EDMONTON, ALBERTA--(CCNMatthews - Nov. 30, 2006) - Titan Logix Corp., (TSX VENTURE:TLA) a high technology industrial instrumentation and controls company, today announced financial results for the year ended August 31, 2006.
The Company's earnings for the 2006 fiscal year increased by $101,247 to $440,882 from fiscal 2005 net earnings of $339,635. The increase in profits of 30% is primarily attributed to the Company's strong sales of its flagship products.
Revenues for fiscal 2006 were $7,048,960 in comparison with $5,584,826 for fiscal 2006. Gross margin for fiscal 2006 of $2,779,152 (39.4%) maintained a level similar to fiscal 2005's gross margin of $2,248,974 (40.3%). Titan's reported expenses for the year ended August 31, 2006 totaled $2,343,564 in comparison with $1,873,250 for the previous year. Working capital at August 31, 2006 amounted to $2,969,735, an increase of $1,268,258 from the August 31, 2005 year-end balance of $1,701,477. The Company's strengthened cash and working capital position is a result of its increase in earnings, proceeds from warrants and options exercised, and the issuance of shares through a short form offering.
Titan's management is pleased with Titan's performance for the year ended August 31, 2006 and is confident, committed and enthusiastic about the Company's future. Titan continues to retain the services of Erythana Ventures Corp., a management consulting firm specializing in corporate development and transactional advisory services. Erythana Ventures Corp. has knowledge and expertise with respect to facilitating the growth, value and financing of industrial and technology based ventures.
The Company's 2006 annual report including its audited financial results, as well as its management discussion and analysis are available on SEDAR at www.sedar.com.
About Titan Logix Corp.
The Company's mission is to be the North American market share leader in mobile tank level measurement and control while maintaining its market interests in burner management and level gauging. It is engaged in the design, manufacturing, distribution, and support of a range of products including:
- Guided wave radar liquid gauging and control systems for mobile tankers;
- Electronic burner control systems for atmospheric industrial heaters;
- Mechanical and electronic liquid level gauging systems for storage tanks and process vessels;
- Communication and control systems enabling remote telemetry management of site processes; and
- Mud level monitoring for oil and gas drilling well control.
Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to the use of proceeds. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements, such as, among others, the use of proceeds.
FOR FURTHER INFORMATION PLEASE CONTACT:
Titan Logix Corp.
Les J. Evans
President & Chief Executive Officer