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Titan Logix swings to loss in fiscal Q2

Titan Logix Corp. said its normalized net income for the fiscal second quarter ended Feb. 29 amounted to a loss of 2 Canadian cents per share, compared with 3 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of C$604,190, compared with income of C$840,920 in the year-earlier period.

The normalized profit margin declined to negative 63.9% from 21.3% in the year-earlier period.

Total revenue declined 76.1% on an annual basis to C$945,110 from C$3.9 million, and total operating expenses declined 30.0% on an annual basis to C$2.0 million from C$2.9 million.

Reported net income came to a loss of C$777,060, or a loss of 3 cents per share, compared to income of C$1.0 million, or 4 cents per share, in the year-earlier period.