CALGARY, AB / ACCESSWIRE / April 6, 2023 / Appulse Corporation (Listed on the TSX Venture Exchange - Symbol ‘APL') ("Appulse" or "the Corporation") today reported revenues of $10,452,000 for the year ended December 31, 2022, compared to $9,233,000 for the previous year. Income before tax for the 2022 fiscal period was $334,000 compared to $742,000 for the comparative 2021 year. Net income for the 2022 fiscal year was $238,000 ($.02 per share) compared to $742,000 ($.05 per share) for the prior year. Operating cash flow (net income adjusted for items not involving cash) for the 2022 fiscal year was $911,000, compared to operating cash flow of $1,306,000 for 2021. Total shareholder's equity at December 31, 2022, was $6,607,000 compared to $6,248,000 at December 31, 2021.
A reduction in total gross margin accounted for a majority of the decrease in pre-tax income. Supply chain challenges and inflationary pressures impacted margins, particularly related to machine sales and service revenues. The mix of total revenue also contributed to the gross margin reduction, with a significant decrease in rental revenues during the 2022 fiscal period. General and administrative costs in 2022 were higher by 12% compared to the prior period, primarily reflecting the 2021 receipt of payments from the federal government's CEWS program. The net foreign exchange loss also contributed to lower profitability during the 2022 fiscal year.
Management notes that product pricing structures have been updated and a return to traditional margin levels is anticipated during 2023. In addition, the Corporation has a strong level of firm and high prospect machine sales expected to enhance second and third quarter revenues.
The current world-wide political and economic environment creates significant uncertainty for many industries. The Corporation will remain focused on the growth of its food and beverage markets, representing approximately 80% of total revenues.
About Appulse
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 Email: dbaird@centrifuges.net
SOURCE: Appulse Corporation
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