Appulse Corporation
TSX VENTURE : APL

Appulse Corporation

April 17, 2009 16:51 ET

Appulse Corporation: Press Release Reporting 2008 Results

CALGARY, ALBERTA--(Marketwire - April 17, 2009) - Appulse Corporation (TSX VENTURE:APL) ("Appulse or the Corporation") today reported revenues of $ 6,607,000 for the year ended December 31, 2008, compared to $ 6,926,000 for the previous year. Fourth quarter revenues were $ 1,369,000 compared to $ 2,681,000 for the same quarter of the previous year, reflecting a high level of centrifuge machine sales in the previous period. The Corporation recorded a net loss of ($ 177,000) (($.01) per share) for the year compared to a net income of $ 874,000 ($ .07 per share) for the 2007 fiscal period. The 2007 net income figure reflected non-recurring income from two sources. The first comprised the Corporation's share of equity investee income arising from a dilution gain net of operating losses, which totaled $149,000. In 2008, only the Corporation's share of the operating loss of the equity investee is reflected. In addition, 2007 results include the first-time recognition of future income tax recoveries. Cash flow from operations was $ 74,000 for 2008 compared to $ 818,000 for fiscal 2007.

Average gross margins in 2008 were lower by approximately 5% when compared to the prior year reflecting the variable nature of margins on machine applications and competitive factors inherent during periods of general economic decline. Overheads were higher during 2008 reflecting increased personnel costs and a focus on marketing and future growth.

Revenues for the first quarter of 2009 will reflect a level similar to that of the prior year. The Corporation's activities will continue to focus on food and beverage and environmental applications, areas considered to be less effected by the recession. As these economic conditions continue, the Corporation's proven expertise in refurbished equipment will provide a broad customer base with very viable cost-saving alternatives.

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.

TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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