TORONTO -- Printed circuit board maker Firan Technology Group reported first-quarter revenue fell 29% from a year ago on slower demand and currency exchange issues.

The company said sales for the period ended Feb. 26 were $10.4 million. Sales in Canada were down 46% while sales in the US were down 26% including an exchange rate decrease of 13% measured in constant US dollars.

The net loss was $600,000, versus a net loss of $100,000 last year.

The drop in sales in Canada impacted the company's printed circuit and aerospace businesses. This activity is expected to recover in the second quarter, the firm said.

Printed circuit sales were down $3.2 million, or 28%, including 43% at the firm's Chatsworth facility and 19% in Toronto. Net income before corporate and interest costs was $7,000, down from $54,000 last year, on lower volume.

The company's book-to-bill ratio was above 1.15 in the quarter.

"We were one of the last companies to suffer from the global economic slowdown and we appear to also be experiencing a delay in seeing increased activity. However, activity late in the quarter and strong bookings suggest levels of demand are now increasing. During the slow period we continued to carefully manage our costs in line with our sales to minimize the impact on our financial health. Our continued investments in technologies and Operational Excellence provide us with the tools to grow market share and exceed customer expectations going forward", stated Brad Bourne, President and Chief Executive Officer.

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