TORONTO – Firan Technology Group reported second quarter circuit segment sales were down $400,000, or 2.3%, compared to the same period last year.

In the second quarter, circuit segment net earnings were $2.8 million, up 7.7% year-over-year.

FTG’s total second quarter sales were a record $28.9 million, up 13% year-over-year.

Total second quarter net earnings were $1.3 million, compared to net profit of $100,000 in the same period of 2017.

For the aerospace segment, second quarter sales were $12.7 million, up 41.8% year-over-year. Net earnings for the segment were $100,00 compared to $1 million in the same quarter last year.

During the quarter, FTG generated cash flow from operations of $3.6 million, compared to cash usage of $400,000 in the second quarter of 2017.

“The second quarter of 2018 began to demonstrate the earnings benefits from our acquisitions in 2016,” said Brad Bourne, president and CEO. “While we continued to experience some increased costs in the quarter related to the transition, we also achieved a dramatic improvement in our net earnings and cash flow.”

On a year-to-date basis, circuit segment sales were down $1.7 million, or 5.3%, year-over-year.

Year-to-date, total sales were up $3.7 million, or 7.1%.

As of June 1, FTG’s net working capital was $27.8 million, up $3.4 million over 2017 year-end.


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