Appulse Corporation
TSX VENTURE : APL

Appulse Corporation

November 27, 2015 16:05 ET

Appulse Corporation: Reporting Results for the Nine Months ended September 30, 2015

CALGARY, ALBERTA--(Marketwired - Nov. 27, 2015) - Appulse Corporation ("Appulse") (TSX VENTURE:APL) today reported a net income of $ 140,000 for the nine months ended September 30, 2015 with revenues of $ 6,375,000, compared to a net income of $ 66,000 and revenues of $ 5,653,000 for the same nine-month period of the previous year. Operating cash flow (net income or loss for the period adjusted for items not involving cash) for the nine months ended September 30, 2015 of $ 349,000 compares to $ 360,000 for the same nine-month period of 2014.

A net income of $ 23,000 was reported for the three months ended September 30, 2015, compared to a net loss of $ 23,000 for the same quarter of the previous year. Three-month revenues were $ 2,139,000 compared to $1,617,000 for the third quarter of 2014.

Total revenue from the sale of parts, service and refurbishing of centrifuge equipment for the nine-month period increased by 20% compared to the prior year primarily attributed to the growth of our Ontario market. Activities related to the Corporation's exclusive Canadian service and parts representative agreement with Flottweg Separation Technology Inc. continued to expand during the period. Machine sale revenue decreased by 11% compared to the same nine-month period of 2014. In addition, the gross margin on machine sales was substantially lower than the previous period reflecting product mix and a generally slower market for equipment purchases during the period. Machine sale revenue booked to date combined with further purchase orders currently in hand for delivery during the final quarter total approximately $ 1,700,000, compared to 2014 machine sales of $ 1,948,000.

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 seeking synergistic business relationships with other companies involved in its current market sectors.

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.

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