TORONTO -- Firan Technology Group reported third quarter sales at its Circuits segment were up $12.7 million, or 87%, compared to last year.

The increase included $9.2 million worth of revenue from the newly acquired Circuits sites in Minnetonka, MN, and Haverhill, MA. On a year-to-date basis, Circuits segment sales were up 44.7%.

The Circuits segment earnings before interest and income taxes was $2.2 million, up from $800,000 a year ago. Higher sales and improved pricing drove the increase in earnings. The Minnetonka and Haverhill acquisitions did not materially impact earnings before interest and income taxes for this segment.

Overall third quarter bookings were up 28% to $35.7 million. Revenue included $9.2 million from the newly acquired Circuits sites. Net earnings were up $600,000 from last year to $1.3 million.

In a statement, the printed circuit fabricator said, "FTG continued to play offence through the first three quarters of 2023. The company has invested in technology in existing sites, grown the business organically, and completed two acquisitions. Through all these actions, FTG is strategically deploying its capital in ways that will drive increased shareholder returns for the future in both the near term and long term."

Backlog at the end of September is $98 million, up from $65.5 million at the end of 2022. Backlogs include $18.2 million at the newly acquired sites. $35.7M were FTG employs approximately 700 people across its nine operating sites after adding additional staff in Q3 2023, including executive leadership at the Circuits Minnetonka site. FTG staffing is essentially in line with customer demand as reflected by the parity between bookings and shipments in the quarter.

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