Click here to close now.




















Welcome!

News Feed Item

Titan Logix Corp. Reports Financial Results for Fiscal 2014 First Quarter

EDMONTON, ALBERTA -- (Marketwired) -- 01/16/14 -- Titan Logix Corp. (TSX VENTURE:TLA) ("Titan" or the "Company"), an advanced technology industrial instrumentation and controls company today reported its unaudited financial results for the first quarter of its fiscal 2014, ended November 30, 2013.

Financial results for the first quarter of fiscal 2014 continue to reflect Titan Logix Corp.'s ability to mitigate the effects of the decrease in new oil industry tanker construction. This was achieved through increased sales of the Company's "On the Road" solution offerings for mobile tanker trucks and trailers to Original Equipment Manufacturers (OEMs) and increased retrofit sales. Sales for the quarter ending November 30, 2013 reflect an increase from the most recent quarter and from the comparable period of the previous year. Titan continues to be profitable for fourteen consecutive quarters.


                        Financial Highlight Summary                        
                           (in Canadian dollars)                           
---------------------------------------------------------------------------
                                    Three months ended             % Change
---------------------------------------------------------------------------
                                  November 30,   November 30,               
                                         2013           2012               
---------------------------------------------------------------------------
Sales                            $  4,432,317   $  4,009,955            11%
---------------------------------------------------------------------------
Gross profit (GP)                $  2,261,409   $  1,987,781            14%
---------------------------------------------------------------------------
GP %                                      51%            50%             2%
---------------------------------------------------------------------------
Earnings before income tax       $  1,125,523   $  1,058,560             6%
---------------------------------------------------------------------------
Net earnings                     $    836,358   $    781,257             7%
---------------------------------------------------------------------------
EBITDA                           $  1,170,003   $  1,095,491             7%
---------------------------------------------------------------------------
EPS (diluted)                    $       0.03   $       0.03             0%
---------------------------------------------------------------------------

---------------------------------------------------------------------------
Financial Position           As at November 30, 2013  As at August 31, 2013
---------------------------------------------------------------------------
Working capital                         $ 12,622,191           $ 12,184,559
---------------------------------------------------------------------------
Total assets                            $ 18,141,034           $ 16,770,570
---------------------------------------------------------------------------
Long-term liabilities                   $    427,603           $    366,104
---------------------------------------------------------------------------
Total equity                            $ 15,878,156           $ 15,041,798
---------------------------------------------------------------------------

Titan's sales outside of Canada, primarily to the U.S., were $1,778,954 in this third quarter of fiscal 2014, an increase of 11% from sales of $1,599,130 in the first quarter ended November 30, 2012. Sales outside of Canada remained at 40% of Titan's total sales for the first quarter of fiscal 2014 when compared to the previous year's first quarter. Sales in Canada for the first quarter of fiscal 2014 increased by 10% to $2,653,363 from sales of $2,410,825 in the same period of fiscal 2013.

In the first quarter of fiscal 2014, expenses were $1,160,032 as compared to $940,422 in the same period of the prior year. During the three months ended November 30, 2013, Titan recorded an increase to capitalized product development costs of $315,541 compared to $143,471 in the comparable period of fiscal 2013. This increase is a result of additional resources being allocated to product development of new and innovative products including a next generation burner management system.

At November 30, 2013 cash and cash equivalents and short term investments were $9,950,767 compared to $9,257,177 at the end of fiscal 2013. Titan does not have any debt except for trade payables, accrued liabilities and finance lease obligations.

Business Outlook

The Stik series of products gives Titan deeper exposure to markets in which it has minimal market share. This diversification eases the Company's dependence on crude oil market activity (specifically mobile markets) and gives it the opportunity to further penetrate the used oil, aviation refueling and chemical distribution markets.

The recently announced agreement to be the sole distributor of MechTronic Ltd.'s advanced fluid level gauging system for refined fuel tankers in the Americas provides Titan with the ability to expand into the refined fuel market, enabling additional diversification.

The Company is focused on market penetration, retrofit sales, and development and sales of new products. Titan continues to invest in its North American market expansion plans and explore opportunities to sell products beyond North America. Market analysis and planning continues as Titan works toward entering additional fluid management markets, including non-energy markets.

Additional Information

Titan Logix Corp.'s unaudited financial statements and management's discussion and analysis for the first quarter of fiscal 2014 as well as its audited financial statements and management's discussion and analysis for its fiscal year ended August 31, 2013 are available on SEDAR at www.sedar.com and on the Company's website, www.titanlogix.com.

About Titan Logix Corp.

Founded in 1979, Titan Logix Corp. ("Titan" or "the Company") is a high technology company specializing in Research and Development (R&D), manufacturing and marketing of advanced technology fluid management solutions. The Company's products include Guided Wave Radar (GWR) gauges for level measurement and overfill prevention (particularly for use in mobile tanker applications), level gauges for storage tanks, burner management for oilfield heaters, and communication systems for remote alarming and control. The products are currently used in the oil and gas, waste fluid collection, chemical and aviation industries. These technologies and their derivatives under development are applicable to a variety of additional markets which Titan plans to expand into at the appropriate time. A common practice in many of these markets is the use of manual methods for measurement and control. Due to safety considerations, the rising cost of many fluids, awareness and concerns about the environment and technological advancements enabling better operational efficiencies, we are experiencing an increased demand for our advanced technology products. We anticipate this demand will continue as we pursue expansion into other markets.

The products we manufacture are part of a complete asset management solution. The full solution consists of our own market leading products integrated with best-in-class third party solutions to enable our customers to benefit from complete fluid management, throughout each stage of their fluid handling processes.

This is captured by our slogan "Advanced Technology Fluid Management Solutions, In the Field, On the Road, In the Office"(TM).


--  In the Field: "In the Field" refers to Titan's solution offerings for
    storage tanks and process vessels. 
--  On the Road: "On the Road" refers to Titan's solution offerings for
    mobile tanker trucks and trailers. 
--  In the Office: "In the Office" refers to Titan's solution offerings that
    enable customers to monitor their fluid assets from the convenience of
    their dispatch center or other back office environment through a wired
    or wireless connection.

Titan Logix Corp. is a public Company listed on the Toronto Venture Stock Exchange and its shares trade under the symbol, TLA.

Neither 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.

This news release contains certain statements with information that may be forward-looking and subject to unknown risks and uncertainties. The actual results, performance and achievements of Titan Logix Corp. may differ materially from the results, performance and achievements expressed or implied by such forward-looking statements. These forward-looking statements may not relate strictly to historical or current facts. They represent management's views as of the date of this press release and we assume no obligation to update them. We caution you not to place undue reliance on these forward-looking statements.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
"We've just seen a huge influx of new partners coming into our ecosystem, and partners building unique offerings on top of our API set," explained Seth Bostock, Chief Executive Officer at IndependenceIT, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
Mobile, social, Big Data, and cloud have fundamentally changed the way we live. “Anytime, anywhere” access to data and information is no longer a luxury; it’s a requirement, in both our personal and professional lives. For IT organizations, this means pressure has never been greater to deliver meaningful services to the business and customers.
Digital Transformation is the ultimate goal of cloud computing and related initiatives. The phrase is certainly not a precise one, and as subject to hand-waving and distortion as any high-falutin' terminology in the world of information technology. Yet it is an excellent choice of words to describe what enterprise IT—and by extension, organizations in general—should be working to achieve. Digital Transformation means: handling all the data types being found and created in the organizat...
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Chuck Piluso presented a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. Prior to Secure Infrastructure and Services, Mr. Piluso founded North American Telecommunication Corporation, a facilities-based Competitive Local Exchange Carrier licensed by the Public Service Commission in 10 states, serving as the company's chairman and president from 1997 to 2000. Between 1990 and 1997, Mr. Piluso served as chairman & founder of International Te...
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
Container technology is sending shock waves through the world of cloud computing. Heralded as the 'next big thing,' containers provide software owners a consistent way to package their software and dependencies while infrastructure operators benefit from a standard way to deploy and run them. Containers present new challenges for tracking usage due to their dynamic nature. They can also be deployed to bare metal, virtual machines and various cloud platforms. How do software owners track the usag...
SYS-CON Events announced today that MobiDev, a software development company, will exhibit at the 17th International Cloud Expo®, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software development company with representative offices in Atlanta (US), Sheffield (UK) and Würzburg (Germany); and development centers in Ukraine. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobi...
With SaaS use rampant across organizations, how can IT departments track company data and maintain security? More and more departments are commissioning their own solutions and bypassing IT. A cloud environment is amorphous and powerful, allowing you to set up solutions for all of your user needs: document sharing and collaboration, mobile access, e-mail, even industry-specific applications. In his session at 16th Cloud Expo, Shawn Mills, President and a founder of Green House Data, discussed h...
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducte...
There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. In his session at 15th Cloud Expo, Michael Meiner, an Engineering Director at Oracle, Corporation, analyzed a range of cloud offerings (IaaS, PaaS, SaaS) and discussed the benefits/challenges of migrating to each offe...
One of the hottest areas in cloud right now is DRaaS and related offerings. In his session at 16th Cloud Expo, Dale Levesque, Disaster Recovery Product Manager with Windstream's Cloud and Data Center Marketing team, will discuss the benefits of the cloud model, which far outweigh the traditional approach, and how enterprises need to ensure that their needs are properly being met.
In their session at 17th Cloud Expo, Hal Schwartz, CEO of Secure Infrastructure & Services (SIAS), and Chuck Paolillo, CTO of Secure Infrastructure & Services (SIAS), provide a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. In his role as CEO of Secure Infrastructure & Services (SIAS), Hal Schwartz provides leadership and direction for the company.
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.