Titan Logix Corp. Reports Fiscal 2019 Q2 Financial Results
Edmonton, Alberta, April 17, 2019 – Titan Logix Corp., (TSX Venture: TLA) (“Titan” or the “Company”), a technology company specializing in advanced technology fluid management solutions, announces its results for the second quarter ended February 28, 2019.
Q2 FISCAL 2019 HIGHLIGHTS
- Revenues for the second quarter of fiscal 2019 ending February 28, 2019 improved to $1,404,828, a $466,968 or 50% increase from the $937,860 recorded in the comparative prior period. This improvement is primarily due to an increase in demand for the Company’s guided wave radar (GWR) product line in the mobile tanker truck market in the U.S. as a result of the increase in oil prices.
- The gross profit for the second quarter of fiscal 2019 increased by $231,191 to $760,079 or 54% of revenue compared to $528,888 or 56% of revenue in the comparative prior period. This improvement is primarily due to the increase in revenue.
- In the current fiscal quarter, the Company improved from an operating loss of $155,187 in the comparative prior period to an operating income before other items of $3,933. This improvement in the operating income before other items was primarily due to revenue and gross profit improvements combined with a decrease in sales and G&A expenses which offset an increase in engineering costs.
- Net earnings after income taxes were $167,263. This compares with a net loss after taxes of $47,848 in the prior period. This improvement was primarily a result of the increase in revenue and gross profit improvements.
“Market conditions have improved in the U.S. and we are pleased to report demand for our signature GWR products is up substantially. The higher revenues combined with cost improvements taken over the last several quarters delivered positive results that resulted in higher net earnings than seen in several quarters. We are investing in sales representatives to support our software as a service business model that enhances the value of our traditional sensor technology by providing data to our customers in real time.” said CEO, Alvin Pyke.
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, 2019, 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, primarily for use in the mobile tanker truck market, 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 designed to be a part of a complete Supply Chain Management (SCM) solution. The ultimate solution consists of Titan’s products integrated with best-in-class data management to enable end-to-end Industrial Internet of Things (IIoT) solutions for our customers’ SCM.
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, 2018 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.
Chief Executive Officer
Ph: (780) 462-4085
TSX Venture, TLA