TORONTO – Firan Technology Group reported fourth quarter sales of $16.5 million, up nearly 7% year-over-year. Net earnings were $1.2 million, compared to $197,000 for the fourth quarter 2013.

The firm posted full-year sales of $60.7 million, up 8.4% compared to 2013. Net income was $2.2 million, compared to a net loss after tax of $998,000 in 2013.

"Our globalization strategy began to bear fruit in 2014," said Brad Bourne, president and CEO. "Significant cost had been incurred in previous years to achieve this objective, but it has now positioned FTG favorably in the marketplace and enabled significant growth. This growth, coupled with strong operating performance and benefits from some external factors, such as the weakening of the Canadian dollar and lower commodity prices, resulted in much improved profitability in 2014."

Circuit board sales were up $7.3 million, or 19.4%, in 2014. In the fourth quarter, PCB sales were up $1.1 million, or 10.2%, compared to the same quarter last year.

Aerospace sales were down 14.4% year-over-year in 2014. Excluding one large military simulator program from 2013, activity in Aerospace was up $1.6 million, or 11.6%.

Activity from two new sites totaled $3.9 million for the year, compared to $2.3 million in 2013. In the fourth quarter, Aerospace sales were flat compared to the same quarter last year.