Firan Technology Group Corporation (“FTG” or “the Corporation”) Announces Third Quarter 2019 Financial Results

TORONTO, Oct. 09, 2019 (GLOBE NEWSWIRE) — Firan Technology Group Corporation (TSX: FTG) today announced financial results for the third quarter 2019.
Booked $34M in new orders in Q3, with over $8M related to simulator productsAchieved sales of $28M, a 12% increase over Q3 2018Achieved 28.3% gross margin, a 20% increase over the Q3 2018 gross margin of 23.6%Achieved Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of $4.1M in Q3 2019, an increase of $1.4M or 55% over Q3 last yearAchieved trailing twelve month EBITDA of $15.3MAchieved net income of $1.8M and diluted earnings per share of $0.07 in Q3 2019, a $1.1M or 176% increase over Q3 2018On July 15, 2019,  FTG successfully closed the acquisition of Colonial Circuits Inc., in Fredericksburg, VirginiaAchieved quarterly free cash flow of $6.0M in Q3 2019 inclusive of $1.4M  of additions to plant and equipment, but exclusive of the $3.8M of net cash consideration paid for the Colonial businessNet debt at quarter end was $0.0M, after paying for Colonial Circuits“The third quarter of 2019 was a solid quarter for FTG, particularly as this quarter can be slower due to summer holidays.  We improved our balance sheet in the quarter and this resulted in $6M of positive cash flow,” stated Brad Bourne, President and Chief Executive Officer. He added, “We closed the acquisition of Colonial Circuits mid-quarter and this 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.”Third Quarter Results: (three months ended August 30, 2019 compared with three months ended August 31, 2018)Year-to-Date: (nine months ended August 30, 2019 compared with nine months ended August 31, 2018)(1) Operating Earnings is not a measure recognized under International Financial Reporting Standards (“IFRS”).  Management believes that this measure is important to many of the Corporation’s shareholders, creditors and other stakeholders. The Corporation’s method of calculating Operating Earnings may differ from other corporations and accordingly may not be comparable to measures used by other corporations.Business Highlights
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