Titan Logix Corp. Reports Fiscal 2018 Q3 Financial Results
Edmonton, Alberta, July 18, 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 third quarter ended May 31, 2018.
“I am pleased to report that the Company has shown significant improvement in its key performance indicators of top line Revenue and Gross Profit over the previous year.” said CEO, Alvin Pyke. “I am thrilled to report that we have received CSA certification of our next generation digital GWR proprietary product, the TD100 and are currently receiving orders for it. Our vision of being a data generation and collection facilitator for business control is taking shape. Partnering with our software provider, leveraging our existing product line, we are currently in the final stages of our first Industrial IOT Application. The application is the world’s first cloud-based solution for supply chain management of produced water resulting from Fracking operations. The application and associated GWR instruments were rolled out at the Produced Water Management Conference in Houston, Texas on July 16th to 18th . We are encouraged by the initial market acceptance of the application. This is the first of many applications being planned by Titan.“
Q3 FISCAL 2018 HIGHLIGHTS
- Revenues for the third quarter of fiscal 2018 improved to $1,226,845, a $398,895 or 48% increase from the $827,950 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 as a result of the increase in oil prices.
- The gross profit for the third fiscal quarter of fiscal 2018 improved to $658,999 or 54% of revenue compared to $258,042 or 31% of revenue in the comparative prior period, an increase of $400,957. This improvement is due to the increase in revenue combined with reductions in production and overhead costs with a larger percentage of these costs allocated to inventory units.
- The operating loss before other items was $48,673, an improvement of 87% compared to $381,259 in Three months ended Nine months ended May 31, 2018 May 31, 2017 May 31, 2018 May 31, 2017 Revenue $ 1,226,845 $ 827,950 $ 3,046,845 $ 2,523,754 Gross profit (GP) $ 658,999 $ 258,042 $ 1,598,822 $ 879,816 GM % 54% 31% 52% 35% Operating loss before other items and income tax $ (48,673) $ (381,259) $ (455,347) $ (1,086,304) Net earnings (loss) $ 105,432 $ (335,991) $ (128,509) $ (644,120) EPS (diluted) $ 0.00 $ (0.01) $ (0.00) $ (0.02) TSX-V: TLA, Page 2 of 2 the comparative prior period. This substantial improvement in the operating loss before other items was primarily due to the improvement in the revenue and gross profit.
- The net earnings after income taxes was $105,432, an improvement of 131% compared to a net loss after taxes of $335,991 in the prior period. This improvement was primarily a result of the increase in revenue and gross profit combined with an increase in finance income.
- During the fiscal quarter the Company completed development of the Company’s next generation digital GWR product, the TD100 which is being introduced to the market in the fourth quarter of this fiscal year.
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 third quarter ended May 31, 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.