CALGARY, Alberta, April 18, 2018 (GLOBE NEWSWIRE) -- Appulse Corporation (“Appulse” or “the Corporation”) today reported revenues of $8,440,000 for the year ended December 31, 2017, compared to $8,080,000 for the previous year. Net income for the fiscal year ending December 31, 2017 was $49,000 ($.00 per share) compared to $126,000 ($.01 per share) for the prior year. A 2017 positive cash flow from operations of $357,000 compares to $420,000 for the 2016 fiscal period. Cash flow from operations is defined as net income or loss adjusted for items not affecting cash.

Revenue from the sale of centrifuge parts increased by 10% in 2017 when compared to the previous year while service revenues increased by 7%. The increase in parts and service revenues were partially offset by the unusually low level of machine sales in the year, reflecting a reluctance by customers to undertake capital expenditures under volatile economic conditions. Net income was also impacted by a reversal of the prior year’s exchange gains reflecting a weak Canadian dollar, and a non-cash stock-based compensation charge of $42,000 (2016- nil). General and administrative costs increased by 4.5% during the year primarily reflecting a continued emphasis on the expansion of the Corporation’s customer base.

With respect to 2018, management noted that the Corporation now has approximately $1,100,000 in firm machine orders for delivery during the first half of 2018, compared to machine sales of only $1,333,000 for the entire year of 2017.

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 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: [email protected]