CALGARY, Alberta, Nov. 19, 2021 (GLOBE NEWSWIRE) -- Appulse Corporation (“Appulse”) today reported a net income of $670,000 ($.05 per share) for the nine months ended September 30, 2021, with revenues of $6,927,000, compared to a net income of $758,000 ($.05 per share) and revenues of $8,006,000 for the same nine-month period of the previous year. Operating cash flow (net income adjusted for items not involving cash) for the nine-month period ended September 30, 2021, of $1,093,000 compares to operating cash flow of $1,168,000 for the same period of 2020. Total shareholder’s equity at September 30, 2021, was $6,176,000 compared to $5,154,000 at September 30, 2020.
Total part sales decreased by 7% compared to the same period of the prior year, reflecting a reduction in a specific lower-margin product line discontinued during the period and border restrictions between Canada and the United States. The remaining part sales increased by 9% compared to the prior year. Service revenues are also expected to increase in the fourth quarter compared to the third quarter of the current year. While the sales of centrifuge machines to September 30, 2021 were below expectations, current orders are expected to result in total machine sales exceeding $ 2.2 million for the 2021 fiscal year. A reduction in general and administrative costs and a gain in foreign exchange also helped to mitigate the impact of lower revenues during the current quarter.
Through its subsidiaries, Centrifuges Unlimited Inc. and Rolyn Oilfield Services Inc., Appulse specializes in the sales, servicing and refurbishing of industrial 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
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