Business
Titan Logix Corp. Reports Fiscal 2021 Q1 Financial Results
Edmonton, Alberta--(Newsfile Corp. - January 20, 2021) -  Titan Logix Corp., (TSXV: TLA) ...
About this update from Titan Logix Corp.
[{"type":"text","content":"Titan Logix Corp. Reports Fiscal 2021 Q1 Financial ResultsEdmonton, Alberta--(Newsfile Corp. - January 20, 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 first quarter ended November 30, 2020.Financial Highlights Summary(in Canadian dollars)Three months ended November 30, 2020November 30, 2019Revenue $ 849,184 $ 1,408,376 Gross profit (GP) $ 381,173 $ 739,216 GM %45%52%Operating (loss) before other items and income tax$ (300,970)$ (104,195)Finance income and other items $ 158,482$ 173,255Net (loss) earnings $ (142,488) $ 69,060EPS (diluted)$ (0.00)$ 0.00 Financial PositionAs at November 30, 2020As at August 31 2020Working capital $ 10,982,553 $ 10,963,795Total assets $ 16,425,074 $ 16,711,107Long-term liabilities $ 351,989 $ 383,940Total equity $ 15,622,831 $ 15,765,319  Q1 FISCAL 2021 HIGHLIGHTSRevenues for the first quarter of fiscal 2021 ending November 30, 2020 were $849,184, a $559,192 or a 40% decrease from the $1,408,376 recorded in the comparative period. Revenues were impacted by the decline in global oil prices, combined with the lack of access to markets in Canada, and the continued impact of the COVID-19 pandemic.Gross profit for the first quarter of fiscal 2021 decreased by $358,043 to $381,173 or 45% of revenue compared to $739,216 or 52% of revenue in the comparative prior period. This decrease in gross profit is primarily due to the decrease in unit demand and the reduction in revenue. The reduction in gross margin as a percentage of sales is primarily due to underutilized capacity costs included in cost of sales. Total expenses in the first quarter of fiscal 2021 were $682,143 as compared with $843,411 in the comparative prior period. This reduction in expenses is primarily due to benefits received of $89,982 from the Company's continued participation in the Canada Emergency Wage Subsidy Program (\"CEWS\") combined with cost savings realized from cost containment efforts implemented in fiscal 2020, which included wage reductions and cuts on discretionary spending. The Company continued with its product enhancements including the development of IIoT solutions. Sales and marketing programs focused on expanding applications through product differentiators and rea...