Appulse Corporation: Reporting Results for the First Quarter of 2014
17 May 2014 - 8:37AM
Marketwired
Appulse Corporation: Reporting Results for the First Quarter of
2014
CALGARY, ALBERTA--(Marketwired - May 16, 2014) - Appulse
Corporation (TSX-VENTURE:APL) ("Appulse") today reported a net
income of $63,000 for the three months ended March 31, 2014 with
revenues of $2,258,000, compared to a net income of $6,000 and
revenues of $1,708,000 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, 2014 of $155,000 compares to operating cash flow of $71,000 for
the same three-month period of 2013.
Total centrifuge service revenues were substantially higher than
the first quarter of the prior year. Management noted that service
revenues in the last half of the year will also reflect activity
from the Corporation's exclusive Canadian service representative
agreement with Flottweg Separation Technology Inc. The first
service under this agreement is now confirmed for early in the
third quarter.
Machine sale revenues totaled $825,000 for the first quarter of
2014 compared to $533,000 for the same three-month period of the
prior year. The overall contribution margin percentage on machine
sales was lower, however, reflecting the type of machines sold in
the quarter. The total of machine sales recorded to date and those
firm orders in hand for 2014 delivery now exceeds $1,300,000
compared to machine sales of $1,646,000 for the entire fiscal year
of 2013.
About
Appulse
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
acquisitions 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.
Appulse CorporationDoug BairdPresident(403) 236-2883(403)
279-3342dbaird@centrifuges.netAppulse CorporationDennis
SchmidtCFO(403) 236-2883(403) 279-3342
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