Welcome!

Microsoft Cloud Authors: Elizabeth White, Liz McMillan, Mihai Corbuleac, Pat Romanski, David Bermingham

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
SYS-CON Events announced today that EastBanc Technologies will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. EastBanc Technologies has been working at the frontier of technology since 1999. Today, the firm provides full-lifecycle software development delivering flexible technology solutions that seamlessly integrate with existing systems – whether on premise or cloud. EastBanc Technologies partners with p...
SYS-CON Events announced today that BMC Software has been named "Siver Sponsor" of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. BMC is a global leader in innovative software solutions that help businesses transform into digital enterprises for the ultimate competitive advantage. BMC Digital Enterprise Management is a set of innovative IT solutions designed to make digital business fast, seamless, and optimized from mainframe to mo...
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 18th International CloudExpo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device. For more information, please visit https://www.mangoapps.com/.
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discuss how businesses can gain an edge over competitors by empowering consumers to take control through IoT. We'll cite examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He'll also highlight how IoT can revitalize and restore outdated business models, making them profitable...
In his session at 18th Cloud Expo, Bruce Swann, Senior Product Marketing Manager at Adobe, will discuss how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects). Bruce Swann has more than 15 years of experience working with digital marketing disciplines like web analytics, social med...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
Companies can harness IoT and predictive analytics to sustain business continuity; predict and manage site performance during emergencies; minimize expensive reactive maintenance; and forecast equipment and maintenance budgets and expenditures. Providing cost-effective, uninterrupted service is challenging, particularly for organizations with geographically dispersed operations.
Customer experience has become a competitive differentiator for companies, and it’s imperative that brands seamlessly connect the customer journey across all platforms. With the continued explosion of IoT, join us for a look at how to build a winning digital foundation in the connected era – today and in the future. In his session at @ThingsExpo, Chris Nguyen, Group Product Marketing Manager at Adobe, will discuss how to successfully leverage mobile, rapidly deploy content, capture real-time d...
SYS-CON Events announced today that ContentMX, the marketing technology and services company with a singular mission to increase engagement and drive more conversations for enterprise, channel and SMB technology marketers, has been named “Sponsor & Exhibitor Lounge Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York. “CloudExpo is a great opportunity to start a conversation with new prospects, but what happens after the...
SoftLayer operates a global cloud infrastructure platform built for Internet scale. With a global footprint of data centers and network points of presence, SoftLayer provides infrastructure as a service to leading-edge customers ranging from Web startups to global enterprises. SoftLayer's modular architecture, full-featured API, and sophisticated automation provide unparalleled performance and control. Its flexible unified platform seamlessly spans physical and virtual devices linked via a world...
IoT generates lots of temporal data. But how do you unlock its value? How do you coordinate the diverse moving parts that must come together when developing your IoT product? What are the key challenges addressed by Data as a Service? How does cloud computing underlie and connect the notions of Digital and DevOps What is the impact of the API economy? What is the business imperative for Cognitive Computing? Get all these questions and hundreds more like them answered at the 18th Cloud Expo...
SYS-CON Events announced today Object Management Group® has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
What a difference a year makes. Organizations aren’t just talking about IoT possibilities, it is now baked into their core business strategy. With IoT, billions of devices generating data from different companies on different networks around the globe need to interact. From efficiency to better customer insights to completely new business models, IoT will turn traditional business models upside down. In the new customer-centric age, the key to success is delivering critical services and apps wit...
Join us at Cloud Expo | @ThingsExpo 2016 – June 7-9 at the Javits Center in New York City and November 1-3 at the Santa Clara Convention Center in Santa Clara, CA – and deliver your unique message in a way that is striking and unforgettable by taking advantage of SYS-CON's unmatched high-impact, result-driven event / media packages.
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, will provide an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life ...
As cloud and storage projections continue to rise, the number of organizations moving to the cloud is escalating and it is clear cloud storage is here to stay. However, is it secure? Data is the lifeblood for government entities, countries, cloud service providers and enterprises alike and losing or exposing that data can have disastrous results. There are new concepts for data storage on the horizon that will deliver secure solutions for storing and moving sensitive data around the world. ...
SYS-CON Events announced today that MobiDev will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex software systems for startups and enterprises. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobile software company with over 200 develope...
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, will discuss the importance of WebRTC and how it enables companies to fo...