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Titan Logix Corp. Reports Fiscal 2022 Q3 Financial Results
Edmonton, Alberta--(Newsfile Corp. - July 21, 2022) - Titan Logix Corp., (TSXV: TLA) ("Titan" ...
About this update from Titan Logix Corp.
[{"type":"text","content":"Titan Logix Corp. Reports Fiscal 2022 Q3 Financial ResultsEdmonton, Alberta--(Newsfile Corp. - July 21, 2022) - Titan Logix Corp., (TSXV: TLA) (\"Titan\" or the \"Company\"), a technology company specializing in advanced measurement solutions, announces its results for the third quarter ended May 31, 2022.Financial Highlights Summary(in Canadian dollars) Three months ended Nine months ended May 31, 2022May 31, 2021May 31, 2022May 31, 2021Revenue$1,292,204$1,064,300$3,004,135$2,663,086Gross profit (GP)$713,497$558,164$1,672,158$1,292,390GM %55%52%56%49%Operating income (loss) before other items and income tax$147,424$(140,069)$(431,634)$(696,349)Finance income and other items$255,990$146,247$535,283$495,062Net earnings (loss)$403,414$6,178$103,649$(201,287)EPS (diluted)$0.01$0.00$(0.01)$(0.01)  Financial PositionAs at May 31, 2022As at August 31 2021Working capital$14,779,774$11,386,485Total assets$16,373,965$16,273,707Long-term liabilities$151,775$253,736Total equity$15,676,111$15,537,962   Q3 FISCAL 2022 HIGHLIGHTSRevenues in the third quarter of fiscal 2022 increased by $227,904 or 21% to $1,292,204, from the $1,064,300 recorded in the comparative prior period. This increase was primarily due to increased demand and volume increases for the GWR product line from the crude oil sector due to increased confidence in the global supply chain for tanker OEMs.Gross profit for the third quarter of fiscal 2022 increased by $155,333 to $713,497 or 55% of revenue compared to $558,164 or 52% of revenue in the comparative period. This increase in gross profit is primarily due to the increase in unit demand and revenue. The increase in the gross profit percentage is the result of price increases combined with lower overhead costs. Total expenses in the third quarter of fiscal 2022 decreased by $132,160 to $566,073 as compared with $698,233 in the comparative prior period. This decrease in total expenses was primarily due to a reduction in engineering costs and reduction in the loss on foreign exchange partially offset by an increase in general and administration expenses. The Company continues to focus on cost management, particularly with respect to discretionary spending. Investment in sales and marketing programs and product development focusing on enhancing product capabilities is ongoing.In the third quarter of...