EDMONTON, ALBERTA--(Marketwire - Dec. 20, 2011) - 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, 2011.
Financial results are summarized as follows:
|Q4 2011||Q4 2010||YE 2011||YE 2010|
|Earnings (loss) before income taxes||653,412||248,790||1,103,194||(367,298||)|
|Net earnings ( loss)||1,261,621||34,898||1,704,529||(586,471||)|
|Basic and diluted earnings( loss) per share||0.05||0.00||0.07||(0.02||)|
Summary of Sales Revenue and Net (Loss) Earnings:
Titan Logix Corp.'s sales for fiscal 2011 totaled $11,104,975, an increase of $4,447,875 from sales of $6,657,100 in the previous year. Earnings before income tax, for the fiscal year ended August 31, 2011 was $1,103,194 compared to a loss before income tax of $367,298 in fiscal 2010. Net earnings and comprehensive income was $1,704,529 compared to a net loss of $586,471 for fiscal 2010. This represents a 67% increase in sales and a 391% increase in net earnings. The fiscal 2011 results reflect the successful execution of our strategic plan, our continually improving operational strength, and the ever increasing customer demand for our oilfield fluid transport products.
In the fourth quarter of 2011 Titan's sales were $3,457,350, an increase of $1,245,233 from the fourth quarter sales of $2,212,117 in fiscal 2010. The net earnings in the fourth quarter of fiscal 2011 was $1,261,621, or $0.05 per share, compared to net income of $34,898 or $0.00 per share in the fourth quarter of fiscal 2010. The substantial increase in net earnings reflects the higher sales and the $608,871 income tax recovery recorded in the fourth quarter of fiscal 2011 as compared to an income tax expense of $213,892 recorded in the comparable period of fiscal 2010.
Fiscal 2011 marked the achievement of record revenues in Titan's history. The primary source of the increased revenues and net earnings was Titan's strategic effort to increase market share of its flagship product, the TD80 transport gauging system, into the United States.
Summary of Operating Expenses:
In fiscal 2011, total expenses were $3,886,929, an increase from $2,807,206 in the previous year. General and administration expenses were $1,635,124 compared to $1,240,101 in fiscal 2010. Engineering and development expenses for fiscal 2011 were $789,280 as compared to fiscal 2010's expense of $594,236. Marketing and sales expenses were $1,325,741 compared to $901,117 in the previous year. Titan had a loss on foreign exchange of $61,196 due to changes in the value of the Canadian dollar as compared to a gain in fiscal 2010 of $4,154.
At August 31, 2011 working capital was $4,430,414 compared to the August 31, 2010 year-end balance of $3,346,447. Cash and cash equivalents were $1,457,324 at the end of fiscal 2011 compared to $1,140,810 on August 31, 2010. Titan does not have any debt except for trade payables. Titan continues to maintain a strong balance sheet and a good cash position.
Summary of our Focus and Initiatives for Fiscal 2012:
Fiscal year 2011 was a transition year as Greg McGillis became Titan's President and Chief Operating Officer. In December 2011, Les Evans retired from his role as CEO and Mr. McGillis was appointed as President and CEO. "I thank the Board for their confidence to appoint me to lead the Company at this exciting time. The Titan team is fully engaged as we embark on the next stage of the execution of our strategic plan." said Greg McGillis.
Historically Titan has seen a strong correlation between oil industry drilling activity and its revenue. This is reflected in the current year's sales and net earnings before taxes compared to the previous year when drilling activity was substantially lower. Based on the expected ongoing high level of exploration in the petroleum industry both in Canada and the U.S., Titan's outlook for the next fiscal year is positive.
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 2012 are:
- Financial - increase our downstream revenue as a percentage of total revenue; grow our share price; increase gross profit and return on sales.
- Market and Customer - focus on our Mission Statement; grow our USA crude oil market share; release new Stik products.
- Operations - further integration of our business systems; increase our manufacturing capacity; reduce delivery time.
- People - develop and strengthen our people.
Titan's core focus of its business is portrayed in its theme "In the Field, On the Road and In the Office".
Titan Logix Corp.'s audited financial statements and management's discussion and analysis for the fiscal year ended August 31, 2011 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. is an industrial instrumentation and controls company specializing in the development and manufacture of advanced technology fluid management solutions, particularly for "on the road" applications. Titan's 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 theme in many of these markets is the use of manual methods for measurement and control. However, due to the rising cost of many fluids, concerns and awareness about the environment (including the importance of spill prevention) and technological advancements, we are experiencing an increased demand for our 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 asset management, throughout each stage of their processes. This is captured by our slogan "In the Field, On the Road, In the Office".
- 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.