Titan Logix Corp. Reports Fiscal 2020 Q1 Financial Results
Edmonton, Alberta, January 22, 2020 – 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 first quarter ended November 30, 2019.
Q1 FISCAL 2020 HIGHLIGHTS
- Revenues for the first quarter of fiscal 2020 ending November 30, 2019 were $1,408,376, a $67,185 or 5% decrease from the $1,475,561 recorded in the comparative period. This decrease was largely due to a decrease in revenues experienced in the Canadian market, which offset the growth experienced in the U.S. market. In western Canada the oil and natural gas industry continues to struggle with a combination of low commodity pricing and a lack of access to new markets.
- The gross profit for the first quarter of fiscal 2020 decreased slightly to $739,216 compared to $772,267 in the comparative prior period. This decrease is primarily due to the decrease in revenue. Gross profit remained at 52% of revenue for the first quarter of fiscal 2020 compared to the prior period.
- The operating loss before other items was $104,195, an improvement of 49% compared to $205,835 in the comparative prior period. This improvement in the operating loss before other items was primarily due to a decrease in G&A costs due to the decrease in executive termination costs recorded in the prior period.
- Net earnings after income taxes was $69,060 compared to a net loss after taxes of $46,132 in the prior period. This improvement was primarily a result of the decrease in G&A costs and the increase in finance income.
“I am pleased with our organization’s embrace of Titan’s vision to build on our world class sensor technology with data solutions that work.” said CEO, Alvin Pyke, “Revenues remain steady and we are optimistic for the upcoming quarters.” 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, 2019, are available on SEDAR at www.sedar.com and the Company’s website, www.titanlogix.com.
About Titan Logix Corp.:
Titan Logix focuses on providing data driven solutions for Supply Chain Management (SCM) of goods and service supplied to the oil and gas, transportation and construction industries. Titan’s telematics products enable data from its mobile level sensor technology to be collected, managed and packaged for business intelligence and control.
Titan’s products are designed to be a part of a complete 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 its customers’ SCM.
Founded in 1979, 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, 2019 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.