TORONTO – Firan Technology Group reported record sales in the second quarter of 2016 of $19.8 million, up 5.3% year-over-year.

Circuits segment sales were up $400,000, or 3.1%, during the quarter. On a year-to-date basis, Circuits sales were up $200,000, or 1%.

For the Aerospace segment, sales were $5.6 million, up 11% year-over-year. Year-to-date sales were up $1.4 million, or 16%.

Total net earnings after tax for the second quarter were $1.4 million, up 27.7% compared to the second quarter of 2015. Operating earnings were $2.2 million, down 2% year-over-year.

"The second quarter of 2016 saw record sales for FTG," stated Brad Bourne, president and CEO. "These record sales are enabling us to report strong earnings while still investing in our future. In the quarter, we completed one acquisition and signed an agreement for a second one. Our intentions are to transition the work to existing FTG facilities and rapidly drive up our utilization rates."

Revenues in the second quarter benefited from the PhotoEtch acquisition, which closed on Mar. 18 and contributed $1.3 million in incremental sales. The Teledyne PCT acquisition closed after the quarter end.

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