Business
Titan Logix Corp. Reports Fiscal 2019 Q2 Financial Results
EDMONTON, AB / ACCESSWIRE / April 17, 2019 / Titan Logix Corp., (TSX Venture: TLA) ("Titan...
About this update from Titan Logix Corp.
[{"type":"text","content":"Titan Logix Corp. Reports Fiscal 2019 Q2 Financial ResultsEDMONTON, AB / ACCESSWIRE / April 17, 2019 / Titan Logix Corp., (TSX Venture: TLA) (\"Titan\" or the \"Company\"), a technology company specializing in advanced technology fluid management solutions, announces its results for the second quarter ended February 28, 2019.Financial Highlights Summary(in Canadian dollars) Three months ended Six months ended February 28, 2019 February 28, 2018 February 28, 2019 February 28, 2018 Revenue $ 1,404,828 $ 937,860 $ 2,880,389 $ 1,820,000 Gross profit (GP) $ 760,079 $ 528,888 $ 1,532,346 $ 939,823 GM % 54% 56% 53% 52% Operating earnings (loss) before other items and income tax $ 3,933 $ (155,187 ) $ (201,902 ) $ (406,674 ) Finance income and other items $ 163,330 $ 107,339 $ 323,033 $ 172,733 Net earnings (loss) $ 167,263 $ (47,848 ) $ 121,131 $ (233,941 ) EPS (diluted) $ 0.01 $ 0.00 $ 0.00 $ (0.01 ) Financial Position As at February 28, 2019 As at August 31,2018 Working capital $10,599,401 $10,065,265 Total assets $16,671,833 $16,750,962 Long-term liabilities $- $- Total equity $16,260,346 $16,139,215 Q2 FISCAL 2019 HIGHLIGHTS Revenues for the second quarter of fiscal 2019 ending February 28, 2019 improved to $1,404,828, a $466,968 or 50% increase from the $937,860 recorded in the comparative prior period. This improvement is primarily due to an increase in demand for the Company's guided wave radar (GWR) product line in the mobile tanker truck market in the U.S. as a result of the increase in oil prices. The gross profit for the second quarter of fiscal 2019 increased by $231,191 to $760,079 or 54% of revenue compared to $528,888 or 56% of revenue in the comparative prior period. This improvement is primarily due to the increase in revenue. In the current fiscal quarter, the Company improved from an operating loss of $155,187 in the comparative prior period to an operating income before other items of $3,933. This improvement in the operating income before other items was primarily due to revenue and gross profit improvements combined with a decrease in sales and G&A expenses which offset an increase in engineering costs. Net earnings after income taxes were $167,263. This compares with a net loss after taxes of $47,848 in the prior period. This improvement was primarily a result of the increase in revenue and gross profit impro...