Titan Logix Corp. Reports Fiscal 2019 Q1 Financial Results
Edmonton, Alberta, January 22, 2019 – 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 first quarter ended November 30, 2018.
“Titan continues to see strong sales in its traditional markets” said CEO, Alvin Pyke. “In other important news we have recently completed the first sale of our produced water (PW) data management solution following a trial period with the prospective customer. The customer has agreed to an initial purchase and we expect that the performance of these initial systems will lead to further sales in the PW market. I am pleased to report that excluding restructuring costs we have returned to profitability.”
Q1 FISCAL 2019 HIGHLIGHTS
- Revenues for the first quarter of fiscal 2019 ending November 30, 2018 improved to $1,475,561, a $593,421 or 67% increase from the $882,140 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 first quarter of fiscal 2019 improved to $772,267 or 52% of revenue compared to $410,935 or 47% of revenue in the comparative prior period, an increase of $361,332. This improvement is primarily due to the increase in revenue.
- The operating loss before other items was $205,835, an improvement of 18% compared to $251,487 in the comparative prior period. This improvement in the operating loss before other items was primarily due to revenue and gross profit improvements, which were offset by management restructuring expenses combined with an increase in engineering costs.
- The net loss after income taxes was $46,132, an improvement of 75% compared to a net loss after taxes of $186,093 in the prior period. This improvement was a result of the increase in finance income combined with revenue and gross profit improvements.
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 first quarter ended November 30, 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, 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.