FTG ANNOUNCES FULL YEAR AND FOURTH QUARTER 2019 FINANCIAL RESULTS
For Immediate Release: February 13, 2020
FIRAN TECHNOLOGY GROUP CORPORATION(“FTG” OR ‘THE CORPORATION” ANNOUNCES FULL YEAR AND FOURTH QUARTER 2019 FINANCIAL RESULTS
TORONTO, ONTARIO – (February 13, 2020) – Firan Technology Group Corporation (TSX: FTG) today announced financial results for the full year and fourth quarter 2019.
• Achieved record full year sales of $112.7M, an increase of $8.2M after excluding a $5M revenue adjustment on a development contract from Q1 last year
• Achieved EBITDA of $14.6M, an increase of $4.1M (39%) over last year
• Achieved net income of $6.1M and diluted earnings per share of $0.25, an increase of 111% over 2018
• Generated $8.5M in full year free cash flow, inclusive of capital expenditures of $3.1M but exclusive of $3.8M of net cash consideration paid for the Colonial business (now referred to as FTG Circuits-
• At year end, had net cash of $2.2M on the balance sheet.
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