FTG Posts a 1.9% Drop in Sales in 2012 | Print |  E-mail
Written by Chelsey Drysdale   
Thursday, 31 January 2013 23:33

TORONTOFiran Technology Group reported fourth-quarter 2012 sales of $13.7 million, down 1.9% year-over-year.

Net earnings for the quarter were $104,000, down 88.6% compared to the same quarter in 2011.

FTG’s full-year 2012 sales were $55.6 million, up 3.6% year-over-year.

Net earnings for the year were $928,000, down 37% compared to 2011.

"FTG continued to improve key aspects of the business in 2012, while making key strategic investments in new facilities for our Aerospace business for the future," said Brad Bourne, president and CEO. "The addition of facilities in China and the US, the two largest aerospace markets, are already resulting in new revenue streams for FTG."

Circuits Segment sales were down $1.4 million, or 3.4%, in 2012 versus 2011. The lower sales are the result of lower demand from US-based customers, FTG says.

For the Aerospace segment, sales in 2012 were up $3.3 million, or 27%, year-over-year. Sales from the two new sites totaled $900,000 in 2012. Sales from FTG Aerospace Toronto were up $2.4 million, or 20%, in 2012. The growth was primarily due to increased demand from existing customers.

The Circuits segment net earnings before corporate and interest costs increased to $3.4 million in full-year 2012 on lower sales.

Aerospace net earnings before corporate and interest costs dropped to $400,000 in 2012 versus $1.1 million in 2011. Net earnings this year were reduced by $1.1 million in start-up expenses for the two new facilities.

 

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