BOLTON, Ontario, March 05, 2019 (GLOBE NEWSWIRE) -- Titanium Transportation Group Inc. ("Titanium" or the "Company") (TSX VENTURE:TTR), a leading provider of transportation and logistics services throughout North America, today reported its financial results for the three month period and year ended December 31, 2018.  All amounts are in Canadian currency.

Q4 2018 Highlights

  • Total revenue increased 20% to $42.7 million
  • EBITDA increased 55% to $5.4 million
  • EBITDA margin increased to 13.8%, up 330bps
  • Net income of $1.3 million and net income per share of $0.04
  • Achieved 14% growth in driver base in 2018

Full Year 2018 Highlights

  • Total revenue increased 43% to $184.8 million
  • EBITDA increased 78% to $22.4 million
  • EBITDA margin increased to 13%, up 270bps
  • Record net income of $5.8 million and net income per share of $0.16
  • Repaid $11.3 million in net debt, reduced net debt to EBITDA to 2.0x

CEO Commentary

“We are pleased to report a solid finish to a strong year of operating results for Titanium,” said Ted Daniel, Chief Executive Officer of Titanium.  “Both our Truck Transportation and Logistics segments delivered strong growth, reflecting improved industry conditions, previous strategic investments in technology and our driver recruitment initiatives.  Our sharp focus on execution resulted in substantial operating cash flow generation, allowing us to pay down a significant amount of debt and further strengthening our balance sheet.”

“Looking ahead, we have a positive outlook for 2019.  Industry conditions remain generally favourable, and our investment in outstanding people and leading technology continue to provide the foundation for sustainable and long-term growth.”

Summary of Financial Results

Consolidated ResultsQ4
EBITDA margin(1)13.8%10.5% 13.0%10.3% 
Adjusted net income(2)$1.3M($0.0M) $5.8M$0.4M 
Adjusted net income per share(2)$0.04($0.00) $0.16$0.01 
Truck Transportation      
EBITDA margin(1)16.0%13.7% 15.7%14.5% 
EBITDA margin(1)10.4%7.9% 10.4%6.3% 

(1)  EBITDA margin is calculated as EBITDA as a percentage of revenue before fuel surcharge.
(2)  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.  The adjustments affect 2017 results only.

Q4 2018 Truck Transportation Segment Highlights

  • Total revenue increased 21% to $29.2 million
  • EBITDA increased 39% to $4.3 million
  • EBITDA margin increased to 16.0%, from 13.7% in Q4 2017

Q4 2018 Logistics Segment Highlights

  • Total revenue increased 25% to $14.8 million
  • EBITDA increased 63% to $1.5 million
  • EBITDA margin increased to 10.4%, from 7.9% in Q4 2017

Conference Call
The Company will also hold a conference call for analysts and investors on Wednesday, March 6, 2019, at 8:00 a.m. Eastern Time, to discuss fourth quarter financial results. Business media are invited to listen to the call.  Interested parties can join the call by dialing 1-877-648-7976 (North America) or 1-617-826-1698 (International).  A recording of the call will be available until midnight, March 20, 2019 by dialing 1-855-859-2056 (North America) or 1-404-537-3406 (International) and entering Conference ID4989202.

About Titanium Transportation Group
Titanium is a leading asset-based transportation and logistics company servicing Canada and the United States, with approximately 475 power units, 1,400 trailers and 600 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. Titanium is a recognized consolidator of asset-based transportation companies in Ontario, having completed ten asset-based trucking acquisitions since 2011. Titanium has also been ranked by Growth 500 as one of Canada's Fastest-Growing Companies for ten 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.

"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. For greater certainty and notwithstanding the foregoing, annualized run rate total revenue and EBITDA are not presented herein as forward-looking statements. These annualized figures are based solely on historical data and are included to allow readers to understand the current size of the Company, and should not in any circumstance be construed as projections or forecasts of the Company's future performance.

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.
Kasia Malz, CPA, CA
Chief Financial Officer
(905) 266-3036