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ITANIUM Transportation Group Inc. Titanium Transportation Group Reports Record Revenue of $ 102 Million For Third Quarter 2021 ; On Track to Exceed $ 350 Million Annual Revenue Guidance BOLTON , Ontario , Nov. 09 , 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 nine month periods ended September 30 , 2021. All amounts are in Canadian currency . Titanium recorded record consolidated revenue for the fifth consecutive quarter , reaching $ 101.7 million in third quarter 2021 reflecting the company's recent strategic investments in growth opportunities and focused execution in both its Truck Transportation and Logistics segments . Year - to - date , the Company has achieved record revenue of $ 288.1 million and is on track to exceed its previous annual revenue guidance of approximately $ 350 million . Q3 2021 Financial Highlights compared with Q3 2020 : • Record consolidated revenue of $ 101.7 million -- an increase of 93.2 % • Adjusted EBITDA ( 2 ) of $ 7.2 million -- an increase of 7.8 % and adjusted EBITDA Margin ( 2 ) of 7.8 % -- • Logistics segment revenue of $ 59.4 million an increase of 128.7 % brokerage revenue to $ 42.0 million Logistics segment EBITDA of $ 3.4 million and an EBITDA Margin of 6.1 % -- including a 208.1 % increase in US freight • Truck Transportation segment revenue of $ 42.8 million - an increase of 55.7 % • ( 2 ) Adjusted Truck Transportation segment EBITDA $ 4.6 million – a decrease of 10.2 % -- and an adjusted EBITDA Margin of 12.2 % . • Strong Net Cash balance of $ 6.9 million as at September 30 , 2021 • In the quarter , the Company declared and paid a dividend of $ 0.02 per share " Our third quarter 2021 results , which delivered record top line revenue growth and sustained profitability , are a testament to Titanium's business strengths , including our ability to successfully execute and integrate a transformative acquisition and enter new US markets during a period of economic uncertainty , " said Ted Daniel , Chief Executive Officer , Titanium Transportation Group . " The integration of the ITS Group , which was acquired in the first quarter of 2021 , has gone according to our plan and despite a softening of margins in the trucking segment , profitability is expected to improve as we target further operational efficiencies in the coming quarters and market conditions improve . The Logistics segment saw some normalization of margins in the quarter , " said Daniel . “ We continue to adjust to challenging operating conditions that impacted margins in both business segments , including significant supply chain constraints , substantial inflationary pressure and tighter labour markets . " " Looking ahead , and despite a somewhat uncertain economic environment , we remain focused on profitability and strategic execution of growth initiatives , both organically and through acquisitions , including expanding our U.S. Logistics operations to a fifth market . " Titanium remains well positioned to achieve sustainable , profitable growth with a flexible , technology - based platform , driven by a dedicated team of professionals with a demonstrated track record of delivering for our customers through challenging conditions , " said Daniel . Summary of Q3 2021 Financial Results Q3 2021 Q3 2020 YTD 2021 YTD 2020 Consolidated Results Revenue $ 101.7M Adjusted EBITDA ( 2 ) $ 7.2M $ 52.6M 93.2 % $ 5.5M 31.3 % Adjusted EBITDA margin ( ¹ ) ( 2 ) 7.8 % 11.1 % EBITDA $ 7.2M $ 6.7M 7.8 % EBITDA margin ( 1 ) 7.8 % 13.5 % $ 288.2M $ 134.9M 113.6 % $ 22.0M $ 13.2M 66.6 % 8.3 % $ 22.5M 8.5 % 10.4 % $ 16.6M 35.7 % 13.1 % Adjusted Net Income ( 2 ) $ 1.4M 1.8M $ 3.1M 1.7M Adjusted Net Income per share ( 2 ) $ 0.03 $ 0.05 $ 0.07 $ 0.05 Net Income $ 1.4M $ 2.7M ( 49.0 % ) $ 3.5M $ 4.2M ( 17.0 % )