TORONTO – Firan Technology Group reported second quarter sales at its printed circuits division were $19.3 million, up 18.9% year-over-year. Both North American sites experienced similar growth rates. Activity in China was approximately $1.1 million.
The circuits segment showed net earnings before corporate and interest and other costs of $3.9 million, up 39.3% compared to the second quarter of 2018.
FTG’s total second quarter sales were $32.2 million, up 12% year-over-year and the highest quarterly revenue in the company’s history. Net income was $2.5 million, growth of 88% compared to the second quarter last year. EBITDA was $5.2 million, an increase of 54%. The firm’s twelve-month EBITDA was $13.8 million.
In March, FTG announced it had entered into a definitive purchase agreement to acquire a US-based printed circuit board manufacturer, subject to approval. Approval was received, and closing is expected soon.
Cash flow for the second quarter was $2.3 million, and net debt at quarter end was $2.2 million.
“The second quarter of 2019 was a great quarter for FTG, with record sales, EBITDA and operating profit,” said president and CEO Brad Bourne. “There was strong performance across the corporation, showing the strategic initiatives from previous years, including the acquisitions in 2016 to drive up utilization and the investments in China, which have created value for the corporation. We are excited about our pending acquisition, which will add much needed capacity for
standard circuit board manufacturing, freeing up capacity in existing sites for higher end product and expanding our offering for the US defense market.”
For the six months ended May 31, sales were $57.6 million, up 2.2% year-over-year. Net earnings before tax were $5.8 million, up 114%. Operating earnings were $8.9 million, an increase of 74.1%.