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Titan Logix Corp. Reports Fiscal 2015 Second Quarter Financial Results

Thu, 23rd Apr 2015 14:00

EDMONTON, ALBERTA--(Marketwired - April 23, 2015) - Titan Logix Corp., (TSX VENTURE:TLA) ("Titan" or the "Company"), an advanced technology industrial instrumentation and controls company announces its unaudited financial results for the second quarter of its fiscal 2015, ended February 28, 2015. Financial Highlight Summary (in Canadian dollars) ---------------------------------------------------------------------------- Three months ended February 28 % Change ---------------------------------------------------------------------------- 2015 2014 ----------------------------------------------------------------------------Sales $ 3,949,891 $ 3,800,893 4%----------------------------------------------------------------------------Gross profit (GP) $ 2,305,742 $ 1,979,829 16%----------------------------------------------------------------------------GP % 58% 52% 12%----------------------------------------------------------------------------Earnings before income tax $ 1,345,475 $ 722,875 86%----------------------------------------------------------------------------Net earnings and comprehensive income $ 1,004,334 $ 539,514 86%----------------------------------------------------------------------------EBITDA $ 1,445,084 $ 816,644 77%----------------------------------------------------------------------------EPS (diluted) $ 0.04 $ 0.02 100%---------------------------------------------------------------------------- Financial Highlight Summary (in Canadian dollars) ---------------------------------------------------------------------------- Six months ended February 28 % Change---------------------------------------------------------------------------- 2015 2014 ----------------------------------------------------------------------------Sales 8,995,136 $ 8,233,210 9%----------------------------------------------------------------------------Gross profit (GP) 5,003,754 $ 4,241,238 18%----------------------------------------------------------------------------GP % 56% 52% 8%----------------------------------------------------------------------------Earnings before income tax 2,858,083 $ 1,848,398 55%----------------------------------------------------------------------------Net earnings and comprehensive income 2,118,262 $ 1,375,872 54%----------------------------------------------------------------------------EBITDA 3,050,413 $ 1,986,647 54%----------------------------------------------------------------------------EPS (diluted) $ 0.08 $ 0.05 60%---------------------------------------------------------------------------- ---------------------------------------------------------------------------- As at February As at AugustFinancial Position 28, 2015 31, 2014----------------------------------------------------------------------------Working capital $ 17,620,370 $ 15,011,133----------------------------------------------------------------------------Total assets $ 21,995,813 $ 19,985,945----------------------------------------------------------------------------Long-term liabilities $ 598,776 $ 560,854----------------------------------------------------------------------------Total equity $ 20,151,423 $ 17,889,686----------------------------------------------------------------------------"I am proud of our team for our results in Q2," said President and CEO, Greg McGillis. "That said, the downturn in the oil patch is beginning to affect Titan, like it has many other companies. We are navigating through these challenging times by modification of our sales strategies, intensifying our efforts to complete our engineering projects, and partnering with industry leaders to diversify our product offerings and expand to additional markets. Our long term prospects are strong."Summary of Sales Revenue and Net EarningsTitan Logix Corp.'s sales for the second quarter of fiscal 2015 totaled $3,949,891, an increase of $148,998 or 4% from sales of $3,800,893 in the previous year's second quarter. Titan's sales outside of Canada, primarily to the U.S., were $2,361,455 in this second quarter of fiscal 2015, an increase of 26% from sales of $1,880,200 in the same quarter of fiscal 2014. Sales outside of Canada were 60% of Titan's total sales for the second quarter of fiscal 2015 compared to 49% in the previous year's second quarter. These sales have increased as the Company has had success in increasing its market penetration in the United States and has also benefited from the strengthened U.S dollar compared to the same period last year. For the first six months of fiscal 2015 ended February 28, 2015, sales were $8,995,136, up by $761,926 or 9% from sales of $8,233,210 in the first six months of fiscal 2014.Net earnings and comprehensive income for the second quarter was $1,004,334 ($0.04 per diluted share) compared to $539,514 ($0.02 per diluted share) for the second quarter of fiscal 2014. Net earnings and comprehensive earnings in fiscal 2015's first six months was $2,118,262 ($0.08 per diluted share) after tax as compared to earnings of $1,375,872 ($0.05 per diluted share) after tax reported for the first six months of fiscal 2014.This increase is tied to increased gross profit, a gain on foreign exchange and decreases in certain expense categories, as detailed below.Summary of Operating Expenses ---------------------------------------------------------------------------- Three months ended February 28 % Change ---------------------------------------------------------------------------- 2015 2014 ----------------------------------------------------------------------------General and administration $ 532,698 $ 728,604 (27%)----------------------------------------------------------------------------Marketing and sales $ 350,191 $ 434,337 (19%)------------------------------------------------------------------ ---------Engineering and development $ 245,820 $ 157,482 56% ----------------------------------------------------------------------------Depreciation and amortization $ 116,038 $ 90,147 29% ----------------------------------------------------------------------------(Gain) on foreign exchange $ (238,257) $ (61,576) 287% ----------------------------------------------------------------------------Total expenses $ 1,006,490 $ 1,348,994 (25%)---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Six months ended February 28 % Change ---------------------------------------------------------------------------- 2015 2014 ----------------------------------------------------------------------------General and administration $ 1,060,997 $ 1,319,395 (20%)----------------------------------------------------------------------------Marketing and sales $ 815,909 $ 889,544 (8%)----------------------------------------------------------------------------Engineering and development $ 485,974 $ 242,427 100% ----------------------------------------------------------------------------Depreciation and amortization $ 222,902 $ 131,217 70% ----------------------------------------------------------------------------(Gain) on foreign exchange $ ( 351,748) $ (73,557) 378% ----------------------------------------------------------------------------Total expenses $ 2,234,034 $ 2,509,026 (11%)----------------------------------------------------------------------------In the first half of fiscal 2015, total expenses were $2,234,034 compared to $2,509,026 in the first half of fiscal 2014. As a percentage of sales, general and administrative expenses were 12% for the six month period ended February 28, 2015, compared to 16% for the comparable period in fiscal 2014 and marketing and sales expenses were 9% of sales as compared to 11% in the same period in the prior year.Financial PositionAt February 28, 2015 working capital was $17,620,370 compared to the August 31, 2014 year-end balance of $15,011,133. At February 28, 2015 cash and cash equivalents were $14,171,451 compared to $11,845,187 at the end of fiscal 2014. Titan does not have any debt except for trade payables, accrued liabilities and finance lease obligations. Titan continues to maintain a strong balance sheet and a good cash position.Business OutlookThe decline in the price of oil has begun to negatively impact sales of TD80 systems in new tankers in the second half of fiscal 2015. We continue to evaluate the estimated depth and duration of the impact on our sales into the new tanker markets, which we expect to be significant. Our mitigation plans include increased retrofit sales efforts and sales into non-crude oil markets. Our strong financial position and leadership team enables us to weather current uncertainties, build upon our established reputation, and capitalize on opportunities being pursued this fiscal year. Diversification opportunities include building out the 'In the Field' and "In the Office' components of our business.Titan has the dominant market share for the monitoring of crude oil in over-the-road tankers in North America. To more completely facilitate the monitoring of crude oil at all points along the value chain, Titan is working on expanding its product line to include advanced technology automated stationary tank gauging. This will enable us to provide an ideal integrated total asset management gauging solution for crude oil movement from the well head to the refinery, monitored in the cloud through Titan's telematics partners. The storage tank gauging market is fractured with a variety of products, many of which are mechanical.Our TD80/Finch II/RCM technologies continue to be widely accepted. This is facilitating retrofit sales which are very important during this time of low crude oil prices. Of equal importance is our TLC gives TCC program (Titan Logix Corp. gives Total Customer Care) where we work with our OEM, dealer, strategic partner, and end user customers to ensure product suitability and reliability thus maximizing the benefit to our customers.Additional InformationTitan Logix Corp.'s unaudited financial statements and management's discussion and analysis for the second quarter of fiscal 2015 as well as its audited financial statements and management's discussion and analysis for its fiscal year ended August 31, 2014 are available on SEDAR at www.sedar.com and on the Company's website, www.titanlogix.comAbout 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, and communication systems for remote alarming and control. Our 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"(T).-- 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.Contact Information: Titan Logix Corp.Greg McGillis, P.Eng.,President and Chief Executive Officer(780) 462-4085invest@titanlogix.comwww.titanlogix.com© 2015 Marketwire L.P. All rights reserved.
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