Titan Digital Corporation

Titan Digital Corporation

March 01, 2005 09:00 ET

Titan Announces Fiscal 2005 Second Quarter Results


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: TITAN DIGITAL CORPORATION

TSX VENTURE SYMBOL: TDI

MARCH 1, 2005 - 09:00 ET

Titan Announces Fiscal 2005 Second Quarter Results

CALGARY, ALBERTA--(CCNMatthews - March 1, 2005) - Titan Digital
Corporation (TSX VENTURE:TDI) ("Titan"), a leading provider of archive
storage management software and solutions, announces its financial and
operating results for the six months ended December 31, 2004. The
following is a summary only and should be read in conjunction with the
financial statements and notes thereto along with the management
discussion and analysis, both of which can be viewed at www.sedar.com.
All financial amounts are expressed in thousands of Canadian dollars
except per share amounts.



SUMMARY OF FINANCIAL PERFORMANCE

Three months ended Six months ended
December 31 December 31
2004 2003 Change 2004 2003 Change

Revenue $627 $612 $ 15 2% $1,410 $1,142 $ 268 23%
Gross profit 410 485 (75) (15)% 973 843 130 15%
Operating expenses 528 527 1 990 1,078 (88) (8)%
Funds generated
by (used in)
operations (92) 54 (146) 79 (49) 128
Net loss (129) (43) (86) (44) (240) 196
Net loss per share
- basic and
diluted (0.01) - (0.01) - (0.01) 0.01


INCREASING REVENUE

Titan reported revenues of $1,410 for the six months ended December 31,
2004, net loss of $44 ($nil per share) and funds generated from
operations of $79. These results compare to revenues of $1,142, net loss
of $240 ($0.01 per share) and funds used in operations of $49 for the
six months ended December 31, 2003. A $218 increase in product revenues
caused gross profit to decrease from 74% of revenues to 69%.

ACHIEVEMENTS

Archion 1.2.0, the latest version of Titan's new Linux/UNIX storage
management product, is currently in testing and scheduled to ship in
March. This new version incorporates transparent near-line access to UDO
and PDD technology-based libraries and drives.

The latest release of Titan's flagship product, Archimedia 4.3.3, was
released February 18, 2005, approximately two and one half months after
the release of version 4.3.2. Archimedia is available for Microsoft
Windows and Solaris-based platforms. Archimedia provides a transparent
HSM interface to CD, DVD, MO, WORM, UDO and PDD libraries and drives.

ABOUT TITAN

Titan is an international digital storage management company that
develops and markets high performance archival storage management
software, solutions and services. Titan was created to deliver reliably
simple and affordable storage management solutions while ensuring
accessibility to stored data throughout the information life cycle.

This release may contain certain forward-looking statements reflecting
Titan Digital Corporation's current expectations in the technology
business and sales and storage management software markets. Investors
are cautioned that all forward-looking statements involve risks and
uncertainties, including without limitation, changes in market and
competition, technological and competitive developments, and potential
downturns in economic conditions generally.

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Titan Digital Corporation
    Graham D. Irving
    President and Chief Executive Officer
    (403) 264-7136 x 225
    Email: graham.irving@titandigitalcorp.com
    or
    Titan Digital Corporation
    David F. Campbell
    Chief Financial Officer
    (403) 264-7136 x 230
    Email: david.campbell@titandigitalcorp.com
    Website: www.titandigitalcorp.com
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the accuracy or adequacy of this release.