Edmonton, Alberta, April 19, 2018 – Titan Logix Corp., (TSX Venture: TLA) (“Titan” or the “Company”), a high technology company specializing in advanced technology fluid management solutions, announces its results for the second quarter ended February 28, 2018.
“I am pleased to report that the Company recorded slightly better revenue for the second quarter, accompanied by an improved gross margin.” said CEO, Alvin Pyke. “I am encouraged with the enthusiasm shown by our team embracing the vision of a diversified Titan Logix Corp. We are focusing on alternate revenue streams that will ultimately decouple our financial performance from the fortunes of the Oil and Gas sector. Our efforts to foster relationships with strategic partners continues on several fronts.”
Q2 FISCAL 2018 HIGHLIGHTS
- Revenues for the second quarter of fiscal 2018 improved slightly to $937,860, a $65,715 increase from the $872,145 recorded in the comparative prior period.
- The gross profit for the second fiscal quarter of fiscal 2018 improved to $528,888 or 56% of revenue compared to $348,702 or 40% of revenue in the comparative prior period, an increase of $180,186. This improvement is due to reductions in production costs and fixed overhead allocated to inventory units combined with a nonrecurring reversal of a royalty expense accrual.
- The operating loss before other items was $155,187, an improvement of 55% compared to $344,026 in the comparative prior period. This improvement in the operating loss before other items was primarily due to the improvement in the gross profit.
- The net loss after income taxes was $47,848, an improvement of 85% compared to a net loss after taxes of $326,923 in the prior period. This improvement was primarily a result of the increase in gross profit combined with an increase in finance income.
The Company’s unaudited condensed consolidated interim financial statements and the management’s discussion and analysis (“MD&A”) which includes the Company’s Business Outlook, for the second quarter ended February 28, 2018, are available on SEDAR at www.sedar.com and the Company’s website, www.titanlogix.com.
About Titan Logix Corp.
Founded in 1979, Titan Logix Corp. (“Titan” or “the Company”) is a developer, manufacturer and marketer of innovative fluid measurement and 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, and communication systems for remote alarming and control. Titan’s products are mainly used in the upstream/midstream oil and gas industry. Secondary industries for its products include the aviation, waste fluid collection, and chemical industries.
Titan’s products are all developed to be a part of a complete asset management solution. The ultimate solution will consist of Titan’s products integrated with best-in-class third party solutions to enable complete fluid management throughout each stage of their fluid handling processes. This is captured by Titan’s 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 remotely 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 TSX Venture 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.
Information in this press release that is not current or historical factual information may constitute forward looking information within the meaning of securities laws. Implicit in this information are assumptions regarding our future operational results. These assumptions, although considered reasonable by the company at the time of preparation, may prove to be incorrect. Readers are cautioned that actual performance of the company is subject to a number of risks and uncertainties and could differ materially from what is currently expected as set out above.
For more exhaustive information on these risks and uncertainties you should refer to our Management Discussion and Analysis in respect of the year ended August 31, 2017 which is available at www.sedar.com. Forward-looking information contained in this press release is based on our current estimates, expectations and projections, which we believe are reasonable as of the current date.
You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While we may elect to, we are under no obligation and do not undertake to update this information at any particular time, whether as a result of new information, future events or otherwise, except as required by applicable securities law.