EDMONTON, Alberta, July 17, 2006 - Titan Logix Corp., (TSX Venture: TLA) an emerging
technology company focused on the design, manufacturing, sales and support of multiple product
lines for the oil and gas industry, is pleased to announce the unaudited financial results for the
third quarter ended May 31, 2006.
In its third quarter ended May 31, 2006 Titan reported a loss of $28,141 compared to net earnings
of $75,500 for the third quarter in the prior year. For its nine months year-to-date Titan has net
earnings of $235,820 compared to net earnings of $196,895 in 2005. Sales revenues for the third
quarter were $1,724,592 in comparison with $1,410,952 for the same period in fiscal 2005. The
increase in revenue and profits for the nine month period is primarily attributable to the
Company’s increase in sales of its flagship products.
Titan’s reported expenses for the third quarter totaled $659,121, an increase of $207,944 in
comparison to the same period last year. The increase was primarily a result of an increase in
spending on initiatives undertaken to position the Company for growth. These initiatives included
the outsourcing and upgrading of the Company’s information technology system, expansion of
the Company’s research and development department and increased spending on employee
development. Working capital at May 31, 2006 amounted to $2,109,747, an increase of $408,270
from the August 31, 2005 year-end balance of $1,701,477.
Titan’s management is committed to maintaining and growing the Company’s profitability
through expanded market penetration and focusing on new market development.
Titan’s third quarter unaudited financial results, as well as its management discussion and
analysis, and 2005 annual report are available on SEDAR at www.sedar.com.
The Company is a technology based enterprise, operating as Titan Logix Corp. It is engaged in
the design, manufacturing, sales, and support/service of a range of products including:
- Mechanical and electronic liquid level gauging systems for storage tanks and process
- Electronic burner control systems for atmospheric industrial heaters;
- Guided wave radar liquid gauging and control systems for mobile tankers;
- Mud level monitoring for oil and gas drilling well controls; and
- Communication and control systems enabling remote telemetry management of
For further information, please contact:
Les J. Evans, President & Chief Executive Officer
ph: 780 462-4085 (Edmonton)
Visit our web site at www.titanlogix.com
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Download Printable Version
Currently rated by 0 people