FTG ANNOUNCES SECOND QUARTER 2019 FINANCIAL RESULTS
FTG ANNOUNCES SECOND QUARTER 2019 FINANCIAL RESULTS
For Immediate Release: July 10, 2019
FIRAN TECHNOLOGY GROUP CORPORATION (“FTG” OR “THE Corporation”) ANNOUNCES SECOND QUARTER 2019 FINANCIAL RESULTS
TORONTO, ONTARIO – (July 10, 2019) – Firan Technology Group Corporation (TSX: FTG) today announced financial results for the second quarter 2019.
-Achieved sales of $32.2M, a 12% increase over Q2 2018 and the highest quarterly revenue in the company’s history
-Achieved Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of $5.2M in Q2 2019, an increase of $1.8M or 54% over Q2 last year
-Achieved trailing twelve month EBITDA of $13.8M
-Achieved net income of $2.5M and diluted earnings per share of $0.10 in Q2 2019, a $1.1M or 88% increase over Q2 2018
-In March 2019, FTG announced it had entered into a definitive purchase agreement to acquire a US based printed circuit board manufacturer, subject to approval of the Committee on Foreign Investment in the United States (CFIUS) and other customary closing conditions. Subsequent to quarter end, the CFIUS approval was received. Closing is expected to take place in the near future.
-Achieved quarterly cash flow of $2.3M in Q2 2019 after additions to plant and equipment
-Net debt at quarter end was $2.2M, the lowest level since 2015 and represent the full repayment of debt assumed to pay for the acquisitions in 2016
“The second quarter of 2019 was a great quarter for FTG with record sales, EBITDA and operating profit. There was strong performance across the Corporation showing the strategic initiatives from previous years including the acquisitions in 2016 to drive up utilization and the investments in China which have created value for the Corporation”, stated Brad Bourne, President and Chief Executive Officer. He added, “We are excited about our pending acquisition which 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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