CALGARY, Alberta, May 16, 2019 (GLOBE NEWSWIRE) -- Appulse Corporation ("Appulse") (TSX VENTURE:APL) today reported a net income of $64,000 for the three months ended March 31, 2019 with revenues of $2,450,000, compared to a net income of $16,000 and revenues of $2,389,000 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, 2019 was $212,000.
Centrifuge parts revenue continued to grow during the period, reflecting a 20% increase compared to the same quarter of the prior year. The contribution margin realized on the sale of parts was lower than the prior year due primarily to the relative mix between internally manufactured parts and those obtained through third parties. Service revenues also increased during the quarter, while machine sales were lower than the same quarter of the prior year. Management expects a recovery in machine sales commencing in the second quarter and noted that firm machine sale orders for the 2019 fiscal year now total over $1,200,000 compared to machine sales of only $128,000 during the first quarter. Both of the Corporation's facilities are very active and management anticipates continued growth in revenue during 2019 with an emphasis on its traditional food and beverage customers and increasing involvement in environmental applications.
Through its subsidiaries, Centrifuges Unlimited Inc. and Rolyn Oilfield Services 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 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
Source: Appulse Corporation