TORONTO – Firan Technology Group reported fiscal fourth quarter sales at its PCB fabrication unit of $14.1 million, down 24.2% year-over-year.

In the quarter ended Nov. 30, sales declined sequentially at the company’s Toronto operations, offset in part by higher sales at its site in Chatsworth, CA, primarily for defense products.

For the year, Circuits segment sales were down $5.6 million, or 8%, compared to 2019. The largest decline was seen in Toronto, which is more heavily exposed to the commercial aerospace market. The Fredericksburg, VA, site saw sales rise 140%. For the full year, operating performance in Chatsworth was below 2019 levels, resulting in an unspecified number of layoffs in the fiscal fourth quarter.

The PCB unit’s net earnings before corporate and interest and other costs were $6.9 million in 2020, a decrease of 44.8% compared to fiscal 2019. Profitability fell primarily due to lower sales.

FTG’s total fiscal fourth quarter sales were $26.7 million, down 1.3% year-over-year. Net earnings before tax were $2.1 million, an increase of 90.5% compared to the fiscal fourth quarter of 2019.

During 2020, FTG purchased and installed an automated secure backup system to protect IT data across the company. The company received $3.3 million in PPP loans in the US. During the year, FTG laid off approximately 7% staff.

In 2020, FTG’s overall sales decreased 9% to $102.4 million. The Covid-19 pandemic negatively impacted commercial aerospace activity and FTG’s sites predominantly focused on this market, which include Circuits Toronto and the facilities in China.

Net profit after tax in 2020 was $1.4 million, a decrease of 77% year-over-year. Total EBITDA for 2020 was $13.4 million, down 8.2% compared to 2019.

As of Nov. 30, the company’s net working capital was $39.1 million, compared to $28.6 million at year-end in 2019.

FTG ended fiscal 2020 with $12.6 million in net cash, compared to $2.2 million at the end of fiscal 2019.

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