Firan Technology Group Announces Q1 2018 Financial Results
For Immediate Release: April 11, 2018
FIRAN TECHNOLOGY GROUP CORPORATION (“FTG”) ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS
TORONTO, ONTARIO – (April 11, 2018) - Firan Technology Group Corporation (TSX:FTG) today announced financial results for the first quarter 2018.
• Achieved first quarter sales of $27.5M in Q1 2018, compared to $27.2M in Q1 2017
• Booked over $40M in orders in Q1 2018
• Net loss in Q1 2018 of $0.3M versus net earnings of $0.8M in Q1 2017
• Cash usage from operations was ($0.3M) in Q1 2018 compared to cash inflow of $1.0M in Q1 last year
“The first quarter of 2018 saw very strong bookings across our customer base reflecting the strength of the aerospace and defense markets and the benefit from past acquisitions,” stated Brad Bourne, President and Chief Executive Officer. He added, “We are continuing to address costs and margins in a few of our operations to achieve the expected profitability for the Corporation.”
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