CALGARY, ALBERTA--(Marketwired - April 17, 2015) - Appulse Corporation ("Appulse" or "the Corporation") (TSX VENTURE:APL) today reported revenues of $7,640,000 for the year ended December 31, 2014, compared to $6,665,000 for the previous year. Fourth quarter revenues were $1,987,000 compared to $1,597,000 for the same quarter of the previous year. Net income for the 2014 fiscal period was $122,000 compared to a loss or $300,000 for the prior year. Net income attributable to the equity shareholders of the Corporation for the fiscal year ending December 31, 2014 was $158,000 ($.01 per share) compared to a net loss of $296,000 ($.02 per share) for the prior year. 2014 net income included an investment write-down of $75,000. A 2014 positive cash flow from operations of $519,000 compares to a cash flow deficit of $108,000 for the 2013 fiscal period. Cash flow from operations is defined as net income or loss adjusted for items not affecting cash.
The 15% increase in revenue primarily reflected a continued growth in parts and service sales in all geographic sectors including the western United States, western Canada, and Ontario. The Corporation's primary markets include food and beverage production, environmental and wastewater solutions and a variety of manufacturing applications. Management noted that both Calgary and Waterloo facilities are very active in the sale of parts and service entering 2015. In addition, the Corporation now has approximately $1,000,000 in firm orders for centrifuge machines to be delivered during the 2015 fiscal period.
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 pursue expansion to its product base and geographic markets, in addition to adopting a program of controlled investment complementing its current activities.
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.