Firan Technology Group Corporation Provides Guidance For The Fourth Quarter of 2004
Firan Technology Group Corporation Provides Guidance For The Fourth Quarter of 2004
Firan Technology Group Corporation (“FTG”) announced today that it expects to generate revenues in the fourth quarter, ended November 30, 2004, of approximately $10.3 million to $10.4 million. The Company expects to be between breakeven and a loss of $250,000 for the fourth quarter and for the entire year a loss of approximately $165,000 to $415,000, inclusive of a net restructuring charge of $887,000 taken in the first two quarters of the year. Excluding restructuring, the FY2004 results are expected to be a profit of approximately $470,000 to $720,000.
The lower than expected revenues, as reported in the Q3 2004 press release, are a result of a temporary reduction in bookings from several key customers in our Circuits business. Bookings have normalized in this business in the month of November. In addition, revenues were adversely affected as the Canadian dollar strengthened 12% against the U.S dollar during the fourth quarter. FTG generates approximately 85% of its revenues in U.S dollars. Revenues and bookings have remained strong in our Aerospace business throughout Q4.
During the quarter, the Company received a research and development tax credit of approximately $375,000 for fiscal 2002. This amount will be recorded as a reduction of cost of sales during the current period and are included in the above estimates.
ABOUT FIRAN TECHNOLOGY GROUP CORPORATION
Firan Technology Group Corporation has two operating divisions. FTG Circuits is a leading supplier of high reliability, high technology printed circuit boards. FTG Aerospace manufactures illuminated panels and keyboards for the civil and military aviation industries. All manufacturing operations are located in Scarborough, Ontario.
The Company’s shares are traded on the Toronto Stock Exchange under the symbol FTG.
This news release contains certain forward-looking statements that reflect the current views and/or expectations of FTG with respect to its performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions. Actual results and events may vary significantly.
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For further information please contact:
Bradley C. Bourne, President and CEO Tel: (416) 299-4000 x314
Firan Technology Group Corporation bradbourne@firantechnology.com
John Bartkiw, CFO Tel: (416) 299-4000 x390
Firan Technology Group Corporation johnbartkiw@firantechnology.com
