Edmonton, Alberta, July 12, 2007 - Titan Logix Corp. (TSX Venture: TLA) is pleased to
announce its unaudited financial results for the third quarter ended May 31, 2007.
Revenues reported for the nine-month period ended May 31, 2007 were $6,193,496, up
21% from reported revenues of $5,130,073 for the same period in fiscal 2006. Net
earnings were up 175% to $647,779 from $235,820 for this nine-month period as compared
to fiscal 2006. Les Evans, President and CEO of Titan Logix Corp. stated, “Historically,
due to seasonality, the third quarter has always been a challenge. However, the strategic
direction in which we have set our course – to be the global market share leader in mobile
tank level measurement and control, while maintaining our market share in burner
management and level gauging – is proving to be the right one!”
Gross margin for this nine-month period of fiscal 2007 was 42.6%, also up from 39.3%
from fiscal 2006. Expansion into the U.S. market in this period continued at a good pace
with 18% of the total sales in the nine-month period accounted for in the U.S. compared to
12% for the same period in fiscal 2006.
Total Expenses for the nine-month period ending May 31, 2007 were $2,029,186 up from a
total of $1,737,292 from fiscal 2006. The increase in expenses was primarily due to
accelerated research and development activities, increased marketing and sales efforts in
Canada and the U.S.A. for the Company’s flagship products as well as increases in general
and administrative expenses. Part of this increase was offset by contributions under
agreements with the National Research Council of Canada. Interest expenses for the three
and nine months ended May 31, 2007 were zero and $18,223 respectively versus $11,569
and $35,657 for the comparable periods of fiscal 2006, a significant decrease due to the
elimination of the Company’s debt during the second quarter of 2007.
The Company’s cash and working capital position has strengthened since its last fiscal year
end on August 31, 2006. At May 31, 2007, working capital was up 29% from $2,969,735
to $3,382,128 and cash and cash equivalents were up 28 % from $1,452,922 to $1,865,584.
This is a result of improved profitability and the issuance of shares through the Company’s
form offering. Its repayment of long-term debt and capital acquisitions offset some of this.
Titan Logix Corp. no longer has any long-term debt and has now removed its $600,000 line
of credit with its chartered bank as it has determined it has sufficient capability to generate
cash flow through its self-sustainable operations.
The Company’s unaudited third quarter financial results, its management discussion and
analysis as well as its fiscal 2006 annual report are available on SEDAR at www.sedar.com.
About Titan Logix Corp.:
Titan Logix Corp. is an advanced technology industrial instrumentation and controls
company focused on the design, manufacturing, distribution and servicing of
instrumentation and automation technologies, primarily for the oil and gas, chemical and
transportation industries For many years, these industries have operated with significant
dependence on manual intervention. Today, however, the automation technology market
has grown significantly, creating a demand for the products the Company specializes in.
The Company’s products include:
- Guided wave radar (GWR) liquid gauging and control systems for mobile tankers
- Electronic burner management systems for atmospheric industrial heaters
- Mechanical and electronic liquid level gauging systems for storage tanks and
- Communication and control systems enabling remote telemetry management of site
For further information, please 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 release.
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 the Company may differ materially from the
results, performance or achievements of the Company expressed or implied by such forward-looking statements.
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