CALGARY, March 25, 2022 (GLOBE NEWSWIRE) -- Appulse Corporation ("Appulse" or "the Corporation") (TSX-V:APL) today reported revenues of $9,233,000 for the year ended December 31, 2021, compared to $10,461,000 for the previous year. Income before tax for the 2021 fiscal period was $742,000 compared to $1,096,000 for the comparative 2020 year. Net income for the 2021 fiscal year was $742,000 ($.05 per share) compared to $1,096,000 ($.08 per share) for the prior year.
The decline in total revenue during the 2021 fiscal year is attributed to a combination of factors. Covid-19 protocols and restrictions impacted the Corporation's ability to complete certain services while also limiting travel and causing periodic staff shortages. The economic and political environment created a series of supply chain issues, particularly impacting the completion of services and shipment of machines prior to December 31, 2021. Machine sale revenues are recorded upon effective shipment of the product to customers. Several machine sales previously projected for inclusion in 2021 revenues, were delayed based on the availability of specific replacement parts. Certain of these service and machine sale revenues will be reflected in the second quarter of 2022.
Sales to customers in the United States during 2021 declined by over 30% compared to the prior year. Management looks forward to a recovery in revenues from United States customers during 2022. In addition, both the Calgary, Alberta and Waterloo, Ontario facilities are currently active, complemented by an encouraging list of firm and high prospect machine sales expected to enhance second and third quarter revenues.
The current world-wide political and economic environment creates significant uncertainty for many industries. The Corporation will remain focused on the growth of its food and beverage markets, representing approximately 80% of total revenues.
About Appulse
Through its subsidiaries, Centrifuges Unlimited Inc., and Rolyn Oilfield Services 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 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 and on SEDAR at . 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
