Click here to close now.




















Welcome!

Microsoft Cloud Authors: Adine Deford, Elizabeth White, the Editor, Michael Krems, Xenia von Wedel

News Feed Item

Titan Logix Corp. Reports Financial Results for Fiscal 2013 First- Quarter, the Granting of Incentive Options and New Vice President

EDMONTON, ALBERTA -- (Marketwire) -- 01/23/13 -- 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 first quarter of its fiscal 2013, ended November 30, 2012.

Summary of Sales Revenue, Gross Profit and Net Earnings:

Sales for the first quarter ended November 30, 2012 were $4,009,955, an increase of 18% from sales of $3,389,692 in the first quarter of fiscal 2012. Gross profit in the three month period was $2,036,577 (51%) compared to $1,579,893 (47%) in the comparable period of the previous fiscal year. Net earnings and comprehensive income was $1,058,560 before tax and $781,257 after tax ($0.03 per diluted share) compared to $630,086 before tax and $622,237 after tax ($0.02 per diluted share) in the same quarter of the previous fiscal year. The increase is tied to the increase in sales for the period. Income tax expense for the previous year's first quarter was minimal compared to fiscal 2013 as the Company had unrecognized deferred tax assets available to reduce income tax expense.

Financial results for the first three months of fiscal 2013 reflect Titan Logix Corp's successful execution of its strategic plan, its continued operational strength and the continued customer demand for its oilfield fluid transport products.

Summary of Operating Expenses:

Total expenses for the first three months of fiscal 2013 were $989,218 compared to $951,945 in the same period a year ago. General and administration expenses were $471,564, compared to $450,698 recorded in the same period of the previous fiscal year. Engineering and development expense was $124,023 compared to $194,107. During the three months ended November 30, 2012, Titan recorded an increase to capitalized product development costs of $143,471 compared to $67,565 in the three months of the previous fiscal year. This increase is a result of additional resources being allocated to new product development rather than sustaining engineering in comparison to the previous year's first quarter. Marketing and sales expense increased from $353,553 in the previous fiscal year's first three months to $404,892 for the first three months of fiscal 2013. As a percentage of sales, operating expenses are 25% for the three month period ended November 30, 2012 compared to 28% for the same period of fiscal 2012. The reduction of operating expenses as a percentage of sales is primarily due to the increase in revenues and also the continued focus on controlling of operating costs.

Working Capital:

At November 30, 2012, working capital was $9,514,113 compared to the August 31, 2012 year-end balance of $8,557,406. Cash and cash equivalents and short term investments were $6,899,143 compared to $5,760,318 at the end of fiscal 2012. Titan does not have any debt except for trade and accrued payables.

Business Outlook:

The customer activity in our primary market has decreased from the peak levels of the previous fiscal year. Sales for this most recent quarter ending November 30, 2012, are lower than the previous three quarters (second, third and fourth quarter of fiscal 2012). This market correction is expected to continue to have an impact on our sales into the next quarter. We plan to address this correction by continuing to focus on increasing our market share.

Additional Information:

Titan Logix Corp.'s unaudited financial statements and management's discussion and analysis for the first quarter of fiscal 2013 as well as its audited financial statements and management's discussion and analysis for its fiscal year ended August 31, 2012 are available on SEDAR at www.sedar.com and on the company's website, www.titanlogix.com

Titan also announces that on January 18th, 2013 the Board of Directors appointed Jeff Langford as Vice President of the Burner Management System business unit of Titan Logix Corp. As previously announced Mr. Langford will lead this new business unit and comes to Titan with over 20 years of burner and combustion experience.

In addition at Titan's Annual General Meeting held on January 18, 2013, shareholders re-elected R.W. (Bob) Logan, Dave Kastelic, Matthew Marquardt, W. Douglas Frame and Greg McGillis to the Board of Directors of Titan.

The Board of Directors approved incentive stock options for the directors of an aggregate of 80,000 shares which are exercisable over a five year period ending January 18, 2018 at a price of $0.63 per share. The Board of Directors also approved incentive stock options for Mr. Langford of 50,000 shares at a price of $0.63 per share which are also exercisable over the five year period ending January 18, 2018, following a one year vesting period. All options were granted in accordance with the Company's stock option plan as approved by the shareholders on January 17, 2003.

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. The Company's products include 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. The products are currently used in the oil and gas, waste fluid collection, chemical 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 an increased demand for our advanced technology products. We anticipate this demand will continue as we 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 Toronto Venture Stock 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 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
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
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.
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.
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?
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,...
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...
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.
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...
Through WebRTC, audio and video communications are being embedded more easily than ever into applications, helping carriers, enterprises and independent software vendors deliver greater functionality to their end users. With today’s business world increasingly focused on outcomes, users’ growing calls for ease of use, and businesses craving smarter, tighter integration, what’s the next step in delivering a richer, more immersive experience? That richer, more fully integrated experience comes about through a Communications Platform as a Service which allows for messaging, screen sharing, video...
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...
The Internet of Things (IoT) is about the digitization of physical assets including sensors, devices, machines, gateways, and the network. It creates possibilities for significant value creation and new revenue generating business models via data democratization and ubiquitous analytics across IoT networks. The explosion of data in all forms in IoT requires a more robust and broader lens in order to enable smarter timely actions and better outcomes. Business operations become the key driver of IoT applications and projects. Business operations, IT, and data scientists need advanced analytics t...
A producer of the first smartphones and tablets, presenter Lee M. Williams 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. In his session at @ThingsExpo, Lee Williams, COO of ETwater, 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.
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...
Akana has announced the availability of the new Akana Healthcare Solution. The API-driven solution helps healthcare organizations accelerate their transition to being secure, digitally interoperable businesses. It leverages the Health Level Seven International Fast Healthcare Interoperability Resources (HL7 FHIR) standard to enable broader business use of medical data. Akana developed the Healthcare Solution in response to healthcare businesses that want to increase electronic, multi-device access to health records while reducing operating costs and complying with government regulations.
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducted a live demonstration of how quickly application development can happen when the need to comply wit...
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Architect for the Internet of Things and Intelligent Systems, described how to revolutionize your archit...
MuleSoft has announced the findings of its 2015 Connectivity Benchmark Report on the adoption and business impact of APIs. The findings suggest traditional businesses are quickly evolving into "composable enterprises" built out of hundreds of connected software services, applications and devices. Most are embracing the Internet of Things (IoT) and microservices technologies like Docker. A majority are integrating wearables, like smart watches, and more than half plan to generate revenue with APIs within the next year.
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Opening Keynote at 16th Cloud Expo, Sandy Carter, IBM General Manager Cloud Ecosystem and Developers, and a Social Business Evangelist, d...