Appulse Corporation ("Appulse" or "the Corporation") (TSX VENTURE:APL) today reported revenues of $8,080,000 for the year ended December 31, 2016, compared to $8,368,000 for the previous year. Fourth quarter revenues were $1,900,000 compared to $1,993,000 for the same quarter of the previous year. Net income for the fiscal year ending December 31, 2016 was $126,000 ($.01 per share) compared to $161,000 ($.01 per share) for the prior year. A 2016 positive cash flow from operations of $420,000 compares to $436,000 for the 2015 fiscal period. Cash flow from operations is defined as net income or loss adjusted for items not affecting cash.
Revenue from the sale of centrifuge parts decreased by 3% in 2016 when compared to the previous year while service revenue increased by 9%. Management noted that although 2016 sales were lower than the previous year, the total gross margin increased, primarily reflecting a change in product mix. While machine sale revenues decreased by 11% to a level of $1,598,000 in 2016, the Corporation now has approximately $1,000,000 in firm machine orders for delivery during the first half of 2017. General and administrative costs increased during the year primarily reflecting the implementation of an expanded marketing program.
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 investments and the development of corporate relationships 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.
SOURCE: Appulse Corporation
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