CALGARY, Alberta, April 18, 2019 (GLOBE NEWSWIRE) -- Appulse Corporation (“Appulse” or “the Corporation”) (TSX VENTURE: APL) today reported revenues of $9,749,000 for the year ended December 31, 2018, compared to $8,440,000 for the previous year. Net income for the 2018 fiscal year was $168,000 ($.01 per share) compared to $49,000 ($.00 per share) for the prior year. A 2018 positive cash flow from operations of $479,000 compares to $357,000 for the 2017 fiscal period. Cash flow from operations is defined as net income or loss adjusted for items not affecting cash.
The 16% increase in total revenues during 2018 as compared to the previous year was the result of a 13% increase in the sale of parts and a 45% increase in the sale of centrifuge machines. Volatile economic conditions lead to an increase in customer interest in high-quality refurbished machines, offering significant savings when compared to new machine alternatives.
The total gross margin during 2018 was impacted by a lower margin realized on the sale of parts, reflecting the mix between internally manufactured parts and those sourced from third party suppliers. General and administrative costs increased by 7% primarily resulting from an emphasis on marketing and sales efforts during the year. Net income during 2018 was also impacted by exchange losses of $73,000 (2017-$12,000), reflecting a weak Canadian dollar compared to the US dollar and the Euro.
The Corporation now has approximately $1.2 million in firm machine orders for delivery during the first half of 2019, compared to machine sales of $1.9 million recorded for the full year of 2018.
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