Welcome!

Microsoft Cloud Authors: Janakiram MSV, Pat Romanski, Steven Mandel, John Basso, Liz McMillan

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 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
SYS-CON Events announced today Telecom Reseller has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. 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 dev...
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
Pulzze Systems was happy to participate in such a premier event and thankful to be receiving the winning investment and global network support from G-Startup Worldwide. It is an exciting time for Pulzze to showcase the effectiveness of innovative technologies and enable them to make the world smarter and better. The reputable contest is held to identify promising startups around the globe that are assured to change the world through their innovative products and disruptive technologies. There w...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
19th Cloud Expo, taking place November 1-3, 2016, 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 enterpri...
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abil...
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years? This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
I wanted to gather all of my Internet of Things (IOT) blogs into a single blog (that I could later use with my University of San Francisco (USF) Big Data “MBA” course). However as I started to pull these blogs together, I realized that my IOT discussion lacked a vision; it lacked an end point towards which an organization could drive their IOT envisioning, proof of value, app dev, data engineering and data science efforts. And I think that the IOT end point is really quite simple…
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
Is the ongoing quest for agility in the data center forcing you to evaluate how to be a part of infrastructure automation efforts? As organizations evolve toward bimodal IT operations, they are embracing new service delivery models and leveraging virtualization to increase infrastructure agility. Therefore, the network must evolve in parallel to become equally agile. Read this essential piece of Gartner research for recommendations on achieving greater agility.
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.