Appulse Corporation: Reporting Results for the Nine Months Ended September 30, 2012
CALGARY, ALBERTA--(Marketwire - Nov. 16, 2012) - Appulse Corporation (TSX VENTURE:APL) ("Appulse") today reported a net income of $181,000 for the nine months ended September 30, 2012 with revenues of $5,356,000, compared to a net income of $112,000 and revenues of $4,542,000 for the same nine-month period of the previous year. Operating cash flow (net income or loss for the period adjusted for items not involving cash) for the nine months ended September 30, 2012 of $417,000 compares to operating cash flow of $321,000 for the same nine-month period of 2011.
The Corporation continued to expand activities related to the service and refurbishing of customer centrifuge equipment. This source of revenue increased by 25% compared to the same nine-month period of the prior year. Both Calgary and Waterloo facilities contributed to the increase. We have further expanded our team of skilled centrifuge technicians and look forward to continued growth in this area. The sale of centrifuge parts increased by 6% over the first nine months of 2011. A new computer controlled five-axis lathe, commissioned during the quarter by Design Machining, will bear significantly on our ability to increase the manufacture of centrifuge parts.
The sale of centrifuge machines during the nine months to September 30, 2012 totaled $1,453,000 compared to $977,000 for the comparable period of 2011. With purchase orders in hand, machine sales for the 2012 fiscal period are expected to exceed $2,000,000 compared to the 2011 fiscal year total of $1,385,000.
Sales to customers in the United States increased from 18% of total revenues in 2011 to 26% in 2012.
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.
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