Titan Logix Corp.
TSX VENTURE : TLA

Titan Logix Corp.

January 19, 2011 17:23 ET

Titan Logix Corp. Reports Financial Results for Fiscal 2011 First-Quarter

EDMONTON, ALBERTA--(Marketwire - Jan. 19, 2011) - Titan Logix Corp., (TSX VENTURE:TLA), today reported its unaudited financial results for the first quarter of its fiscal 2011 ended November 30, 2010.

Summary of Sales Revenue, Gross Profit and Net Loss:

Sales for the first quarter ended November 30, 2010 were $2,171,634, up $737,627 from $1,434,007 in the first quarter of the previous fiscal year. Gross profit in the three month period was $915,067 (42% margin) compared to $433,067 (30% margin) and net earnings and comprehensive earnings was $57,905 this period compared to net loss of $305,173 in the first quarter of the previous fiscal year.

Titan's financial results in the first quarter, ended November 30, 2010 continues to reflect the sales recovery shown in the fourth quarter of fiscal 2010 where the momentum towards recovery from the global economic recession and consequential increase in oil and gas well drilling in North America resulted in a significant increase in sales for Titan. 

Summary of Operating Expenses:

Total expenses for the first three months of fiscal 2011 were $853,471 compared to $733,647 in the same period a year ago. General and administration expenses were $341,841, compared to $293,147recorded in the first quarter of the previous fiscal year. This increase is primarily due to higher travel costs and employee compensation due to increased staffing including the ending of work share programs. These increases are also a result of the introduction of new management programs to support additional revenues. Engineering and development expense was $166,709 compared to $160,964 and marketing and sales expense increased from $247,520 in the previous fiscal year's first quarter to $299,582 in this year's first quarter. This increase is primarily due to the new business development and product management initiatives and projects implemented in the first quarter of fiscal 2011.

Working Capital:

At November 30, 2010, working capital was $3,389,220 compared to the August 31, 2010 year-end balance of $3,346,447. Cash and cash equivalents were $1,201,675 compared to $1,140,810 at the end of fiscal 2010. Titan does not have any debt except for trade payables.

Outstanding Share Summary:

The common shares of Titan Logix Corp. trade on the TSX Venture Exchange under the symbol TLA. At January 7, 2011, Titan had 24,883,440 common shares issued and outstanding.

Additional Information:

Titan Logix Corp.'s unaudited financial statements and management's discussion and analysis for the first quarter of fiscal 2011 as well as its audited financial statements and management's discussion and analysis for its fiscal year ended August 31, 2010 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. has evolved into an advanced technology industrial instrumentation and controls company. We design, manufacture, distribute and service instrumentation, control and automation solutions. These technologies are used primarily in the oil and gas, transportation and aviation industries, which for many years have relied on manual intervention. However, due to rising costs, concerns and awareness about the environment, (including the importance of spill prevention) and technological advancements - to list but a few reasons – we expect an increased demand for our products. The products we specialize in comprise an essential part of a complete asset management solution in the following categories:

  • Transport Instruments: guided wave radar liquid gauging and control systems for mobile tankers;
  • Level and Flow Instruments: mechanical and electronic liquid level gauging systems for storage tanks and industrial process vessels;
  • Burner Controls: electronic burner management systems for atmospheric industrial heaters; and
  • Telemetry and Control Products: communication and control systems enabling remote telemetry and management of site processes.

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

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.

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.

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