Edmonton, Alberta, January 23, 2008 – Titan Logix Corp., (TSX Venture: TLA)
released its unaudited financial results for the first quarter of fiscal 2008 ended
November 30, 2007.
Sales for the quarter were $2,067,932 compared to $2,289,237 in the first quarter of the
previous year, a decrease of 10%. The net earnings before income taxes were $16,968
and after taxes, were $11,077 for this quarter. Gross margin for the three month period
ended November 30, 2007 was $764,274 or 37% compared to $932,971 or 40% for the
first quarter of the previous year.
While sales were softer, overhead costs remained constant. Titan’s working capital and
cash and cash equivalents were only slightly lower at the end of the first quarter from
the balances at the end of fiscal 2007 on August 31, 2007. Working capital was
$4,505,869 and cash and cash equivalents were $1,383,289 compared to working
capital of $4,640,748 and cash and cash equivalents of $1,682,841 on August 31, 2007.
Titan Logix Corp. shows a healthy balance sheet from substantial growth in the past
“We must continue to sharpen our focus to alleviate our dependence on the oil and gas
exploration industry”, said Les Evans, President and Chief Executive Officer of Titan
Logix Corp. “With the slow down in exploration activity over the past several months,
we are accelerating our plans to penetrate the mobile tanker aviation refueling industry
and targeted niche markets in the United States. We have driven our positive
performance results of the past four years by focusing on a strategy of aligning our
strengths with the opportunities before us. Our continued efforts to expand our
customer base by providing superior solutions to meet their needs will lead to increased
sales and our dependence on the oil and gas exploration activities in Western Canada
Titan’s management team is committed to maintaining its growth and profitability
through its market penetration and new market development.
Titan Logix Corp.’s first quarter unaudited financial statements, management discussion
and analysis and its 2007 annual report are available on SEDAR at www.sedar.com and
on the company’s website at www.titanlogix.com.
Titan Logix Corp. also reports that on January 10, 2008, the board approved additional
incentive options for an aggregate of 50,000 shares (10,000 for each director) which are
exercisable over a five year period at a price of 0.43 per share. The board determined
the exercise price of the options as the market price of the company’s shares at the time
of the approval and granted all the options subject to and in accordance with the
company’s stock option plan, as approved by the shareholders on January 17, 2003.
About Titan Logix Corp.:
Titan Logix Corp. is an advanced technology industrial instrumentation and controls
company focused on the design, manufacturing, distributing and servicing of
instrumentation and automation technologies. These are primarily for the oil and gas,
chemical and transportation industries. Detailed information on Titan Logix Corp. is
available on the company’s website www.titanlogix.com.
For further information, contact:
Investor Relations and Corporate Communications Coordinator
Ph: (780) 462-4085
TSX Venture, TLA
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news
Certain information contained in this news release is forward-looking and is subject to unknown
risks and uncertainties. The actual results, performance or achievements of Titan Logix Corp.
may differ materially from the results, performance or achievements of the Titan Logix Corp.
expressed or implied by such forward-looking statements.
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