Welcome!

.NET Authors: Elizabeth White, Jayaram Krishnaswamy, Sematext Blog, ITinvolve Blog, Aditya Banerjee

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
There is no doubt that Big Data is here and getting bigger every day. Building a Big Data infrastructure today is no easy task. There are an enormous number of choices for database engines and technologies. To make things even more challenging, requirements are getting more sophisticated, and the standard paradigm of supporting historical analytics queries is often just one facet of what is needed. As Big Data growth continues, organizations are demanding real-time access to data, allowing immediate and actionable interpretation of events as they happen. Another aspect concerns how to deliver ...
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using the URL as a basic building block, we open this up and get the same resilience that the web enjoys.
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect at GE, and Ibrahim Gokcen, who leads GE's advanced IoT analytics, focused on the Internet of Things / Industrial Internet and how to make it operational for business end-users. Learn about the challenges posed by machine and sensor data and how to marry it with enterprise data. They also discussed the tips and tricks to provide the Industrial Internet as an end-user consumable service using Big Data Analytics and Industrial Cloud.
Things are being built upon cloud foundations to transform organizations. This CEO Power Panel at 15th Cloud Expo, moderated by Roger Strukhoff, Cloud Expo and @ThingsExpo conference chair, addressed the big issues involving these technologies and, more important, the results they will achieve. Rodney Rogers, chairman and CEO of Virtustream; Brendan O'Brien, co-founder of Aria Systems, Bart Copeland, president and CEO of ActiveState Software; Jim Cowie, chief scientist at Dyn; Dave Wagstaff, VP and chief architect at BSQUARE Corporation; Seth Proctor, CTO of NuoDB, Inc.; and Andris Gailitis, C...
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff happens, where data lives and where the interface lies. For instance, it's a mix of architectural styles ...
The Industrial Internet revolution is now underway, enabled by connected machines and billions of devices that communicate and collaborate. The massive amounts of Big Data requiring real-time analysis is flooding legacy IT systems and giving way to cloud environments that can handle the unpredictable workloads. Yet many barriers remain until we can fully realize the opportunities and benefits from the convergence of machines and devices with Big Data and the cloud, including interoperability, data security and privacy.
Technology is enabling a new approach to collecting and using data. This approach, commonly referred to as the "Internet of Things" (IoT), enables businesses to use real-time data from all sorts of things including machines, devices and sensors to make better decisions, improve customer service, and lower the risk in the creation of new revenue opportunities. In his General Session at Internet of @ThingsExpo, Dave Wagstaff, Vice President and Chief Architect at BSQUARE Corporation, discuss the real benefits to focus on, how to understand the requirements of a successful solution, the flow of ...
Cloud Expo 2014 TV commercials will feature @ThingsExpo, which was launched in June, 2014 at New York City's Javits Center as the largest 'Internet of Things' event in the world.
"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Performance is the intersection of power, agility, control, and choice. If you value performance, and more specifically consistent performance, you need to look beyond simple virtualized compute. Many factors need to be considered to create a truly performant environment. In his General Session at 15th Cloud Expo, Harold Hannon, Sr. Software Architect at SoftLayer, discussed how to take advantage of a multitude of compute options and platform features to make cloud the cornerstone of your online presence.
In this Women in Technology Power Panel at 15th Cloud Expo, moderated by Anne Plese, Senior Consultant, Cloud Product Marketing at Verizon Enterprise, Esmeralda Swartz, CMO at MetraTech; Evelyn de Souza, Data Privacy and Compliance Strategy Leader at Cisco Systems; Seema Jethani, Director of Product Management at Basho Technologies; Victoria Livschitz, CEO of Qubell Inc.; Anne Hungate, Senior Director of Software Quality at DIRECTV, discussed what path they took to find their spot within the technology industry and how do they see opportunities for other women in their area of expertise.
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete at launch. DevOps may be disruptive, but it is essential.
Wearable devices have come of age. The primary applications of wearables so far have been "the Quantified Self" or the tracking of one's fitness and health status. We propose the evolution of wearables into social and emotional communication devices. Our BE(tm) sensor uses light to visualize the skin conductance response. Our sensors are very inexpensive and can be massively distributed to audiences or groups of any size, in order to gauge reactions to performances, video, or any kind of presentation. In her session at @ThingsExpo, Jocelyn Scheirer, CEO & Founder of Bionolux, will discuss ho...
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
“With easy-to-use SDKs for Atmel’s platforms, IoT developers can now reap the benefits of realtime communication, and bypass the security pitfalls and configuration complexities that put IoT deployments at risk,” said Todd Greene, founder & CEO of PubNub. PubNub will team with Atmel at CES 2015 to launch full SDK support for Atmel’s MCU, MPU, and Wireless SoC platforms. Atmel developers now have access to PubNub’s secure Publish/Subscribe messaging with guaranteed ¼ second latencies across PubNub’s 14 global points-of-presence. PubNub delivers secure communication through firewalls, proxy ser...
We’re no longer looking to the future for the IoT wave. It’s no longer a distant dream but a reality that has arrived. It’s now time to make sure the industry is in alignment to meet the IoT growing pains – cooperate and collaborate as well as innovate. In his session at @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, will examine the key ingredients to IoT success and identify solutions to challenges the industry is facing. The deep industry expertise behind this presentation will provide attendees with a leading edge view of rapidly emerging IoT oppor...
Connected devices and the Internet of Things are getting significant momentum in 2014. In his session at Internet of @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, examined three key elements that together will drive mass adoption of the IoT before the end of 2015. The first element is the recent advent of robust open source protocols (like AllJoyn and WebRTC) that facilitate M2M communication. The second is broad availability of flexible, cost-effective storage designed to handle the massive surge in back-end data in a world where timely analytics is e...
"There is a natural synchronization between the business models, the IoT is there to support ,” explained Brendan O'Brien, Co-founder and Chief Architect of Aria Systems, in this SYS-CON.tv interview at the 15th International Cloud Expo®, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges. In his session at @ThingsExpo, Jeff Kaplan, Managing Director of THINKstrategies, will examine why IT must finally fulfill its role in support of its SBUs or face a new round of...