Firan Technology Group Announces Q3 2017 Financial Results
TORONTO, ONTARIO: October 11, 2017 – Firan Technology Group Corporation (TSX:FTG) today announced financial results for the third quarter 2017.
• Increased gross margin to over 27% in Q3
• Realized costs savings due to the closure of the Teledyne PCT facility
• Achieved book-to-bill ratio of 1.23:1 in Q3 2017
• Generated $2.3M in cash from operations used to acquire new equipment and pay down debt
“The third quarter of 2017 saw reduced activity, as predicted, as we transitioned the Teledyne PCT equipment to our Chatsworth facilities”, stated Brad Bourne, President and Chief Executive Officer. He added, “The quarter’s activity was also impacted by the strengthening of the Canadian dollar and the normal slowdown resulting from summer vacations. With the closure of the Teledyne facility, FTG’s cost structure was reduced and this resulted in increased gross margins, despite the above impacts. As activity in Chatsworth continues to ramp up, we expect to see improving operating results for the Corporation.”
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