Titan Logix Corp. Reports Financial Results for Fiscal 2014 Second Quarter
April 16 2014 - 5:21PM
Marketwired
Titan Logix Corp. Reports Financial Results for Fiscal 2014 Second
Quarter
EDMONTON, ALBERTA--(Marketwired - Apr 16, 2014) - 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 second quarter of
its fiscal 2014, ended February 28, 2014.
Financial
Highlight Summary (in Canadian dollars)
|
|
Three months ended |
|
Six months ended |
|
|
|
Feb. 28, 2014 |
|
Feb. 28, 2013 |
|
Feb. 28, 2014 |
|
Feb. 28, 2013 |
|
|
Sales |
$ |
3,800,893 |
|
$ |
4,063,398 |
|
$ |
8,233,210 |
|
$ |
8,073,353 |
|
|
Gross profit (GP) |
$ |
1,979,829 |
|
$ |
2,174,173 |
|
$ |
4,241,238 |
|
$ |
4,161,954 |
|
|
GP % |
|
52 |
% |
|
54 |
% |
|
52 |
% |
|
52 |
% |
|
Earnings before income tax |
$ |
722,875 |
|
$ |
1,218,829 |
|
$ |
1,848,398 |
|
$ |
2,277,389 |
|
|
Net earnings |
$ |
539,514 |
|
$ |
885,175 |
|
$ |
1,375,872 |
|
$ |
1,666,432 |
|
|
EBITDA |
$ |
816,644 |
|
$ |
1,249,128 |
|
$ |
1,986,647 |
|
$ |
2,344,619 |
|
|
EPS (diluted) |
$ |
0.02 |
|
$ |
0.03 |
|
$ |
0.05 |
|
$ |
0.06 |
|
|
|
|
|
|
Financial Position |
As at February 28, 2014 |
As at August 31, 2013 |
|
Working capital |
$ |
13,133,252 |
$ |
12,184,559 |
|
Total assets |
$ |
18,568,768 |
$ |
16,770,570 |
|
Long-term liabilities |
$ |
409,456 |
$ |
366,104 |
|
Total equity |
$ |
16,520,870 |
$ |
15,041,798 |
For the first six months of fiscal 2014 ended February 28, 2014,
sales were $8,233,210, up by 2% from sales of $8,073,353 in the
first six months of fiscal 2013. This increase is primarily
attributable increased to sales of the Company's "On the Road"
solution offerings for mobile tanker trucks and trailers to
Original Equipment Manufacturers (OEMs) and increased retrofit
sales in the first quarter of fiscal 2014, offset by the reduced
sales in the second quarter of the fiscal year. Titan's sales
outside of Canada, primarily to the U.S., were $1,880,200 in this
second quarter of fiscal 2014, a decrease of 3% from sales of
$1,940,378 in the second quarter ended February 28, 2013. Sales in
Canada for the second quarter of fiscal 2014 decreased by 10% to
$1,920,693 from sales of $2,123,020 in the same period of fiscal
2013. Sales for the quarter ending February 28, 2014 reflect a
decrease from the most recent quarter and from the comparable
period of the previous year. This is primarily a result of a
short-term decrease in new oil industry tanker construction seen
during the second quarter due to an unusually longer operational
shut down of a number of original equipment manufacturers (OEMs)
over the Christmas season, and a reduction in product sales in the
Saskatchewan area.
Total expenses for the first six months of fiscal 2014 were
$2,509,026 compared to $1,912,838 in the same period a year ago.
This increase is primarily due to costs associated with increases
in wages, higher than usual professional fees related to the FGI
351 recall, network upgrades, and rent expense. During the six
months ended February 28, 2014, Titan recorded an increase to
capitalized product development costs of $466,130 compared to
$378,836 in the comparable period of fiscal 2013. This increase is
a result of additional resources being allocated to product
development of new and innovative products including a next
generation burner management system.
At February 28, 2014 cash and cash equivalents and short term
investments were $10,619,248 compared to $9,257,177 at the end of
fiscal 2013. Titan does not have any debt except for trade
payables, accrued liabilities and finance lease obligations.
Business
Outlook
Early installations of our latest commercialized Stik products -
Av-Stik, Chem-Stik and UsedOil-Stik - showed the need for some
minor modifications resulting in a slower than expected product
launch. With completion of these modifications, we are seeing a
growing confidence in these products resulting in orders received
from customers in the targeted markets.
Titan is committed to focused and targeted research and
development. Our continued development of new and innovative
products, including additional Stik gauges, will drive our success.
Over the last three months, we have strengthened our research and
development team with the hiring of additional engineering
staff.
North American field trials of MechTronic's advanced fluid level
gauging system for refined fuel tankers are scheduled to begin in
April 2014. Titan staff will receive installation and operational
training from MechTronic's engineers. Field performance data will
be used in preparation for the full commercial launch later this
year.
While we have seen a slight increase in sales over the first six
months of this fiscal year compared to the first six months of
fiscal 2013, we expect to see sales in the upcoming quarter to
remain at current levels. This will be a decline from the same
quarter last year, bringing increased urgency to the sale of
recently released products and the introduction of new
products.
Additional
Information
Titan Logix Corp.'s unaudited financial statements and
management's discussion and analysis for the second quarter of
fiscal 2014 as well as its audited financial statements and
management's discussion and analysis for its fiscal year ended
August 31, 2013 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 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.
This is captured by our slogan "Advanced Technology Fluid
Management Solutions, 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.
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.
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.
Titan Logix Corp.Greg McGillis, P.Eng.President and Chief
Executive Officer(780)
462-4085invest@titanlogix.comwww.titanlogix.com
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