 2017 fiscal period are expected to exceed those of 2016. The total gross margin percentage was similar to the prior period in spite of certain one-time costs reflected in the current period. General and administrative costs increased during the period primarily reflecting the Corporation’s continued emphasis on expansion of its market base.
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 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