FTG ANNOUNCES SECOND QUARTER 2020 FINANCIAL RESULTS
FIRAN TECHNOLOGY GROUP CORPORATION (“FTG” OR “THE CORPORATION”) ANNOUNCES SECOND QUARTER 2020 FINANCIAL RESULTS
TORONTO, ONTARIO – (July 8, 2020) – Firan Technology Group Corporation (TSX: FTG) today announced financial results for the second quarter 2020.
• Achieved a book-to-bill ratio in Q2 of 0.97:1
• Ended Q2 2020 with over $50M in total backlog, of which $28M is due in Q3 2020
• Generated $3.0M in cash in Q2 and ended the quarter with $6.4M in net cash on the balance sheet
• Achieved highest gross margin percentage of 32.3%
• Achieved net income of $2.0M in the quarter (7.6% of sales)
• Received $0.8M in Canadian Emergency Wage Subsidy in the quarter
• Received $3.3M ($2.4M USD) in loans from the US Paycheck Protection Program (PPP), which can be forgiven in future periods if certain conditions are met
• Subsequent to quarter-end, FTG entered into a new 2 year, $20M USD committed credit facility on terms similar to the previous agreement
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