FTG ANNOUNCES SECOND QUARTER 2020 FINANCIAL RESULTS

For Immediate Release: July 08, 2020

FIRAN TECHNOLOGY GROUP CORPORATION (“FTG” OR “THE CORPORATION”) ANNOUNCES SECOND QUARTER 2020 FINANCIAL RESULTSTORONTO, 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 agreementTo continue reading please click on the pdf link below.