TORONTO – Firan Technology Group reported first quarter sales at its printed circuit board fabrication unit were down $4.5 million, or 27%, year-over-year. All sites were down, but the largest decline was seen in the Circuits Toronto plant, which is more heavily exposed to the commercial aerospace market.

Circuits Chatsworth had a serious Covid-19 event in December and January, and this combined with organizational transitions to strengthen the management team, hurt production and shipments in the quarter.

First quarter Circuits segment net earnings before corporate and interest and other costs were $600,000, down 14.3% compared to the first quarter of 2020. The lower sales were the most significant impact on the segment profitability, offset by CEWS funding and PPP forgiveness. The Covid-19 event in Chatsworth and the transitions in the management team negatively impacted the site’s results.

Overall, FTG reported sales decreased 23% year-over-year to $19 million in the first quarter. The Covid-19 pandemic has negatively impacted commercial aerospace activity, and this impacted FTG’s sites predominantly focused on this market, including Circuits Toronto and the facilities in China.

Total net loss after tax was $400,000, compared to net loss of $2.6 million in the prior year quarter.

Net cash on the balance sheet increased $800,000 to $13.4 million. Bookings in the quarter were up 11% sequentially.

The firm says its long-term market diversification strategy enables the company to mitigate the dramatic downturn in the commercial aerospace market through its involvement in the defense market and other aerospace sectors.

FTG was approved for an additional $1 million in Canada Emergency Wage Subsidy during the quarter, which was used to help maintain the company’s workforce. The funds were paid to FTG subsequent to quarter end as a result of administrative delays within the government.

FTG also received forgiveness of $1.3 million in US Paycheck Protection Program funds in the US.

PCB EAST: The original East Coast technical conference and exhibition! Returning to the Boston suburbs in June 2021!

• Prev
• Next