Titanium Transportation Group Reports Record Quarterly Revenue Exceeding $100 Million For Second Quarter 2021

Bolton, Ontario, CANADA

BOLTON, Ontario, Aug. 10, 2021 (GLOBE NEWSWIRE) -- Titanium Transportation Group Inc. (“Titanium” or the “Company”) (TSXV:TTR), a leading provider of transportation and logistics services throughout North America, is pleased to report its financial results for the three and six month periods ended June 30, 2021. All amounts are in Canadian currency.

Titanium delivered a fourth consecutive quarter of record revenue at $100.8 million driven by significant growth in both the Truck Transportation and Logistics segment - surpassing the $100 million milestone for the first time in the company's history.

“These results reflect the impact of Titanium's focused strategic investment in growth initiatives and the ability of our team to execute the strategy through a challenging operating environment”, said Ted Daniel, Chief Executive Officer, Titanium Transportation Group. “We are making strong progress on the integration of the ITS Group which contributed $15.9 million to our trucking revenue.”

Q2 2021 Financial Highlights compared with Q2 2020

  • Record consolidated revenue of $100.8 million -- an increase of 165.6%
  • Adjusted EBITDA(2) of $7.5 million -- an increase of 141.0% -- adjusted EBITDA Margin(2) of 8.1%
  • Logistics segment revenue of $57.7 million -- an increase of 294.2% -- including US freight brokerage revenue of $39.4 million which increased 684.6%
  • Logistics segment EBITDA of $4.7 million -- EBITDA Margin of 8.7%
  • Truck Transportation segment revenue of $44.8 million -- increase of 83.8%
  • Adjusted Truck Transportation segment EBITDA(2) $3.7 million -- increase of 8.1% -- an adjusted EBITDA Margin of 9.2%, reflecting $2.5 million of non-recurring acquisition integration costs in the quarter
  • Strong Net Cash balance of $11.1 million at June 30, 2021
  • In the quarter, the Company declared and paid a dividend of $0.02 per share
  • Increasing 2021 annual guidance to approximately $350 million in Revenue while maintaining guidance for $33 million in EBITDA

“In the quarter, our Trucking segment experienced a softening in margins in the quarter following the acquisition, however, we expect to continue realizing synergies as the segment completes the integration of operations. We incurred non–recurring expenses of $2.5 million in the quarter to significantly upgrade digital infrastructure, fleet rebranding, personnel restructuring and necessary rolling stock repairs upgrading the fleet to Titanium's standards. Normalized for these integration costs, trucking results would have exceeded expectations. We expect to deliver operating synergies and realize improved profitability through the second half of the year as we leverage our scaled fleet and increased capacity.”

Mr. Daniel added, “Our strategic decision and investment to date in three U.S. freight brokerage centers over the last 27 months continues to deliver exceptionally strong growth. We are exceptionally pleased with the results to date and remain on track with our expansion plans to open two additional new centers in 2021 for a total of five.  

Looking ahead, we maintain a constructive outlook for the balance of the year as economic conditions are expected to continue to improve subject to the evolving response to the ongoing COVID-19 pandemic. In this environment, we expect our scale and technology focus to support continued growth of our business and market share.”

Summary of Q2 2021 Financial Results

 Q2 2021Q2 2020  YTD 2021YTD 2020 
Consolidated Results        
Revenue$100.8M$37.9M165.6% $186.5M$82.3M126.7%
Adjusted EBITDA(2)$7.5M$3.1M141.0% $14.7M$7.7M92.2%
Adjusted EBITDA margin(1)(2)8.1%8.7%  8.6%10.0% 
EBITDA$7.7M$5.3M45.7% $15.2M$9.9M54.8%
EBITDA margin(1)8.4%14.7%  8.9%12.8% 
Adjusted Net Income(2)$0.8M-$0.7M  $1.7M-$0.1M 
Adjusted Net Income per share(2)$0.02-$0.02  $0.04$0.00 
Net Income$0.9M$0.9M7.4% $2.1M$1.5M38.9%
Net Income per share$0.02$0.02  $0.05$0.04 
Truck Transportation       
Revenue$44.8M$24.4M83.8% $83.9M$51.9M61.5%
Adjusted EBITDA(2)$3.7M$3.4M8.1% $7.6M$7.8M-3.5%
Adjusted EBITDA margin(1)(2)9.2%14.7%  10.0%16.1% 
EBITDA$3.9M$5.1M(24.2%) $8.1M$9.6M(15.6%)
EBITDA margin(1)9.7%22.2%  10.7%19.7% 
Revenue$57.7M$14.7M294.2% $105.3M$32.6M222.7%
Adjusted EBITDA(2)$4.7M$0.2M3,035.7% $8.7M$0.7M1,135.2%
Adjusted EBITDA margin(1)(2)8.7%4.4%  8.8%2.3% 
EBITDA$4.7M$0.6M673.6% $8.7M$1.2M647.7%
EBITDA margin(1)8.7%4.4%  8.8%3.8% 

      1)   EBITDA margin is calculated as EBITDA as a percentage of revenue before fuel surcharge.
      2)   Adjusts for the subsidies received under the Canadian Emergency Wage Subsidy program, which equated to $0.2 million (2020- $2.2 million) on a consolidated basis. Truck Transportation segment received all of the assistance in 2021 ($1.72 million in 2020).

Shareholder Return and Capital Allocation Program

The Company continues to focus on growth organically and through acquisition. The Company also focuses on prudently balancing internal capital needs while rewarding shareholders through a predictable return on investment. With the strength of the Company's balance sheet and management's confidence in the earnings outlook, Titanium declared its second quarterly dividend in June 2021 at $0.02 per common share.

Conference Call

The Company will also hold a conference call on Wednesday, August 11, 2021, at 8:00 a.m. Eastern Time, to discuss these results. Business media are also invited to listen to the call.

Dial-In Details:

Interested parties can join the call by dialing 1-877-291-4570 (North America) or 1-647-788-4919 (International).

Replay Details:

A replay of the conference call can be accessed until midnight on August 25, 2021 by dialing 1-800-585-8367 (North America) or 1-416-621-4642 (International) and entering the Conference ID: 4479636.

About Titanium

Titanium is a leading asset-based transportation and logistics company servicing Canada and the United States, with approximately 800 power units, 3,000 trailers and 1,100 employees and independent owner operators. Titanium provides truckload, dedicated, and cross-border trucking services, freight logistics, and warehousing and distribution to over 1,000 customers. In February 2021, Titanium completed its strategic acquisition of International Truckload Services Group, establishing Titanium among the largest Canadian transportation companies. Titanium is a recognized consolidator of asset-based transportation companies in Ontario, having completed eleven (11) asset-based trucking acquisitions since 2011. Titanium has also been ranked by Canadian Business (formerly PROFIT magazine) as one of Canada's Fastest Growing Companies for twelve (12) consecutive years.


The following financial measures do not have any standardized meaning under IFRS and may not be comparable to similar measures employed by other companies:

“Earnings before interest, income taxes, depreciation and amortization” (“EBITDA”) is calculated as net income before depreciation, amortization, asset impairments, gains or losses on the sale of equipment, finance income and costs, gains or losses on foreign exchange, income tax expense, transaction costs, accelerated customer list amortization and goodwill impairment.

“EBITDA margin” is calculated as EBITDA as a percentage of revenue before fuel surcharge.

“Free cash flow” is calculated as cash flow from operations plus proceeds from finance lease receivables and proceeds from disposition, less capital expenditures.

“Adjusted net income” is calculated as net income before items that are not in the normal course of business, such as accelerated customer list amortization and goodwill impairment.

Management of the Company believes that these financial measures are useful for investors and other readers, when used in conjunction with other IFRS financial measures, as they are measurers used internally by management to evaluate performance. However, these financial measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of financial performance prepared in accordance with IFRS.


Certain statements contained in this press release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking statements are provided for the purposes of assisting the reader in understanding Titanium's current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. Forward-looking information may relate to Titanium's future outlook and anticipated events, and may include statements regarding the financial position, business strategy, budgets, litigation, projected costs, capital expenditures, financial results, taxes and plans and objectives of or involving Titanium. Particularly, statements regarding future acquisitions, the availability of credit, performance, achievements, prospects or opportunities for Titanium or the industry in which it operates are forward-looking statements. In some cases, forward-looking information can be identified by terms such as “may”, “might”, “will”, “could”, “should”, “would”, “occur”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “seek”, “aim”, “estimate”, “target”, “project”, “predict”, “forecast”, “potential”, “continue”, “likely”, “schedule”, or the negative thereof or other similar expressions concerning matters that are not historical facts.

Information contained in forward-looking statements is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management's perceptions of historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances. While management considers these assumptions to be reasonable based on currently available information, they may prove to be incorrect.

The forward-looking statements made in this press release are dated, and relate only to events or information, as of the date of this press release. Except as specifically required by law, Titanium undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.


Titanium Transportation Group Inc.
Ted Daniel, CPA, CA
Chief Executive Officer
(905) 266-3011