TORONTO – Firan Technology Group reported second-quarter revenue of $11.6 million grew 12% sequentially and fell 21% year-over-year.

The firm posted a net loss of $364,000 compared to a net loss of $540,000 in the same quarter last year.

Net debt dropped by $1.5 million.

Circuit segment sales were down $2.7 million (23%) year-over-year. Aerospace segment sales in the second quarter were down $300,000 (11%) compared to the same quarter last year. This business was particularly affected by a drop in activity in Canada, the firm says.

In the second quarter, FTG secured $5.1 million in Ontario government funding in support of technology investments in FTG Circuits-Toronto.

Year to date, FTG sales were nearly $22 million, down 21.5% compared to the first six months of 2009.

For the first six months, FTG posted a net loss of $960,000, compared to a net loss of $607,000 in the same period last year.

“We are pleased with the increasing activity across FTG," said Brad Bourne, president and CEO. "Overall our results are improving and while we did have some challenges in our Chatsworth facility, we are taking steps to address this. The strength of the Canadian dollar continues to provide a headwind for us, but we have proven we can compete at the current exchange rates. As we have continuously stated, we believe investments in technology are critical to our future, so the Ontario government support is a huge benefit to us."