Business
Titan Logix Corp. Reports Fiscal 2020 Q1 Financial Results
EDMONTON, AB / ACCESSWIRE / January 22, 2020 / Titan Logix Corp., (TSXV:TLA) ("Titan" or the...
About this update from Titan Logix Corp.
[{"type":"text","content":"Titan Logix Corp. Reports Fiscal 2020 Q1 Financial ResultsEDMONTON, AB / ACCESSWIRE / January 22, 2020 / Titan Logix Corp., (TSXV:TLA) (\"Titan\" or the \"Company\"), a technology company specializing in advanced technology fluid management solutions, announces its results for the first quarter ended November 30, 2019.Financial Highlights Summary(in Canadian dollars) Three months ended November 30, 2019November 30, 2018Revenue$ 1,408,376 $ 1,475,561Gross profit (GP)$ 739,216 $ 772,267GM %52%52%Operating (loss) before other items and income tax$ (104,195)$ (205,835)Finance income and other items$ 173,255$ 159,703Net earnings (loss)$ 69,060$ (46,132)EPS (diluted)$ 0.00$ (0.00) Financial PositionAs at November 30, 2019As at August 31 2019Working capital$ 11,115,587$ 11,008,143Total assets$ 17,442,846$ 16,928,069Long-term liabilities$ 480,939$ -Total equity$ 16,402,235 $ 16,333,175 Q1 FISCAL 2020 HIGHLIGHTSRevenues for the first quarter of fiscal 2020 ending November 30, 2019 were $1,408,376, a $67,185 or 5% decrease from the $1,475,561 recorded in the comparative period. This decrease was largely due to a decrease in revenues experienced in the Canadian market, which offset the growth experienced in the U.S. market. In western Canada the oil and natural gas industry continues to struggle with a combination of low commodity pricing and a lack of access to new markets.The gross profit for the first quarter of fiscal 2020 decreased slightly to $739,216 compared to $772,267 in the comparative prior period. This decrease is primarily due to the decrease in revenue. Gross profit remained at 52% of revenue for the first quarter of fiscal 2020 compared to the prior period.The operating loss before other items was $104,195, an improvement of 49% compared to $205,835 in the comparative prior period. This improvement in the operating loss before other items was primarily due to a decrease in G&A costs due to the decrease in executive termination costs recorded in the prior period.Net earnings after income taxes was $69,060 compared to a net loss after taxes of $46,132 in the prior period. This improvement was primarily a result of the decrease in G&A costs and the increase in finance income.\"I am pleased with our organization's embrace of Titan's vision to build on our world class sensor technology with data solutions that work.\" sa...