TORONTO – Firan Technology Group’s Circuits segment sales were $15.2 million in the first quarter, up 7.6% year-over-year.
Circuits Toronto was up, while Circuits Chatsworth was down. Activity in China was approximately $1 million and is reported in the Circuits Toronto sales, as all orders flow through the Toronto site.
Circuits segment net earnings before corporate and interest and other costs were $2.2 million, up 175% compared to the same period last year.
FTG reported total first quarter sales of $25.4 million, down 7.8% year-over-year. Sales were up 13% year-over-year after excluding $5 million of a one-time revenue adjustment on a development contract from the first quarter last year.
The firm achieved record sales from its FTG Aerospace Tianjin facility, up 68% year-over-year.
Net income was $1.2 million, compared to a net loss of $300,000 in the first quarter last year. EBITDA for the quarter was $3.2 million, an increase of 122% compared to the same period in 2018.
FTG had orders of $24.3 million during the quarter.
“The first quarter of 2019 was the fourth quarter in a row with strong operating results. Our first quarter is typically a seasonally slower quarter with lower profitability, as it includes the Christmas period and Chinese Spring Festival, but this year showed improved performance across the corporation,” said Brad Bourne, president and CEO. “As announced after the quarter, we are excited about our pending acquisition, which will add needed capacity for standard circuit board manufacturing, freeing up capacity in existing sites for higher end product and expand our offering for the US defense market.”
For the Aerospace segment, sales in the first quarter were $10.2 million, down 23.9% year-over-year. Net profit after tax was $1.2 million, compared to a net loss of $300,000 in the first quarter of 2018. EBITDA was $3.2 million, up 128.6% year-over-year. Aerospace net earnings before corporate and interest and other costs was $500,000 million, compared to $0 in the same quarter of 2018.
As of Mar. 1, the corporation’s net working capital was $30.4 million, an increase of $1.7 million over year-end 2018.