Titanium Transportation Achieves Record Revenue of ~$400 million and Record Adjusted EBITDA

Bolton, Ontario, CANADA

BOLTON, Ontario, March 08, 2022 (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 twelve month periods ended December 31, 2021. All amounts are in Canadian currency.

Fourth quarter 2021 results cap a year of records for Titanium, delivering record consolidated revenue for the sixth consecutive quarter, reaching $111.3 million. The Company exceeded increased 2021 revenue guidance delivering the highest full year revenue in the Company’s history at $399.4 million, nearly double its full year revenue in 2020.

“Our strong results demonstrate our ability to navigate and adapt through challenging conditions to serve our North America trucking and logistics customers. We completed the largest acquisition in our Company’s history and successfully expanded into new U.S. markets, to achieve record top line revenue growth of about $400 million,” said Ted Daniel Chief Executive Officer, Titanium Transportation Group. “With our exceptional team, we continued to invest in, technology, assets and our people enhancing our ability to execute on near-term growth opportunities to create sustainable shareholder value.”

FY 2021 Financial Highlights compared with FY 2020

  • Record consolidated revenue of $399.4 million -- an increase of 99% -- exceeding 2021 guidance
  • Adjusted EBITDA(2) of $31.3 million -- an increase of 35.5% -- and an Adjusted EBITDA Margin(2) of 8.7% which includes $2.5 million in non-recurring acquisition integration costs associated with the purchase of ITS and ITS operating losses of approximately $1.9 million, the Adjusted EBITDA is in-line with 2021 guidance.
  • In FY 2021, the Company returned a total of $3.4 million to shareholders by way of dividends

Q4 2021 Financial Highlights compared with Q4 2020

  • Record consolidated revenue of $111.3 million -- an increase of 69.0%
  • Adjusted EBITDA(2) of $8.9 million -- an increase of 34.5% -- adjusted EBITDA Margin(2) of 8.7%
  • Logistics segment revenue of $68.2 million -- an increase of 68.7% -- including US freight brokerage revenue of $44.6 million which increased 84.3%
  • Logistics segment Adjusted EBITDA of $4.8 million – Adjusted EBITDA Margin of 7.6%
  • Truck Transportation segment revenue of $44.5 million -- increase of 66.0% and Adjusted EBITDA(2) $4.8 million -- increase 24.3% -- an Adjusted EBITDA Margin of 12.3%

Daniel continued, “During the quarter, we successfully completed the integration of ITS and made excellent progress improving margins and profitability as we realized operational efficiencies in Trucking. Looking ahead to 2022, we expect our segment margins and profitability to return as we optimize our combined fleet. As Logistics margins continued to further normalize during the quarter, we also focused on managing our pricing to address ongoing rising industry costs and enhance our technologies to allow us to efficiently scale our logistics expansions.

“Looking ahead, we will continue to adapt to the evolving economy and challenging conditions with respect to inflationary pressures, ongoing challenges in the global supply chain and tighter labour markets. With the support of our experienced and dedicated team Titanium remains exceptionally well positioned to navigate these conditions with the scale and a technology-based platform to deliver organic growth and logistics solutions for our customers.”

2022 Outlook

Titanium is well-positioned to leverage its capacity, expertise and technologies through 2022. The Company estimates it will deliver consolidated top line revenue between $450 – $470 million and between $38 – $43 million in EBITDA.

In addition, with a solid balance sheet and disciplined focus, the Company remains committed to exploring further acquisition and expansion opportunities in the U.S. and Canada as they arise in 2022.

Summary of Q4 2021 Financial Results (in thousands $CAD)

 Q4 2021Q4 2020% Change20212020% Change
Consolidated Results       
Adjusted EBITDA(2)8,7836,52934.5%31,30419,72558.7%
Adjusted EBITDA Margin(1)(2)8.7%10.4% 8.6%10.4% 
EBITDA margin(1)8.7%10.4% 8.6%12.2% 
Adjusted Net Income (2)1,3622,094-35.0%5,0352,89673.9%
Adjusted Net Income per share(2)0.040.06 0.120.08 
Net Income1,3622,094-35.0%5,0356,266-19.6%
Net Income per share0.040.06 0.120.17 
Truck Transportation      
Adjusted EBITDA4,7913,85424.3%17,51316,2158.0%
Adjusted EBITDA Margin12.3%15.2% 11.5%16.2% 
EBITDA margin(1)12.3%15.2% 11.5%18.6% 
Adjusted EBITDA(2)4,8313,27147.7%16,9685,394214.6%
Adjusted EBITDA Margin(1)(2)7.6%8.5% 7.8%5.7% 
EBITDA margin(1)7.6%8.5% 7.8%6.9% 

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 $0.1 million (2020- $3.4 million) on a consolidated basis. In 2020, $2.4 million was received for the Truck Transportation segment and $1.0 million for the Logistics segment.

Shareholder Return and Capital Allocation Program

Titanium 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 in 2021, Titanium returned a total $3.4 million to shareholders in via dividends declared, or $0.08 per common share (2020 - $0.7 million). Subsequent to the December 31, 2021, the Company declared dividends of $0.02 per common share payable on March 15, 2022 to shareholders as of end of business on February 28, 2022.

Conference Call

The Company will also hold a conference call on Wednesday, March 9, 2022, 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 March 23, 2022 by dialing 1-800-585-8367 (North America) or 1-416-621-4642 (International) and entering the Conference ID: 6788524.

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