TORONTO – Firan Technology Group reported first quarter Circuits segment sales were up $2.2 million, or 18.3%, year-over-year.
All sites increased, but the largest percentage increases were at the Circuits Toronto and Tianjin sites, which have a high concentration of commercial aerospace customers. Shipments from the Circuits segment continued to be negatively impacted by Covid-related employee absences in all locations and a winter storm impacting the Circuits Fredericksburg site.
The Circuits segment recorded net earnings before corporate and interest and other costs of $300,000 compared to $600,000 in the first quarter of 2021.
Total FTG sales increased 7.9% to $20.5 million in the first quarter. The increase in sales reflects a partial recovery of the commercial aerospace market. The market is improving for both domestic and international air travel as governments reduce travel restrictions.
FTG’s net loss after tax was $700,000 compared to a net loss of $400,000 in the first quarter of 2021.
Orders during the period were $26 million, up 43% year-over-year and 10% sequentially.
Total backlog at the end of the first quarter was $45.1 million, an increase of 26% from the same period a year earlier.
FTG ended the first quarter with $16.2 million in net cash, compared to $17.9 million at the end of 2021.