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FTC Announces 2007 Financial Results
Written by Philip Buonpastore
Thursday, 24 January 2008
TORONTO, ONTARIO - Firan Technology Group (FTG) has announced fourth quarter and the fiscal year revenues ending November 30, 2007.
Company revenue grew in 2007 to $55,632,000, an increase of 0.42%
over 2006. During the year, the company's largest customer moved a
percentage of their PCB production to Asia, impacting total revenue by
$2,945,000 in 2007, and the exchange rate of the Canadian dollar versus
the US dollar negatively impacted company revenue by $2,000,000.
Fiscal year 2007 sales for the Circuits' segment were $43,413,000, a
decrease of 3%, and sales for the Aerospace segment were $12,219,000 an
increase of 15%.
FTG had a net loss of $5,831,000 in fiscal year 2007, compared to net
earnings of $1,797,000 in fiscal year 2006. The 2006 results include
the benefit of $1,120,000 SR&ED tax credits recorded in recovery of
R&D costs, whereas the 2007 results have the reversal of these 2006
credits.
The Corporation wrote off $4,310,000 of the future tax asset and
investment tax credits recoverable based on management's inability to
forecast future trends in exchange rates, and decreases in income tax
rates associated with the transfer of manufacturing to Asia, as well as
cumulative tax losses.
In spite of this write down, company management states that they are
taking steps to overcome these challenges and return to their expected
levels of performance. Such steps include the recent acquisition of
Filtran Microcircuits, a major capital asset program initiated in the
current year and the expansion of capacity at the company's Chatsworth
facility.
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