Titan Logix Corp. reports financial results for fiscal 2012 first-quarter and the granting of incentive options

Summary of Sales Revenue, Gross Profit and Net Earnings:

Sales for the first quarter ended November 30, 2011 were $3,389,692, up $1,218,058 from $2,171,634 in the same quarter of the previous fiscal year. Gross profit in the three month period was $1,579,893 (47% margin) compared to $915,067 (42% margin) and net earnings and comprehensive income was $622,237 this period compared to $59,173 in the same quarter of the previous fiscal year.

Financial results for the first quarter of fiscal 2012 reflect Titan Logix Corp's successful execution of its strategic plan, its continued operational strength and the ever increasing customer demand for its oilfield fluid transport products.

Summary of Operating Expenses:

Total expenses for the first three months of fiscal 2012 were $951,945 compared to $852,203 in the same period a year ago. General and administration expenses were $450,698, compared to $341,841 recorded in the same quarter of the previous fiscal year. Engineering and development expense was $194,107 compared to $166,709 and marketing and sales expense increased from $299,582 in the previous fiscal year's first quarter to $353,553 in this year's first quarter. These increases are primarily due to increases in professional fees, employee compensation and the addition of staff to support continued growth.

Working Capital:

At November 30, 2011, working capital was $5,015,633 compared to the August 31, 2011 year-end balance of $4,430,414. Cash and cash equivalents were $2,390,182 compared to $1,457,324 at the end of fiscal 2011. Titan does not have any debt except for trade and accrued payables.

Business Outlook:

Oil and gas drilling activity in Canada and the US continues to be strong. Titan's TD80 and TPZ gauging systems are used in oilfield tankers (hauling crude oil, chemicals, produced water, etc.) and oilfield storage tanks respectively. Market statistics favor continued growth of the sales of Titan's products in the oil and gas industry in North America. Titan's outlook for this fiscal year is positive.