CALGARY, Alberta, May 17, 2018 (GLOBE NEWSWIRE) — Appulse Corporation (“Appulse”) (TSX VENTURE:APL) today reported a net income of $16,000 for the three months ended March 31, 2018 with revenues of $2,389,000, compared to a net income of $14,000 and revenues of $2,159,000 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, 2018 of $84,000 compares to operating cash flow of $85,000 for the same three-month period of 2017.
While parts and service sales to the Company’s traditional food and beverage customers increased during the period, overall parts and service revenues decreased compared to the first quarter of the prior year. The Corporation expects growth in revenues during the current year through its exclusive Canadian service representative arrangement with United States based Flottweg Separation Technology. Machine sales increased during the quarter resulting in the growth in total revenue for the 2018 three month period. First quarter machine sales combined with purchase orders now in hand for 2018 delivery total approximately $1,250,000, compared to machine sales of only $1,333,000 for the entire 2017 fiscal year. The Corporation continues to expand its market coverage and diversify the range of applications for its products.
Through its subsidiaries, Centrifuges Unlimited Inc., Rolyn Oilfield Services Inc., and Design Machining Unlimited Inc., 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