EDMONTON, ALBERTA--(Marketwire - Feb. 2, 2012) - Titan Logix Corp., (TSX VENTURE:TLA), today reported its unaudited financial results for the first quarter of its fiscal 2012 ended November 30, 2011.
Summary of Sales Revenue, Gross Profit and Net Earnings:
Sales for the first quarter ended November 30, 2011 were $3,389,692, up $1,218,058 from $2,171,634 in the same quarter of the previous fiscal year. Gross profit in the three month period was $1,579,893 (47% margin) compared to $915,067 (42% margin) and net earnings and comprehensive income was $622,237 this period compared to $59,173 in the same quarter of the previous fiscal year.
Financial results for the first quarter of fiscal 2012 reflect Titan Logix Corp's successful execution of its strategic plan, its continued operational strength and the ever increasing customer demand for its oilfield fluid transport products.
Summary of Operating Expenses:
Total expenses for the first three months of fiscal 2012 were $951,945 compared to $852,203 in the same period a year ago. General and administration expenses were $450,698, compared to $341,841 recorded in the same quarter of the previous fiscal year. Engineering and development expense was $194,107 compared to $166,709 and marketing and sales expense increased from $299,582 in the previous fiscal year's first quarter to $353,553 in this year's first quarter. These increases are primarily due to increases in professional fees, employee compensation and the addition of staff to support continued growth.
At November 30, 2011, working capital was $5,015,633 compared to the August 31, 2011 year-end balance of $4,430,414. Cash and cash equivalents were $2,390,182 compared to $1,457,324 at the end of fiscal 2011. Titan does not have any debt except for trade and accrued payables.
Oil and gas drilling activity in Canada and the US continues to be strong. Titan's TD80 and TPZ gauging systems are used in oilfield tankers (hauling crude oil, chemicals, produced water, etc.) and oilfield storage tanks respectively. Market statistics favor continued growth of the sales of Titan's products in the oil and gas industry in North America. Titan's outlook for this fiscal year is positive.
Titan Logix Corp.'s unaudited financial statements and management's discussion and analysis for the first quarter of fiscal 2012 as well as its audited financial statements and management's discussion and analysis for its fiscal year ended August 31, 2011 are available on SEDAR at www.sedar.com and on the company's website, www.titanlogix.com
On January 30, 2012 120,000 incentive share purchase options exercisable at $0.37 per share to January 30, 2017 were awarded to the director W. Douglas Frame. The Board of Directors also approved additional incentive stock options for the directors of an aggregate of 60,000 shares which are also exercisable over the five year period ending January 30, 2017 at a price of $0.37 per share. All options were granted in accordance with the company's stock option plan as approved by the shareholders on January 17, 2003.
About Titan Logix Corp.:
Founded in 1979, Titan Logix Corp. ("Titan" or "the Company") is a high technology company specializing in Research and Development (R&D), manufacturing and marketing of advanced technology fluid management solutions, particularly for use in mobile tanker applications. The Company's world class Guided Wave Radar (GWR) solutions are currently used in the oil and gas, waste collection and aviation industries. These technologies and their derivatives under development are applicable to a variety of additional markets which Titan plans to expand into at the appropriate time. A common practice in many of these markets is the use of manual methods for measurement and control. Due to safety considerations, the rising cost of many fluids, awareness and concerns about the environment and technological advancements enabling better operational efficiencies, we are experiencing an increased demand for our advanced technology products. We anticipate this demand will continue as we pursue expansion into other markets.
The products we manufacture are part of a complete asset management solution. The full solution consists of our own market leading products integrated with best-in-class third party solutions to enable our customers to benefit from complete fluid management, throughout each stage of their fluid handling processes. This is captured by our 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 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.
This news release contains certain statements with information that may be forward-looking and subject to unknown risks and uncertainties. The actual results, performance and achievements of Titan Logix Corp. may differ materially from the results, performance and achievements expressed or implied by such forward-looking statements. These forward-looking statements may not relate strictly to historical or current facts. They represent management's views as of the date of this press release and we assume no obligation to update them. We caution you not to place undue reliance on these forward-looking statements.
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.