Titan Logix Corp. Reports Financial Results for Fiscal 2014 Third Quarter
24 Luglio 2014 - 3:00PM
Marketwired Canada
Titan Logix Corp., (TSX VENTURE:TLA) ("Titan" or the "Company"), an advanced
technology industrial instrumentation and controls company today reported its
unaudited financial results for the third quarter of its fiscal 2014, ended May
31, 2014.
Financial Highlight Summary
(in Canadian dollars)
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Three months ended Nine months ended
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May 31, 2014 May 31, 2013 May 31, 2014 May 31, 2013
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Sales $ 4,325,360 $ 4,576,469 $ 12,558,570 $ 12,649,822
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Gross profit
(GP) $ 2,253,403 $ 2,564,814 $ 6,494,641 $ 6,726,768
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GP % 52% 56% 52% 53%
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Earnings before
income tax $ 756,796 $ 1,279,950 $ 2,605,194 $ 3,557,339
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Net earnings $ 552,267 $ 959,962 $ 1,928,139 $ 2,626,394
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EBITDA $ 878,481 $ 1,311,702 $ 2,865,132 $ 3,656,321
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EPS (diluted) $ 0.02 $ 0.04 $ 0.07 $ 0.10
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Financial Position As at May 31, 2014 As at August 31, 2013
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Working capital $ 13,730,651 $ 12,184,559
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Total assets $ 19,237,069 $ 16,770,570
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Long-term liabilities $ 390,875 $ 366,104
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Total equity $ 17,124,637 $ 15,041,798
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For the first nine months of fiscal 2014 ended May 31, 2014, sales were
$12,558,570, down by $91,252 or 1% from sales of $12,649,822 in the first nine
months of fiscal 2013. Sales remained consistent primarily as a result of
successful efforts in the retrofit market and increased market penetration which
together mitigated the impact of a decline in new crude oil tanker construction.
Sales for the third quarter of fiscal 2014 totaled $4,325,360, a decrease of
$251,109 or 5% from sales of $4,576,469 in the previous year's third quarter.
This is primarily a result of a market-wide slowdown in new oil industry tanker
construction. Titan's sales outside of Canada, primarily to the U.S., were
$2,266,021 in the third quarter of fiscal 2014, a decrease of 8% from sales of
$2,452,116 in the third quarter ended May 31, 2013. Sales in Canada for the
third quarter of fiscal 2014 decreased by 3% to $2,059,339 from sales of
$2,124,353 in the same period of fiscal 2013. Sales for the quarter ending May
31, 2014 reflect an increase from the most recent quarter. Titan continues to
increase its market penetration due to the successful execution of its sales
initiatives and has seen a less severe decline in its sales as a result.
In the first nine months of fiscal 2014, total expenses were $4,034,152 compared
to $3,217,379 in the first nine months of fiscal 2013. This increase is
primarily due to costs associated with increases in wages, higher than usual
professional fees related to a product recall, network upgrades, and rent
expense. Titan recorded the capitalization of product development costs of
$587,896 in the nine months ended May 31, 2014 as compared to $717,079 in fiscal
2013's comparable period. This decrease is a result of increased activities
related to recently commercialized products as well as a product recall. These
activities are not eligible for deferral under IFRS.
At May 31, 2014 cash and cash equivalents and short term investments were
$10,908,800 compared to $9,257,177 at the end of fiscal 2013. Titan does not
have any debt except for trade payables, accrued liabilities and finance lease
obligations.
Business Outlook
Our OEM customers in the mobile crude oil tanker markets are reporting a slight
decrease in orders compared to a year ago. However, as a result of increased
market penetration, we expect the related revenue to remain consistent with
fiscal 2013.
Titan is committed to focused and targeted product innovation. This focus
includes the formation of an enhanced in-house application and support
engineering arm. By doing this, product innovation can be executed more
consistently and efficiently. Further, expansion of our development environment,
including more advanced in-house development, testing equipment/facilities, and
the addition of key engineering staff is currently underway.
New product lines
We have seen a growing interest in our UsedOil-Stik. We recently joined NORA,
the US Association of Responsible Recyclers. After attending their 2014 Mid-Year
Meeting, we are encouraged with the relationships we have formed and the
positive UsedOil-Stik feedback we received. These relationships should
positively impact future sales. NORA has recently formed an Environment, Health
and Safety Forum. Leaders will meet each month to discuss environmental and
safety topics related to the liquid recycling industry. This is important in
relation to UsedOil-Stik sales as our product not only provides accurate level
measurement and helps prevent spills, it also reduces the need for the driver to
get on top of the tank.
Demand for the new Stik products is growing in the targeted markets. Customers
have identified useful product enhancements, like printer capability and
communication drivers, which we are incorporating. We expect these improvements
will make the products even more applicable to the market needs. We are
completing an enhancement to the Chem-Stik which we expect will help us gain
additional market penetration.
As reported in last quarter's MD&A, field trials of the advanced fluid level
gauging system for refined fuel tankers began in April 2014. These systems have
performed well, providing valuable data that will assist with the full
commercial launch expected later this calendar year. The refined fuels mobile
tanker gauging market is larger than the crude oil market. This new gauging
system will enable Titan to tap into this market with an advanced technology
solution designed to meet current and emerging market needs.
Additional Information
Titan Logix Corp.'s unaudited financial statements and management's discussion
and analysis for the third quarter of fiscal 2014 as well as its audited
financial statements and management's discussion and analysis for its fiscal
year ended August 31, 2013 are available on SEDAR at www.sedar.com and on the
Company's website, www.titanlogix.com.
About Titan Logix Corp.
Founded in 1979, Titan Logix Corp. is a high technology company specializing in
Research and Development (R&D), manufacturing and marketing of advanced
technology fluid management solutions. The Company's focus includes Guided Wave
Radar (GWR) gauges for level measurement and overfill prevention (particularly
for use in mobile tanker applications), level gauges for storage tanks, burner
management for oilfield heaters, and communication systems for remote alarming
and control.
This is captured by our slogan "Advanced Technology Fluid Management Solutions,
In the Field, On the Road, In the Office"(TM).
-- 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 Toronto Venture Stock
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.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Titan Logix Corp.
Greg McGillis, P.Eng.
President and Chief Executive Officer
(780) 462-4085
invest@titanlogix.com
www.titanlogix.com
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