TORONTO -- Firan Technology Group today announced second quarter sales of $22.3 million, up 9.8% sequentially and 9.1% year-over-year. Bookings rose 6% sequentially and 45% from a year ago to $27.6 million. It was the company's best bookings quarter since fourth quarter 2019.

Net earnings after tax were flat at $0.

Sales at FTG's printed circuits business were up 19% from 2021 to $15.5 million. Sales growth was most pronounced at Circuits Toronto and the joint venture in China, as both sites are primarily serving the commercial aerospace market. On a year-to-date basis, net sales were $29.7 million, versus $25 million for the prior year period.

The Circuits Segment net earnings before corporate and interest and other costs was $800,000, down $300,000 from last year. The increase in sales was the most significant impact on the segment profitability offset by reduced subsidies from the US and Canadian governments. Revenue included $100,000 of government subsidies in the March quarter and $700,000 in the June quarter. Excluding the effect of government subsidies, net earnings from the Circuits Segment increased $400,000.

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