EDMONTON, ALBERTA--(Marketwired - Jan. 16, 2014) - 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
||November 30, 2013
||November 30, 2012
|Gross profit (GP)
|Earnings before income tax
||As at November 30, 2013
||As at August 31, 2013
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.
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.
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.