CALGARY, Alberta, May 26, 2022 (GLOBE NEWSWIRE) -- Appulse Corporation (“Appulse”) (Listed on the TSX Venture Exchange – Symbol ‘APL’) today reported a net income of $26,000 for the three months ended March 31, 2022, with revenues of $2,079,000, compared to a net income of $239,000 and revenues of $2,226,000 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, 2022 of $180,000 compares to operating cash flow of $376,000 for the same three-month period of 2021.
While the impact of the Covid pandemic has declined, revenues continued to be affected. In addition, supply chain challenges delayed the completion of certain manufacturing and refurbishment sales, as reflected through the high level of work-in-progress at March 31, 2022. Supply chain shortages were partially mitigated through previous increases in the inventory of high-turnover parts. Management is encouraged by the current level of machine quotations, and both the Calgary and Waterloo service facilities are highly active with a continuing focus on food and beverage processing industries. In addition, management expects an increase in revenues related to the current strengthening of the oil and gas industry.
Through its subsidiaries, Centrifuges Unlimited Inc. and Rolyn Oilfield Services Inc., and operating divisions, 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