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Titanium Transportation Group Announces Record Full Year 2015 Results, Reports 81% Increase in EBITDA


June 22, 2017

Annual run rate total revenue and EBITDA in excess of $125 million and $14.5 million

Woodbridge, ONTitanium Transportation Group Inc. (TSX-V:TTR) (“Titanium” or the “Company”) is pleased to provide highlights of the Company’s 2015 financial results.

2015 Company Highlights
– Completed two Ontario based truckload acquisitions
– Increased customer base to over 1,000 from over 600
– Increased power units to 420 from 176
– Increased employees and independent owner operators to 535 from 239
– Maintained industry leading driver turnover of only 9%

Revenue and EBITDA Growth Summary
– Revenue for the year rose to $110.2 million, a 54% increase over 2014 full year results
– EBITDA for the year rose to $11.7 million, an 81% increase over 2014 full year results
– Annual run rate total revenue and EBITDA of $125 million and $14.5 million have been adjusted to reflect general economic conditions

Truck Transportation Summary
– Revenue rose to $71.6 million, a 66% increase over 2014 full year results
– EBITDA rose to $8.9 million, a 93% increase over 2014 full year results
– EBITDA margin increased to 13.4%, from 11.7% in 2014 full year results
– Truck Transportation organic revenue growth was approximately $3.6 million in 20151

Logistics Summary
– Revenue rose organically to $39.6 million, a 37% increase over 2014 full year results
– EBITDA rose organically to $4.5 million, an 84% increase over 2014 full year results
– EBITDA margin increased to 11.7%, from 8.9% in 2014 full year results

Mergers & Acquisitions Summary
– Completed the acquisition of Muskoka Transport Limited (“Muskoka Transport”) on March 1, 2015
– Increased Muskoka Transport EBITDA margins to over 12% from 4%
– Divested $2.6 million of outdated Muskoka Transport equipment, offsetting the cash and share consideration paid2
– Completed acquisition of ProNorth Transportation on December 1, 2015
– Technology integration of ProNorth Transportation completed in Q1 2016
– High visibility of M&A targets, continuing to target two acquisitions per year
– The Company has $27 million of undrawn credit facilities
– Fully funded to execute our acquisition strategy in 2016

Mr. Ted Daniel, CEO of Titanium commented: “Titanium had a strong year in 2015, increasing EBITDA by over 80%, completing two truckload acquisitions and growing revenues of the logistics business organically by almost 40%. We more than doubled our number of trucks and staff, and are now serving over 1000 customers. We have now fully integrated Muskoka Transport where we tripled EBITDA margins to 12% and are extracting synergies at ProNorth Transportation. Thanks to the hard work of the entire Titanium team, we remain well positioned to execute our consolidation strategy with a strong balance sheet and substantial undrawn credit facilities.”

Full financial results are available on

1 Organic revenue growth was calculated by subtracting from the increase in Truck Transportation revenue: (1) Muskoka Transport revenue to the end of Q3 2015, prorated for the remainder of the year and
(2) ProNorth Transportation revenue of $1.5 million.

2 The acquisition of Muskoka Transport Limited was completed on March 1, 2015 for $1.5 million in cash, $0.9 million of shares, and the assumption of equipment financing debt.

About Titanium

Titanium is a leading asset-based transportation and logistics company servicing Canada and the United States, with approximately 420 power units, 1,200 trailers and over 500 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 eight asset-based trucking acquisitions since 2011. Titanium has also been ranked by PROFIT magazine as one of Canada’s Fastest Growing Companies for seven consecutive years.


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

For Investor Relations
Kin Communications Inc.
+1 (604) 684.6730 or +1 (866) 684.6730


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 and reverse takeover costs.

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

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. 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.

Cautionary statement regarding forward-looking statements

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 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.

From time to time, the Company will disclose its current annual run rate revenue and EBITDA.  Although not intended as such, this may be interpreted as forward looking information.  Run rates are presented in order to provide investors with insight into the current size of the Company, assuming synergies have been fully realized.  Historical figures may not be a good indicator of the Company’s size, due to the number of acquisitions that are completed each year and the time that it takes to fully realize synergies.  A decline in general economic conditions have required the Company to re-evaluate and adjust its current annual revenue and EBITDA run rates to $125 million and $14.5 million, respectively.  In determining these figures, management adjusted historical results for revenue trends noted in the last few months.  Recently, the weakening Western Canadian economy has increased transportation supply in Ontario.  Accordingly, the Company will continue to focus on profitability, by replacing certain product lines and service areas with higher margin business and by identifying synergies and efficiencies. In addition, the Company will continue to use technology to identify cost saving initiatives and advancements.

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 TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

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