|By Marketwired .||
|April 17, 2014 06:25 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 04/17/14 -- Appulse Corporation ("Appulse or the Corporation") (TSX VENTURE:APL) today reported revenues of $6,665,000 for the year ended December 31, 2013, compared to $7,207,000 for the previous year. Fourth quarter revenues were $1,597,000 compared to $1,851,000 for the same quarter of the previous year. The net loss attributable to the equity shareholders of the Corporation for the fiscal year ending December 31, 2013 was $296,000 (($.02) per share) compared to a net income of $166,000 ($.01 per share) for the prior year. Cash flow from operations (net income or loss adjusted for items not affecting cash) reflected a deficit of $108,000 for the 2013 fiscal period compared to a positive cash flow from operations of $456,000 for the 2012 year.
The decrease in profitability during the period reflected the impact of certain non-recurring costs including the relocation of the Waterloo Ontario facility, exchange losses, and an unusually high level of after sales service and marketing expenditures. In addition, the sales product mix during the period contributed to a lower than expected total gross margin. Management further noted that both Calgary and Waterloo facilities are now very active and firm orders for centrifuge machines for 2014 delivery exceed $1,000,000 as compared to 2013 total machine sale revenues of $1,646,000.
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 investment 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.