|By Marketwired .||
|May 16, 2014 06:38 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 05/16/14 -- Appulse Corporation (TSX VENTURE:APL) ("Appulse") today reported a net income of $63,000 for the three months ended March 31, 2014 with revenues of $2,258,000, compared to a net income of $6,000 and revenues of $1,708,000 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, 2014 of $155,000 compares to operating cash flow of $71,000 for the same three-month period of 2013.
Total centrifuge service revenues were substantially higher than the first quarter of the prior year. Management noted that service revenues in the last half of the year will also reflect activity from the Corporation's exclusive Canadian service representative agreement with Flottweg Separation Technology Inc. The first service under this agreement is now confirmed for early in the third quarter.
Machine sale revenues totaled $825,000 for the first quarter of 2014 compared to $533,000 for the same three-month period of the prior year. The overall contribution margin percentage on machine sales was lower, however, reflecting the type of machines sold in the quarter. The total of machine sales recorded to date and those firm orders in hand for 2014 delivery now exceeds $1,300,000 compared to machine sales of $1,646,000 for the entire fiscal year of 2013.
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 pursue expansion to its product base and geographic markets, in addition to adopting a program of controlled acquisitions complementing its current activities.
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.
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