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"™.


--  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
In 2014, the market witnessed a massive migration to the cloud as enterprises finally overcame their fears of the cloud’s viability, security, etc. Over the past 18 months, AWS, Google and Microsoft have waged an ongoing battle through a wave of price cuts and new features. For IT executives, sorting through all the noise to make the best cloud investment decisions has become daunting. Enterprises can and are moving away from a "one size fits all" cloud approach. The new competitive field has ...
Advances in technology and ubiquitous connectivity have made the utilization of a dispersed workforce more common. Whether that remote team is located across the street or country, management styles/ approaches will have to be adjusted to accommodate this new dynamic. In his session at 17th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., will focus on the challenges of managing remote teams, providing real-world examples that demonstrate what works and what...
eCube Systems has released NXTmonitor, a full featured application orchestration solution. NXTmonitor, which inherited the code base of NXTminder, has been extended to support multi-discipline processes and will act as a DevOps utility in a heterogeneous enterprise environment. Previously, NXTminder was packaged with NXTera middleware to configure and manage Entera and NXTera RPC servers. “Since we are widening the focus of this solution to DevOps, we felt the need to change the name to NXTmon...
SYS-CON Events announced today that the "Second Containers & Microservices Expo" will take place November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
DevOps Summit, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development...
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding bu...
SYS-CON Events announced today that IceWarp 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. IceWarp, the leader of cloud and on-premise messaging, delivers secured email, chat, documents, conferencing and collaboration to today's mobile workforce, all in one unified interface
The web app is agile. The REST API is agile. The testing and planning are agile. But alas, data infrastructures certainly are not. Once an application matures, changing the shape or indexing scheme of data often forces at best a top down planning exercise and at worst includes schema changes that force downtime. The time has come for a new approach that fundamentally advances the agility of distributed data infrastructures. Come learn about a new solution to the problems faced by software organ...
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, 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. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of tech...
Skeuomorphism usually means retaining existing design cues in something new that doesn’t actually need them. However, the concept of skeuomorphism can be thought of as relating more broadly to applying existing patterns to new technologies that, in fact, cry out for new approaches. In his session at DevOps Summit, Gordon Haff, Senior Cloud Strategy Marketing and Evangelism Manager at Red Hat, discussed why containers should be paired with new architectural practices such as microservices rathe...
SYS-CON Events announced today the Containers & Microservices Bootcamp, being held November 3-4, 2015, in conjunction with 17th Cloud Expo, @ThingsExpo, and @DevOpsSummit at the Santa Clara Convention Center in Santa Clara, CA. This is your chance to get started with the latest technology in the industry. Combined with real-world scenarios and use cases, the Containers and Microservices Bootcamp, led by Janakiram MSV, a Microsoft Regional Director, will include presentations as well as hands-on...
In his session at @ThingsExpo, Lee Williams, a producer of the first smartphones and tablets, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. He will explain how M2M controllers work through wirelessly connected remote controls; and specifically delve into a retrofit option that reverse-engineers control codes of existing conventional controller systems so the...
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies leverage disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advance...
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises ar...
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...