CALGARY, Alberta, Nov. 18, 2020 (GLOBE NEWSWIRE) -- Appulse Corporation (“Appulse”) today reported a net income of $758,000 ($.05 per share) for the nine months ended September 30, 2020 with revenues of $8,006,000, compared to a net income of $363,000 ($.03 per share) and revenues of $7,615,000 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, 2020 of $1,168,000 compares to operating cash flow of $953,000 for the same period of 2019. Total shareholder’s equity at September 30, 2020 was $5,154,000 compared to $3,847,000 at September 30, 2019.
A 6% reduction in total parts and service sales during the nine-month period was more than offset by a significant increase in machine sale revenues. Management expects 2020 final quarter parts and service revenues to be lower than the prior year, reflecting the uncertainty and delays associated with the Covid-19 pandemic. Travel and accessibility for service have been restricted and customer projects have been delayed. While machine sales during the final quarter of 2020 will not meet third quarter levels, total machine sale revenues for the 2020 fiscal year are expected to exceed $2,500,000, maintaining the level established during 2019.
The Corporation continues to rely on an expanding food and beverage industry for its primary source of revenue while further pursuing a range of environmental applications including wastewater cleaning.
About Appulse
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, primarily featuring food and beverage and environmental applications, in addition to pursuing further representative 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
Email: dbaird@centrifuges.net
