Titan Logix Corp.'s sales for fiscal 2013 totaled $16,493,151, a decrease of $1,448,606 from sales of $17,941,757 in the previous year. This represents a decrease in sales that were 8% below the record sales achievements of fiscal 2012

Titan Logix Corp.'s sales for fiscal 2013 totaled $16,493,151, a decrease of $1,448,606 from sales of $17,941,757 in the previous year. This represents a decrease in sales that were 8% below the record sales achievements of fiscal 2012. Earnings before income tax, for the fiscal year ended August 31, 2013 were $4,276,895 compared to $4,558,703 in fiscal 2012. Net earnings and comprehensive income were $3,242,765 compared to $3,870,780 for fiscal 2012. Titan continues to be profitable for thirteen consecutive quarters.

The consolidated financial statements for the year ended August 31, 2012 have been restated to correct an error resulting from a misapplication of the variance between the Company's standard cost rates used in costing its inventory and actual inventory-related costs incurred. The restatement resulted in an increase to reported inventory of $287,235 and an increase to net earnings of $213,071. This is a one-time error impacting only the 2012 fiscal year.

In the fourth quarter of 2013 Titan's sales were $3,843,329 a decrease of $1,288,058 from the fourth quarter sales in the previous year. The decrease in revenue through fiscal 2013 is reflective of the reduction from peak market activity experienced in the second half of fiscal 2012. The net earnings in the fourth quarter of fiscal 2013 were $616,371 compared to net earnings of $1,092,052 in the fourth quarter of fiscal 2012. This decrease in earnings is due primarily to the reduction in revenue and a reduced gross profit.

Titan's sales outside of Canada, primarily to the U.S., were $7,914,182 in fiscal 2013, a decrease of 9% from the record sales achievements of fiscal 2012. Sales in Canada for fiscal 2013 decreased by 7% to $8,578,969 from sales of $9,264,226 in fiscal 2012. This decrease is primarily a result of new tanker construction in our primary market decreasing from the peak levels of the previous fiscal year.