CALGARY, Alberta, April 22, 2020 (GLOBE NEWSWIRE) -- Appulse Corporation (“Appulse” or “the Corporation”) (Listed on the TSX Venture Exchange – Symbol ‘APL’) today reported revenues of $11,095,000 for the year ended December 31, 2019, compared to $9,749,000 for the previous year. Income before tax for the 2019 fiscal period was $894,000 compared to $233,000 for the comparative 2018 year. Net income for the 2019 fiscal year was $859,000 ($.06 per share) compared to $168,000 ($.01 per share) for the prior year.
The 14% increase in total revenues during 2019, as compared to the previous year, included a 9% increase in the sale of parts, a 13% increase in service revenues, and a 23% increase in revenue from the sale of centrifuge machines. A volatile economic environment often leads to an increased interest in high-quality refurbished machines, offering significant savings compared to new equipment alternatives. In addition to the revenue increase, the Corporation’s total gross margin percentage also increased during the 2019 fiscal period.
The world is facing a continuing battle against COVID-19, a pandemic with an immense impact on economies, individuals and businesses alike. Appulse and its primary operating group, Centrifuges Unlimited Inc., will remain focused on the development of its food and beverage markets, traditionally representing approximately 75% of total revenues. The Corporation is an essential supplier to food and beverage producers and continues to be fully operative at both the Calgary, Alberta and Waterloo, Ontario facilities.
About Appulse
Through its subsidiaries, Centrifuges Unlimited Inc., and Rolyn Oilfield Services 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
Email: dbaird@centrifuges.net