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Titan Logix swings to loss in fiscal Q1

Titan Logix Corp. said its normalized net income for the fiscal first quarter ended Nov. 30, 2015, was a loss of 1 Canadian cents per share, compared with 4 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$292,320, compared with income of C$945,720 in the year-earlier period.

The normalized profit margin dropped to negative 18.5% from 18.7% in the year-earlier period.

Total revenue fell 68.7% year over year to C$1.6 million from C$5.0 million, and total operating expenses declined 42.3% year over year to C$2.1 million from C$3.7 million.

Reported net income came to a loss of C$260,450, or a loss of 1 cents per share, compared to income of C$1.0 million, or 4 cents per share, in the year-earlier period.