Appulse Corporation – Reporting results for the First Quarter of 2022
May 26 2022 - 2:38PM
Appulse Corporation (“Appulse”)
(Listed on the TSX
Venture Exchange – Symbol ‘APL’) today reported a net
income of $26,000 for the three months ended March 31, 2022, with
revenues of $2,079,000, compared to a net income of $239,000 and
revenues of $2,226,000 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, 2022 of $180,000 compares to operating cash flow of $376,000
for the same three-month period of 2021.
While the impact of the Covid pandemic has
declined, revenues continued to be affected. In addition, supply
chain challenges delayed the completion of certain manufacturing
and refurbishment sales, as reflected through the high level of
work-in-progress at March 31, 2022. Supply chain shortages were
partially mitigated through previous increases in the inventory of
high-turnover parts. Management is encouraged by the current level
of machine quotations, and both the Calgary and Waterloo service
facilities are highly active with a continuing focus on food and
beverage processing industries. In addition, management expects an
increase in revenues related to the current strengthening of the
oil and gas industry.
About Appulse
Through its subsidiaries, Centrifuges Unlimited
Inc. and Rolyn Oilfield Services Inc., and operating divisions,
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
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