EDMONTON, AB / ACCESSWIRE / November 21, 2019 / Titan Logix Corp., (TSXV:TLA) ("Titan" or the "Company"), a technology company specializing in advanced technology fluid management solutions, announces its results for the three months and year ended August 31, 2019.
Financial Highlights Summary
(in Canadian dollars)
Three months ended
August 31, 2019
August 31, 2018
August 31, 2019
August 31, 2018
Gross profit (GP)
Operating (loss) earnings
before other items and income tax
Finance income and other items
Net earnings (loss)
As at August 31, 2019
As at August 31 2018
- Revenues for fiscal 2019 improved to $5,570,924, a $1,076,336 or 24% increase from the $4,494,588 recorded in fiscal 2018. 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.
- The gross profit for fiscal 2019 increased by $730,981 to $2,948,884 or 53% of revenue compared to $2,217,903 or 49% of revenue in fiscal 2018. This improvement is primarily due to the increase in revenue.
- The operating loss before other items was $507,755 compared to an operating loss of $427,607 in fiscal 2018. This increase in the operating loss before other items was primarily due to an increase in engineering expenses and employee termination costs included in G&A which were offset by the improved revenue and a decrease in marketing and sales costs.
- Net earnings after income taxes was $109,960 compared to a net loss after taxes of $3,781 in fiscal 2018. This improvement was primarily a result of the increase in finance income, combined with the increase in revenue and gross profit.
- During the last half of fiscal 2019 the Company completed development and released the battery back-up option for the TD100TM and Gateway products. This option provides flexibility and is a more cost-effective installation for its customers. The battery solution facilitates the use of GWR and Gateway products in other data critical operations where availability of local power is an issue.
"We have spent the last year transforming our team and our vision to ensure the long-term success of Titan. Our efforts have paid off for us as the financial results of fiscal year 2019 demonstrate. Our traditional markets will sustain the investment into our future. This coming year will see us invest in our engineering team with double the budget from the previous year. In that regard we are pleased to announce the hiring of our first software architect who has extensive experience in data manipulation. We are also pleased to announce that we have engaged one of North America's premier Amazon Web Services (AWS) Cloud Platform development consultants to accelerate the development of our in-house cloud platform.
Our produced water partnership with Pedigree Technologies is evolving as we form our operating model and add resources to the effort. The use of water in oil and gas operations is under continual scrutiny by the public. Our produced water application addresses the need for better water management. We are actively working on complimentary Industrial Internet of Things (IIoT) enabled Supply Chain Management (SCM) solutions for new markets and customers. Our goal is to find new markets for our existing product lines while we simultaneously expand Titan Logix capabilities" said CEO, Alvin Pyke.
The Company's audited consolidated annual financial statements and the management's discussion and analysis ("MD&A") which includes the Company's Business Outlook, for the year ended August 31, 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.
Chief Executive Officer
Ph: (780) 462-4085
TSX Venture, TLA
SOURCE: Titan Logix Corp.
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