TORONTO – Firan Technology Group reported third quarter sales at its printed circuit unit were up 22.1% compared to the same period of 2017. Net earnings for the segment for the three months ended Aug. 31 were $3 million, up 76.5% year-over-year.

Year-to-date, PCB sales were up $1.3 million, or 2.8%.

FTG reported overall third quarter sales of $25 million, up 31% year-over-year. Net earnings before tax were $1.6 million, an increase of 103% compared to the same quarter in 2017.

For the aerospace segment, sales were $8.6 million, up 50.6% year-over-year. Year-to-date sales were up $8.3 million, or 31.4%. Aerospace recorded a net loss during the third quarter of $700,000, compared to a loss of $1.3 million in the same period last year.

“The third quarter of 2018 came in as expected for the summer months, which typically experience a drop in sales from the second quarter due to higher vacations and fewer production days,” said Brad Bourne, president and CEO. “Sales and profitability were up dramatically from the third quarter last year, again demonstrating the transition activities are mostly behind us. We will continue to work on managing transition and one-time costs in our Chatsworth operations.”

Total year-to-date sales were $81.4 million, an increase of 13.3% compared to the same nine-month period of 2017. For the nine months ended Aug. 31, net earnings before tax were $4.3 million, up 50.7%.

As of Aug. 31, the corporation’s net working capital was $28.5 million, an increase of $4.1 million over year-end 2017.

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