TORONTO – Firan Technology Group reported first quarter Circuits segment sales up 8.2% year-over-year to $15.9 million.

Included in first quarter sales was $2.1 million from Circuits Fredericksburg, acquired in July. The drop in sales at existing sites was at FTG Circuits Toronto. The lower activity was not due to a reduction in orders, and activity recovered toward the end of the period.

Circuits segment net earnings before corporate and interest and other costs was $800,000 in the first quarter, down 65.2% year-over-year.

FTG’s overall first quarter sales were $24.5 million, down 3.4%. Sales were impacted by the shutdown of FTG’s operations in Tianjin, China, for the month of February.

Total net loss after tax in the first quarter was $2.6 million, compared to net profit of $1.2 million in the same period of 2018. EBITDA for was $1 million, down 69.7% year-over-year.

The company ended the first quarter with more than $51 million in backlog. Of this, more than $30 million is due in the second quarter.

The firm generated $3.5 million in cash in the first quarter and ended the quarter with $5.2 million in net cash on the balance sheet.

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