Click here to close now.




















Welcome!

Microsoft Cloud Authors: Greg O'Connor, Elizabeth White, Wesley Coelho, Adine Deford, the Editor

News Feed Item

Titan Logix Corp. Reports Fiscal 2012 Year End and Q4 Financial Results

EDMONTON, ALBERTA -- (Marketwire) -- 11/26/12 -- Titan Logix Corp., (TSX VENTURE:TLA), an advanced technology industrial instrumentation and controls company, announces its results for the three months and year ended August 31, 2012.

Financial results are summarized as follows:


----------------------------------------------------------------------------
                                 Q4 2012     Q4 2011     YE 2012     YE 2011
----------------------------------------------------------------------------
                                       $           $           $           $
----------------------------------------------------------------------------
Revenues                       5,131,387   3,457,350  17,941,757  11,104,975
----------------------------------------------------------------------------
Gross profit                   2,560,365   1,631,795   9,089,205   4,961,274
----------------------------------------------------------------------------
Earnings before income taxes     919,530     654,680   4,271,468   1,108,264
----------------------------------------------------------------------------
Net earnings                     878,981   1,262,889   3,657,718   1,709,599
----------------------------------------------------------------------------
Basic earnings per share            0.04        0.05        0.15        0.07
----------------------------------------------------------------------------

Summary of Sales Revenue and Net Earnings:

Titan Logix Corp.'s sales for fiscal 2012 totaled $17,941,757, an increase of $6,836,782 from sales of $11,104,975 in the previous year. Earnings before income tax, for the fiscal year ended August 31, 2012 was $4,271,468 compared to $1,108,264 in fiscal 2011. Net earnings and comprehensive income were $3,657,718 compared to $1,709,599 for fiscal 2011. This represents a 62% increase in sales and a 114% increase in net earnings. The fiscal 2012 results reflect the successful execution of our strategic plan, our continually improving operational strength, and the increased customer demand for our oilfield fluid transport products.

In the fourth quarter of 2012 Titan's sales were $5,131,387, an increase of $1,674,037 from the fourth quarter sales of $3,457,350 in fiscal 2011. The net earnings in the fourth quarter of fiscal 2012 were $878,981 compared to net income of $1,262,889 in the fourth quarter of fiscal 2011. The decrease in net earnings is attributable to the fourth quarter increase of $40,549 in income tax expense as compared to the $608,209 income tax recovery recorded in the fourth quarter of fiscal 2011, offset by the increase in earnings before tax.

Fiscal 2012 marked the achievement of record revenues in Titan's history. Titan's sales outside of Canada, primarily to the U.S., were $8,677,531 in fiscal 2012, an increase of 139% from sales of $3,627,594 in fiscal 2011. This substantial increase in U.S. sales is a reflection of the success of Titan's strategy and response to the increasing market demand.

Summary of Operating Expenses:

In fiscal 2012, total expenses were $4,842,309, an increase from $3,881,859 in the previous year. General and administration expenses were $2,370,093 compared to $1,635,124 in fiscal 2011. Marketing and sales expenses were $1,638,066 compared to $1,325,741 in the previous year. Engineering and development expenses were $739,919 compared to $789,280 for the previous year. Total engineering and development expenditures prior to the capitalization of development costs and the recording of recoveries for funding received were $1,061,661 for fiscal 2012 compared to $1,095,017 for the previous fiscal year. Titan had a loss on foreign exchange of $18,936 due to changes in the value of the Canadian dollar as compared to a loss in fiscal 2011 of $61,196.

Financial Position

At August 31, 2012 working capital was $8,557,406 compared to the August 31, 2011 year-end balance of $4,430,414. Cash and cash equivalents were $5,060,318 at the end of fiscal 2012 compared to $1,457,324 on August 31, 2011. Titan does not have any debt except for trade payables and accrued liabilities. Titan continues to maintain a strong balance sheet and a good cash position.

"I am very pleased with how well Titan did in fiscal 2012," said Board Chair, R. W. (Bob) Logan. "We were able to keep operating costs in line while serving our customers' overwhelming demand for our products."

Summary of our Focus and Initiatives for Fiscal 2013

Fiscal year 2012 was an exceptional year for Titan.

Titan looks forward to the opportunities available in Fiscal 2013. There has been a reduction in truck tanker manufacturing levels and some manufacturers are no longer in the crude oil tanker business. These are market indicators that Titan management tracks on an ongoing basis. "We are viewing Fiscal 2013 with cautious optimism," said Greg McGillis, President and CEO. "The markets we serve are ever-changing. We monitor the activity and act accordingly."

The Company's strategy is to develop, manufacture, market and support the right products to ensure its customers achieve a high return on investment/low true cost of ownership through advanced technology. Titan sells engineered, purpose-built products that meet market needs today while providing the facility for future expansion as customer needs change.

Titan Logix Corp.'s strategic objectives for fiscal year 2013 are:


Financial                                                                   

--  Sustain financial strength 
--  Pursue profitable, strategic acquisitions and partnerships

Market and Customer                                                         

--  Grow our market share of fluid transport gauging in U.S. crude oil
    tanker manufacturing 
--  Grow into other transport gauging markets, including through the release
    of new Stik products 
--  Explore opportunities outside our core product offerings

Operations                                                                  

--  Further develop our Quality Management System (QMS) 
--  Further integrate our business systems 
--  Strengthen our R&D capabilities

People                                                                      

--  Continue to enhance the expertise of our team in the bulk/fluids
    transportation industry 
--  Develop and grow all staff 
--  Further strengthen our safety program

Titan's core focus of its business is portrayed in its theme "Advanced Technology Fluid Management Solutions, In the Field, On the Road and In the Office".

Additional Information:

Titan Logix Corp.'s audited financial statements and management's discussion and analysis for the fiscal year ended August 31, 2012 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. ("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 a continued demand for our advanced technology products. We will continue to 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"(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 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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
The 3rd International WebRTC Summit, to be held Nov. 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 15th International Cloud Expo, 6th International Big Data Expo, 3rd International DevOps Summit and 2nd Internet of @ThingsExpo. WebRTC (Web-based Real-Time Communication) is an open source project supported by Google, Mozilla and Opera that aims to enable bro...
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies leverage disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevOps to advance innovation and increase agility. Specializing in designing, imple...
Containers are not new, but renewed commitments to performance, flexibility, and agility have propelled them to the top of the agenda today. By working without the need for virtualization and its overhead, containers are seen as the perfect way to deploy apps and services across multiple clouds. Containers can handle anything from file types to operating systems and services, including microservices. What are microservices? Unlike what the name implies, microservices are not necessarily small, but are focused on specific tasks. The ability for developers to deploy multiple containers – thous...
SYS-CON Events announced today that IceWarp will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IceWarp, the leader of cloud and on-premise messaging, delivers secured email, chat, documents, conferencing and collaboration to today's mobile workforce, all in one unified interface
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo, November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be.
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
As more and more data is generated from a variety of connected devices, the need to get insights from this data and predict future behavior and trends is increasingly essential for businesses. Real-time stream processing is needed in a variety of different industries such as Manufacturing, Oil and Gas, Automobile, Finance, Online Retail, Smart Grids, and Healthcare. Azure Stream Analytics is a fully managed distributed stream computation service that provides low latency, scalable processing of streaming data in the cloud with an enterprise grade SLA. It features built-in integration with Azur...
With the proliferation of connected devices underpinning new Internet of Things systems, Brandon Schulz, Director of Luxoft IoT – Retail, will be looking at the transformation of the retail customer experience in brick and mortar stores in his session at @ThingsExpo. Questions he will address include: Will beacons drop to the wayside like QR codes, or be a proximity-based profit driver? How will the customer experience change in stores of all types when everything can be instrumented and analyzed? As an area of investment, how might a retail company move towards an innovation methodolo...
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
SYS-CON Events announced today the Containers & Microservices Bootcamp, being held November 3-4, 2015, in conjunction with 17th Cloud Expo, @ThingsExpo, and @DevOpsSummit at the Santa Clara Convention Center in Santa Clara, CA. This is your chance to get started with the latest technology in the industry. Combined with real-world scenarios and use cases, the Containers and Microservices Bootcamp, led by Janakiram MSV, a Microsoft Regional Director, will include presentations as well as hands-on demos and comprehensive walkthroughs.
Contrary to mainstream media attention, the multiple possibilities of how consumer IoT will transform our everyday lives aren’t the only angle of this headline-gaining trend. There’s a huge opportunity for “industrial IoT” and “Smart Cities” to impact the world in the same capacity – especially during critical situations. For example, a community water dam that needs to release water can leverage embedded critical communications logic to alert the appropriate individuals, on the right device, as soon as they are needed to take action.
WebRTC services have already permeated corporate communications in the form of videoconferencing solutions. However, WebRTC has the potential of going beyond and catalyzing a new class of services providing more than calls with capabilities such as mass-scale real-time media broadcasting, enriched and augmented video, person-to-machine and machine-to-machine communications. In his session at @ThingsExpo, Luis Lopez, CEO of Kurento, will introduce the technologies required for implementing these ideas and some early experiments performed in the Kurento open source software community in areas ...
Consumer IoT applications provide data about the user that just doesn’t exist in traditional PC or mobile web applications. This rich data, or “context,” enables the highly personalized consumer experiences that characterize many consumer IoT apps. This same data is also providing brands with unprecedented insight into how their connected products are being used, while, at the same time, powering highly targeted engagement and marketing opportunities. In his session at @ThingsExpo, Nathan Treloar, President and COO of Bebaio, will explore examples of brands transforming their businesses by t...
In his session at @ThingsExpo, Lee Williams, a producer of the first smartphones and tablets, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. He will explain how M2M controllers work through wirelessly connected remote controls; and specifically delve into a retrofit option that reverse-engineers control codes of existing conventional controller systems so they don't have to be replaced and are instantly converted to become smart, connected devices.
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts, GM of Platform at FinancialForce.com, will discuss the value of business applications on wearable ...
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of technology leadership, Micron's memory solutions enable the world's most innovative computing, consumer,...
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises are using some form of XaaS – software, platform, and infrastructure as a service.
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
While many app developers are comfortable building apps for the smartphone, there is a whole new world out there. In his session at @ThingsExpo, Narayan Sainaney, Co-founder and CTO of Mojio, will discuss how the business case for connected car apps is growing and, with open platform companies having already done the heavy lifting, there really is no barrier to entry.
SYS-CON Events announced today that the "Second Containers & Microservices Expo" will take place November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.