I have a .txt file that has the following details:
ID^NAME^DESCRIPTION^IMAGES 123^test^Some text goes here^image_1.jpg,image_2.jpg 133^hello^some other test^
Try fgetcsv() with ^ as the separator character:
fgetcsv()
^
$file = fopen($txt_file,"r"); print_r(fgetcsv($file, '^')); fclose($file);
http://www.w3schools.com/php/func_filesystem_fgetcsv.asp