Edmonton, Alberta, April 20, 2011 – Titan Logix Corp., (TSX Venture: TLA), today reported its
unaudited financial results for the second quarter of its fiscal 2011 ended February 28, 2011.
Summary of Sales Revenue, Gross Profit and Net Loss:
Sales for the second quarter ended February 28, 2011 were $2,463,022, up $1,008,515 from $1,454,507
in the second quarter of the previous fiscal year. Gross profit in the three month period was $1,086,980
(44% margin) compared to $446,237 (31% margin) and net earnings and comprehensive earnings was
$34,887 this period compared to net loss of $231,533 in the second quarter of the previous fiscal year.
Year to date, sales in the six month period of this fiscal year, ended February 28, 2011, were $4,634,656,
up by 60% from sales of $2,888,514 in the first half of fiscal 2010. The company’s gross profit in this six
month period was $2,002,047 (43% gross margin) compared to $879,304 (30% gross margin) in the first
six months of fiscal 2010. Net earnings and comprehensive earnings was $92,792 ($0.00 per diluted
share), in the six month period, ended February 28, 2011, compared to a loss of $536,706 ($-0.02 per
diluted share) in the comparable six month period of the previous fiscal year.
Greg McGillis, President and Chief Operating Officer stated that “Titan’s financial results in the second
quarter, ended February 28, 2011 continues to reflect the sales recovery shown in the fourth quarter of
fiscal 2010. 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.”
He went on further to add ” Titan’s increased sales are in part due the economic recovery but also are in
keeping with Titan’s growth strategy to penetrate further into U.S. markets”
Summary of Operating Expenses:
Year to date, in the six month period of this fiscal year, ended February 28, 2011, total expenses were
$1,905,824 compared to $1,422,288 in the six month period of the previous fiscal year. General and
administration expenses were $782,208 compared to $647,579 in the first six month’s of fiscal 2010.
Engineering and development expense for the six month period ending February 28, 2011 was $347,720
as compared to fiscal 2010’s comparable period’s expense of $262,516. Marketing and sales expenses
were $651,375, compared to $459,547 in the previous year’s first six months. Changes in the value of the
Canadian dollar and management of receipts from U.S. sales resulted in a loss of $92,217 on foreign
currency exchange during the six month period, ended February 28, 2011. This compares to a loss of
$16,643 in the six month period of the previous fiscal year.
At February 28, 2011, working capital was $3,441,320 compared to the August 31, 2010 year-end
balance of $3,346,447. Cash and cash equivalents were $1,320,811 compared to $1,140,810 at the end
of fiscal 2010. Titan does not have any debt except for trade payables.
Titan Logix Corp.’s unaudited financial statements and management’s discussion and analysis for the
second 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.
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.
Les J. Evans, Chief Executive Officer
Greg McGillis, President and Chief Operating Officer
Ph: (780) 462-4085
TSX Venture, TLA
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