TORONTO – Firan Technology Group reported second-quarter sales of $14.4 million, up 4% year-over-year, despite softness in the North American printed circuit board industry.

FTG Aerospace - Toronto drove the growth in the quarter, the firm says.

Circuit segment sales were down $400,000 or 4% in the second quarter, versus the same period in 2011. Year-to-date circuit sales were up $500,000 or 3%.

Aerospace segment sales were up 31% to $3.9 million, compared to the same period in 2011. This growth resulted from strong demand for commercial aerospace products, the company says. Year-to-date sales were up $1.3 million or 21%.

FTG’s net earnings for the quarter were $631,000, up 50.2% compared to the same period in 2011.

Circuit segment net earnings before corporate, interest and tax costs were $1.2 million compared to $900,000 in the second quarter of last year. On a year-to-date basis, earnings were $1.6 million, up 60%.

Aerospace did not record any net earnings before corporate and interest costs in the second quarter, compared to $100,000 in the prior year period. Results are due to higher activity, offset by implementation costs related to the new ERP system and startup costs at the two new facilities in California and China. For the first six months of this year, earnings were $300,000, a drop of $100,000.

Year-to-date sales for the company were 27.9 million, up 7% year-over-year.

Year-to-date net earnings were $669,000, up 192% year-over-year.

 “The second quarter of 2012 saw significant breakthroughs for FTG with the first shipments from our FTG Aerospace - Tianjin facility and the signing of a letter of intent for the design and production of cockpit panel assemblies for the Chinese C919 single aisle aircraft currently under development,” said Brad Bourne, president and CEO.

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