Edmonton, Alberta, July 19, 2019 – Titan Logix Corp., (TSX Venture: TLA), a high technology company specializing in advanced technology fluid management solutions, announces its results for the third quarter ended May 31, 2019.
Financial Highlights Summary
(in Canadian dollars)
Q3 FISCAL 2019 HIGHLIGHTS:
- Revenues for the third quarter of fiscal 2019 ending May 31, 2019 improved to $1,316,403, a $89,558 or 7% increase from the $1,226,845 recorded in the comparative prior period. This improvement is primarily due to an increase in demand, as a result of the increase in oil prices, for the Company’s guided wave radar (GWR) product line in the mobile tanker truck market in the U.S.
- The gross profit for the third quarter of fiscal 2019 increased by $82,724 to $741,723 or 56% of revenue compared to $658,999 or 54% of revenue in the comparative prior period. This improvement is primarily due to the increase in revenue.
- The operating loss before other items was $158,774 compared to an operating loss of $48,673 in the comparative prior period. This increase in the operating loss before other items was primarily due to an increase in engineering expenses and G&A costs which were offset by the improved revenue and a decrease in marketing and sales costs.
- Net earnings after income taxes were $16,311 compared to $105,432 in the prior period. This decrease in net earnings was primarily a result of the increase in engineering and G&A costs.
“Our traditional market of TD100 gauge sales for use in mobile crude oil tankers has generated steady revenue for us, with U.S. sales being noticeably stronger than Canadian sales. The shift in revenue is a result of a weak Canadian crude market negatively affecting the manufacture of new crude tankers in Canada. On the positive side we are pleased to report our first commercial sales of the Titan Gateway as part of our produced water (PW) partnership with Pedigree Technologies. We anticipate a steady demand for our gauge and Gateway products in this market. With the commercialization of the PW supply chain management (SCM) solution Titan will see recurring revenue before the end of the current quarter. We continue to evolve our business model with the vision to develop other SCM solutions for a variety of industries. Our goal is to facilitate a digital transformation of our target markets for our customers” said CEO, Alvin Pyke.
The Company's unaudited 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, 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, 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.
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