2 0 2 2
O N E
Q U A R T E R
Unaudited Condensed Consolidated
Interim Financial Statements
F O R T H E T H R E E M O N T H P E R I O D E N D E D
M A R C H 3 1 , 2 0 2 2
Titanium Transportation Group Inc.
Condensed Consolidated Interim Statements of Financial Position
(in '000 Canadian dollars) | (unaudited) | |
March 31 | December 31 | |
2022 | 2021 | |
Assets | ||
Current | ||
Cash | 14,200 | 18,046 |
Restricted Cash | - | 9,200 |
Trade and other receivables (note 5, 14) | 88,055 | 68,132 |
Current taxes recoverable (note 5) | 90 | 12 |
Finance lease receivables (note 6, 13) | 1,203 | 1,417 |
Prepaid expenses and deposits (note 5) | 4,103 | 3,701 |
107,651 | 100,508 | |
Finance lease receivables (note 6, 13) | 1,818 | 2,303 |
Property and equipment (note 5, 7) | 92,263 | 76,224 |
Right of use assets (note 5, 8) | 40,286 | 44,006 |
Deferred tax assets | 518 | 392 |
Customer lists (note 9) | 6,363 | 6,690 |
Goodwill (note 5, 9) | 4,521 | 3,543 |
253,420 | 233,666 |
Liabilities
Current
Bank indebtedness (note 5, 10, 13) Acquisition loan (note 10)
Trade and other payables (note 5) Current taxes payable
Loans payable (note 5, 10, 13)
Finance lease liabilities (note 5, 10, 13, 14)
Loans payable (note 10, 13)
Finance lease liabilities (note 5, 10, 13, 14) Deferred tax liabilities (note 5)
Commitments and contingencies (note 16)
20,074 | 21,805 |
15,000 | 15,000 |
46,004 | 37,165 |
5,127 | 4,064 |
11,504 | 9,724 |
7,668 | 8,624 |
105,377 | 96,382 |
30,208 | 23,751 |
22,765 | 25,929 |
14,404 | 13,890 |
172,754 | 159,952 |
Shareholders' Equity
Share capital (note 11) Contributed surplus (note 12) Retained earnings
49,945 | 48,204 |
8,943 | 8,812 |
21,778 | 16,698 |
80,666 | 73,714 |
253,420 | 233,666 |
On behalf of the Board
''Ted Daniel'' | ''Bill Chyfetz'' | ||
Director | Director | ||
See accompanying notes | 1. |
Titanium Transportation Group Inc.
Condensed Consolidated Interim Statements of Comprehensive Income
Three months ended March 31, 2022 and 2021 | ||
(in '000 Canadian dollars, except per share amounts) | (unaudited) | |
3 months | 3 months | |
ended | ended | |
March 31 | March 31 | |
2022 | 2021 | |
Revenue (note 14) | 121,041 | 79,521 |
Fuel surcharge | 14,946 | 6,154 |
135,987 | 85,675 | |
Operating expenses | ||
Carriers and independent contractors | 85,677 | 52,397 |
Vehicle operating | 15,373 | 10,176 |
Wages and casual labour (note 15) | 18,025 | 13,218 |
Other operating | 2,995 | 2,369 |
122,070 | 78,160 | |
Income (loss) before the following | 13,917 | 7,515 |
Depreciation (note 7, 8) | 5,444 | 4,793 |
Gain on sale of property and equipment | (845) | (72) |
Finance costs (note 14) | 918 | 816 |
Finance income | (51) | (50) |
Foreign exchange loss (gain) | (25) | 143 |
Amortization of customer lists (note 9) | 327 | 114 |
Transaction costs | - | 800 |
Gain on sale of marketable securities | - | (598) |
5,768 | 5,946 | |
Income before income taxes | 8,149 | 1,569 |
Income tax expense | 2,180 | 400 |
Net income and comprehensive income | ||
attributable to owners of the Company | 5,969 | 1,169 |
Earnings per share: | ||
Basic | 0.14 | 0.03 |
Diluted | 0.13 | 0.03 |
Weighted average number of shares outstanding: | ||
Basic (note 11) | 43,833,699 | 36,477,706 |
Diluted (note 11) | 45,055,317 | 38,164,083 |
See accompanying notes | 2. |
Titanium Transportation Group Inc.
Condensed Consolidated Interim Statements of Changes in Equity
Three months ended March 31, 2022 and 2021 | |||||
(in '000 Canadian dollars) | (unaudited) | ||||
Share | Contributed | Retained | |||
Capital | Surplus | Earnings | Total | ||
Balances at December 31, 2021 | 48,204 | 8,812 | 16,698 | 73,714 | |
Share issuance (note 11) | 1,644 | - | - | 1,644 | |
Share vested (note 11) | 73 | (73) | - | - | |
Options exercised (note 12) | 24 | (9) | - | 15 | |
Share-based compensation expense (note 12, 15) | - | 213 | - | 213 | |
Dividends paid (note 11) | - | - | (889) | (889) | |
Net income and comprehensive income | - | - | 5,969 | 5,969 | |
Balances at March 31, 2022 | 49,945 | 8,943 | 21,778 | 80,666 | |
Balances at December 31, 2020 | 23,252 | 8,782 | 15,037 | 47,071 | |
Share issuance | 23,746 | 23,746 | |||
Shares vested | 93 | (93) | - | - | |
Options exercised | 767 | (283) | - | 484 | |
Share-based compensation expense (note 12) | - | 178 | - | 178 | |
Dividends paid | - | - | (740) | (740) | |
Net income and comprehensive income | - | - | 1,169 | 1,169 | |
Balances at March 31, 2021 | 47,858 | 8,584 | 15,466 | 71,908 |
See accompanying notes | 3. |
Titanium Transportation Group Inc.
Condensed Consolidated Interim Statements of Cash Flows
Three months ended March 31, 2022 and 2021 | ||
(in '000 Canadian dollars) | (unaudited) | |
3 months | 3 months | |
ended | ended | |
March 31 | March 31 | |
2022 | 2021 |
Cash flows from operating activities Net income
Adjustments: Depreciation (note 7, 8)
Gain on sale of property and equipment Finance costs
Finance income
Amortization of customer lists (note 9) Share-based compensation expense (note 12) Gain on sale of marketable securities Income tax expense
Net change in non-cash operating working capital
Interest paid
Interest received
Income taxes paid
Cash flows from investing activities
Proceeds from finance lease receivables (note 13) Proceeds from marketable securities Acquisition of property and equipment (note 7) Disposition of property and equipment (note 7) Acquisition of subsidiaries
Cash flows from financing activities Repayment of bank indebtedness (note 13) Proceeds from acquisition loans Repayment of loans payable (note 13) Repayment of finance lease liabilities (note 13) Dividends paid (note 11)
Issuance of shares (note 11)
Increase (decrease) in cash
Cash, beginning
Cash, ending
5,969 | 1,169 |
5,444 | 4,793 |
(845) | (72) |
918 | 816 |
(51) | (50) |
327 | 114 |
213 | 178 |
- | (598) |
2,180 | 1,107 |
14,155 | 7,457 |
(9,106) | 4,126 |
5,049 | 11,583 |
(933) | (776) |
51 | 50 |
(1,223) | (990) |
2,944 | 9,867 |
670 | 586 |
- | 4,437 |
(122) | (150) |
4,151 | 178 |
- | (27,000) |
4,699 | (21,949) |
(1,874) | (4,929) |
- | 5,000 |
(4,219) | (1,538) |
(4,666) | (2,997) |
(889) | (740) |
159 | 24,230 |
(11,489) | 19,026 |
(3,846) | 6,944 |
18,046 | 3,089 |
14,200 | 10,033 |
Refer to note 13 for supplemental cash flow information.
See accompanying notes | 4. |
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Titanium Transportation Group Inc. published this content on 03 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2022 21:39:57 UTC.