Firan Technology Group Corporation (“FTG” or “the Corporation”) Announces Full Year and Fourth Quarter 2019 Financial Results

TORONTO, Feb. 13, 2020 (GLOBE NEWSWIRE) — 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 yearAchieved EBITDA of $14.6M, an increase of $4.1M (39%) over last yearAchieved net income of $6.1M and diluted earnings per share of $0.25, an increase of 111% over 2018Generated $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-Fredericksburg)At year end, had net cash of $2.2M on the balance sheet.Fourth Quarter Results: (three months ended Nov 30, 2019 compared with three months ended Nov 30, 2018)Business Highlights

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