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FTG Reports First Quarter 2007 Earnings
Written by Tracy Heffner
Thursday, 12 April 2007
TORONTO, Ontario, Canada – Firan Technology Group Corp. (FTG) has reported first quarter 2007 results for the period ending March 2, 2007.
Net earnings after tax for the first quarter of 2007 rose 171% to $482,000 vs. a first quarter profit of $178,000 in 2006. Sales increased by $548,000 or 4.1%, from $13.4 million in the first quarter of 2006 to $13.9 million in the first quarter of 2007. FTG Aerospace grew over the same quarter last year by $801,000 or 36% due to high demand from across the customer base and increased capacity within the business. FTG Circuits was down $253,000 or 2.3% over the same period last year due to slightly lower demand from our customer base early in the quarter offset by stronger demand towards the end of the quarter and increased panel pricing from higher technology products.
Gross margin increased by 22.4% of sales for the first quarter of 2007 compared to a 21.3%rise in sales in the first quarter of 2006. The increase in gross margins is attributable to the higher throughput in FTG Aerospace, a $395,000 recovery of a Scientific Research and Experimental Development (SR&ED) tax credit recorded in cost of sales, offset by lower throughput and margins in FTG Circuits. FTG Aerospace margins have improved by 1.8% due to increased throughput and improved efficiency from the ongoing lean manufacturing initiatives. The margins in FTG Circuits decreased due to the lower throughput and higher materials costs, offset by increased panel pricing for higher technology products and the SR&ED tax credit noted above. Net earnings for the first quarter of 2007 were $482,000, an increase of 171% compared to a profit of $178,000 in the first quarter of 2006.
"The aerospace and defense market remains robust. This bodes well for both of FTG's businesses as we are well positioned in this market and our operational performance is strong,” said Bradley Bourne, president and CEO. “To continue to grow with the market, FTG remains focused on achieving operational excellence. In addition, we have made great strides in increasing the level of technology in all of our businesses and this too positions us well for the future."
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