Edmonton, Alberta--(Newsfile Corp. - November 18, 2021) - Titan Logix Corp., (TSXV: TLA) ("Titan" or the "Company"), a technology company specializing in advanced technology fluid management solutions, announces its results for the fourth quarter and year ended August 31, 2021.
Financial Highlights Summary
(in Canadian dollars)
Three months ended | Year ended | |||
August 31, 2021 | August 31, 2020 | August 31, 2021 | August 31, 2020 | |
Revenue | $ 870,538 | $ 608,828 | $ 3,533,624 | $ 4,110,035 |
Gross profit (GP) | $ 547,086 | $ 354,830 | $ 1,839,476 | $ 2,170,817 |
GM % | 63% | 58% | 52% | 53% |
Operating loss before other items and income tax | $ (153,966) | $ (261,790) | $ (850,315) | $ (1,239,753) |
Finance income and other items | $ 143,467 | $ 153,349 | $ 638,529 | $ 661,397 |
Net loss | $ (26,070) | $ (108,441) | $ (227,357) | $ (578,356) |
EPS (basic and diluted) | $ 0.00 | $ 0.00 | $ (0.01) | $ (0.02) |
Financial Position | As at August 31, 2021 | As at August 31 2020 |
Working capital | $ 11,386,485 | $ 10,963,795 |
Total assets | $ 16,273,707 | $ 16,711,107 |
Long-term liabilities | $ 253,736 | $ 383,940 |
Total equity | $ 15,537,962 | $ 15,765,319 |
FISCAL 2021 HIGHLIGHTS
"We are excited about the launch of our new product line and anticipate enthusiastic reception from our customers. Although oil price remains high and the oil rig count is on the increase, traditional gauge sales have slowed. The intel we are getting back from our tanker OEMs and dealers is that there are shortages of material, parts and other supply chain issues, resulting in a slowdown of tanker builds. Most operators are currently recommissioning sidelined equipment," said CEO, Alvin Pyke. "This has led to a drop in sales. We don't expect this situation to continue much longer as demand for oil movement is strong. It is a matter of clearing the glut of used tankers and a return to normal for material supply chains. In other news we continue to move forward with our Digital Supply Chain technology for the next generation of oil field haulers. We will be launching our new product line early in the second quarter of fiscal 2022."
The Company's audited consolidated annual financial statements and the management's discussion and analysis ("MD&A") which includes the Company's Business Outlook, for the year ended August 31, 2021, are available on SEDAR at www.sedar.com and the Company's website, www.titanlogix.com.
About Titan Logix Corp.:
Titan Logix focuses on providing data driven solutions for Supply Chain Management (SCM) of goods and service supplied to oil and gas, construction, agriculture and transportation industries. Titan's cloud connected products enable data from its edge sensor technology and others' sensors to be collected, managed and packaged for business intelligence and control.
Titan's products are designed to be a part of a complete SCM solution. The ultimate solution consists of Titan's products integrated with best-in-class data management to enable end-to-end Internet of Industrial Things (IoIT) solutions for its customers' SCM.
Founded in 1979, Titan Logix Corp. is a public company listed on the TSX Venture 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.
Information in this press release that is not current or historical factual information may constitute forward looking information within the meaning of securities laws. Implicit in this information are assumptions regarding our future operational results. These assumptions, although considered reasonable by the company at the time of preparation, may prove to be incorrect. Readers are cautioned that actual performance of the company is subject to a number of risks and uncertainties and could differ materially from what is currently expected as set out above. For more exhaustive information on these risks and uncertainties you should refer to our Management Discussion and Analysis in respect of the year ended August 31, 2021 which is available at www.sedar.com. In addition, the occurrence of pandemics, such as the recent outbreak of the novel coronavirus COVID-19 in any of the areas in which the Company, its customers or its suppliers operate could cause interruptions in the Company's operations. In addition, pandemics, natural disasters or other unanticipated events could negatively impact the demand for, and price of, oil and natural gas which in turn could have a material adverse effect on the Company's business, financial condition, results of operations and cash flows. Forward-looking information contained in this press release is based on our current estimates, expectations and projections, which we believe are reasonable as of the current date. You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While we may elect to, we are under no obligation and do not undertake to update this information at any particular time, whether as a result of new information, future events or otherwise, except as required by applicable securities law.
Contact Information:
Alvin Pyke
Chief Executive Officer
Ph: (780) 462-4085
Email: [email protected]
www.titanlogix.com
TSX Venture, TLA
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/104117