FTG ANNOUNCES THIRD QUARTER 2019 FINANCIAL RESULTS
FIRAN TECHNOLOGY GROUP CORPORATION (“FTG” OR “THE CORPORATION”) ANNOUNCES THIRD QUARTER 2019 FINANCIAL RESULTS
TORONTO, ONTARIO – (October 9, 2019) – Firan Technology Group Corporation (TSX: FTG) today announced financial results for the third quarter 2019.
• Booked $34M in new orders in Q3, with over $8M related to simulator products
• Achieved sales of $28M, a 12% increase over Q3 2018
• Achieved 28.3% gross margin, a 20% increase over the Q3 2018 gross margin of 23.6%
• Achieved Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of $4.1M in Q3 2019, an increase of $1.4M or 55% over Q3 last year
• Achieved trailing twelve month EBITDA of $15.3M
• Achieved net income of $1.8M and diluted earnings per share of $0.07 in Q3 2019, a $1.1M or 176% increase over Q3 2018
• On July 15, 2019, FTG successfully closed the acquisition of Colonial Circuits Inc., in Fredericksburg Virginia
• Achieved quarterly free cash flow of $6.0M in Q3 2019 inclusive of $1.4M of additions to plant and equipment, but exclusive of the $3.8M of net cash consideration paid for the Colonial business
• Net debt at quarter end was $0.0M, after paying for Colonial Circuits
“The third quarter of 2019 was a solid quarter for FTG, particularly as this quarter can be slower due to summer holidays. We improved our balance sheet in the quarter and this resulted in $6M of positive cash flow”, stated Brad Bourne, President and Chief Executive Officer. He added, “We closed the acquisition of Colonial Circuits mid-quarter and this will add much needed capacity for standard circuit board manufacturing freeing up capacity in existing sites for higher-end product and expand our offering for the US defense market.”
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