Firan Technology Group Announces Q2 2017 Financial Results
For Immediate Release: July 17, 2017
Toronto, July 17, 2017 – Firan Technology Group Corporation (TSX: FTG) today announced financial results for the second quarter of 2017.
1. Achieved sales of $25.5M, an increase of 29% over Q2 2016
2. Grew Aerospace segment sales by 60% over Q2 last year
3. Grew Circuits segment sales by 17% over Q2 last year
4. Gross margins increased by $0.9M or 18% over Q2 last year
5. Closed the Teledyne PCT facility at the end of Q2
6. Q2 profitability impacted by the extension of Teledyne PCT operations and ongoing ramp up of activity of Chatsworth operations, which are expected to continue to ramp up through Q3.
“The second quarter of 2017 saw continued growth in FTG from last year’s acquisitions and progress in transitioning the work into FTG’s legacy facilities”, stated Brad Bourne, President and Chief Executive Officer.
He added, “We continue to achieve the sales growth expectations from the acquisitions but did incur increased costs in the quarter related to the transition due to the extended use of the Hudson facility as well as ramp up costs in Chatsworth. We remain focused on completing all transition tasks to support customer demands and ultimately generating the anticipated returns from the acquisitions.”
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