TORONTO – Firan Technology Group reported third quarter Circuits segment sales down $2.6 million, or 14%, year-over-year.

Circuits segment net earnings before corporate and interest and other costs was $1.2 million, down 63.6% year-over-year.

Included in third quarter sales was $1.6 million from Circuits Fredericksburg, compared to $1.2 million in the same period last year when the site was acquired. Circuits Fredericksburg was slightly impacted by a fire at the beginning of the quarter. The facility is fully operational, and remediation is complete.

Year-to-date sales in the Circuits segment were $51.7 million, down 2% year-over-year. Circuits Fredericksburg contributed $6.3 million in 2020, up 425% year-over-year. Net earnings before corporate and interest and other costs was $5.7 million, a decrease of 39.4%.

Aerospace segment sales in the third quarter were $8.7 million, down 9.4% compared to the same period in 2019. Year-to-date, Aerospace sales were down $8.8 million, or 27%. Net earnings before corporate and interest and other costs in the third quarter were $1.2 million versus $100,000 in the third quarter of 2019.

Overall company sales decreased 13% in the third quarter to $24.4 million compared to the third quarter of 2019. The Covid-19 pandemic negatively impacted commercial aerospace activity this year, impacting FTG’s sites predominantly focused on this market, including Circuits Toronto and the facilities in China. On a year-to-date basis, sales were $75.7 million, a decrease of 11.6% year-over-year, attributed to Covid-19, combined with timing on simulator-related orders.

Net profit after tax at FTG in the third quarter was $600,000, compared to $1.8 million in the same period of 2019.

FTG ended the third quarter with more than $47 million in total backlog, of which $26 million is due in the fourth quarter. The firm generated $3.2 million in cash in the third quarter and ended the quarter with $8.8 million in net cash on the balance sheet, compared to net cash of $2.2 million at the end of 2019.

The company laid off 3-4% during the third quarter primarily through attrition.

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