CALGARY, ALBERTA--(Marketwire - Aug. 18, 2011) - Appulse Corporation (TSX VENTURE:APL) ("Appulse") today reported a net loss of $50,000 for the six months ended June 30, 2011 with revenues of $2,678,000, compared to a loss of $36,000 and revenues of $3,317,000 for the same six-month period of the previous year. Operating cash flow (net income or loss for the period adjusted for finance expenses and items not involving cash) for the six months ended June 30, 2011 of $69,000 compares to operating cash flow of $55,000 for the same six-month period of 2010.
While the service, rental and parts sales category reflected an increase for the period compared to the same six-month period of the prior year, machine sales were substantially lower. The impact of the reduced machine sales was somewhat offset by a higher gross margin percentage and a 13% reduction in general and administrative costs. The timing of machine sales often creates variances between quarters. Machine sales for the third quarter are now expected to exceed $750,000 as compared to total machine sales for the first six months of $290,000.
The second quarter financial statements present the Corporation's second reporting under International Financial Reporting Standards ("IFRS"). Results of operations for the six-month periods ending June 30, 2011 and 2010 were not significantly impacted by the conversion to IFRS.
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 acquisitions 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.