Appulse Corporation: Reporting results for the First Quarter of 2021

Appulse Corporation (“Appulse”) 

(Listed on the TSX Venture Exchange – Symbol ‘APL’)

 today reported a net income of $239,000 for the three months ended March 31, 2021 ($.02 per share), with revenues of $2,226,000, compared to a net income of $99,000 ($.01 per share), and revenues of $2,436,000 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, 2021 of $376,000 compares to operating cash flow of $236,000 for the same three-month period of 2020.

The impact of the revenue decrease in 2021 was offset by cost reductions and a more efficient product mix, resulting in a total gross margin equivalent to that of the comparable three-month period of 2020. Net income was further enhanced by a reduction in general and administrative costs and a gain in foreign exchange, reflecting a relatively stronger Canadian currency. First quarter machine sales combined with purchase orders now in hand for mid-2021 delivery now exceed $ 1,200,000.

The Corporation’s primary customer base is focused on food and beverage processing. While the COVID-19 pandemic will continue to impact revenues, the Corporation is an essential service provider with continuing operations at facilities in Calgary, Alberta and Waterloo, Ontario.

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: [phone] Facsimile: [phone] Email: [e-mail]