TORONTO – Firan Technology Group reported third-quarter sales up 3% year-over-year to $14.06 million.

Net earnings for the third quarter were $155,000, down 53.3% year-over-year.

Year-to-date sales were $41.9 million, up 5% over the same period of 2011. Net earnings year-to-date were $824,000, up 46.9% compared to the period last year.

“FTG's investments in our new Aerospace facilities continue, and we are seeing great interest from existing and new customers in utilizing these plants in the future,” said Brad Bourne, president and CEO. “Our Tianjin plant has successfully completed registration of its quality management system to the AS9100 C requirements.”

The firm invested $487,000 in the third quarter and $1.97 million year-to-date to build two new facilities and increase technological capabilities in its circuits facilities.

Circuits segment sales were down $900,000, or 8%, in the third quarter year-over-year. Year-to-date Circuits segment sales were down $400,000, or 1%. Both reductions are a result of lower customer demand from US-based customers, FTG says.

Circuits segment net earnings before corporate and interest costs were $600,000 in third quarter, flat with the same period last year. On a year-to-date basis, net earnings before corporate and interest costs were $2.2 million, up 37.5% year-over-year.

For the Aerospace segment, sales during the quarter were up $1.3 million, or 47%, compared to the third quarter of 2011. Sales from FTG Aerospace Toronto were up 36%, with the balance of the growth coming from the two new facilities. Year-to-date, Aerospace segment sales were up $2.5 million, or 29%.

Aerospace net earnings before corporate and interest costs were $100,000, down 50% year-over-year. On a year-to-date basis, net earnings before corporate and interest cost were $400,000, down 33.3% compared to the same period last year.

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