Firan Technology Group Corporation ("FTG") Announces Third Quarter 2015 Financial Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 10/07/15 -- Firan Technology Group Corporation (TSX: FTG) today announced financial results for the third quarter 2015.
"The third quarter of 2015 saw continued strong performance for FTG as a result of past investments in technology, positive impacts from past key new program wins as well as the strengthening of the US dollar," stated Brad Bourne, President and Chief Executive Officer. He added, "These record results are enabling us to report strong earnings while still investing in our future. In the quarter, development continued on control panel assembly programs for the Chinese C919 aircraft and another helicopter related program for a US customer. We continued to invest in R&D across the Corporation to improve our products, our processes and our ability to meet the future demands of our customers."
Business Highlights
FTG accomplished many goals in the third quarter of 2015 that continue to improve the Corporation and position it for the future, including:
For FTG, overall sales increased by $3.4M or 23% from $14.8M in Q3 2014 to $18.2M in Q3 2015. Both business segments participated in the growth. Revenues also benefited from the weakening of the Canadian dollar versus the US dollar which was down 19 cents in Q3 2015 versus the same quarter last year. Over 80% of FTG's revenues are denominated in US dollars. US dollar currency hedges in place in the quarter reduced reported sales and earnings by $0.7M. As a result, approximately 13% of the growth was due to the weakening of the Canadian dollar and 10% was increased activity. For the year-to-date, sales were up $9.1M or 21%.
The Circuits Segment sales were up $3.3M or 31% in Q3 2015 versus Q3 2014. All facilities reported increased revenues. On a year-to-date basis, Circuits sales were up $7.4M or 23%.
For the Aerospace segment, sales in Q3 2015 were $4.3M compared to $4.2M in the same quarter last year resulting in a 3% growth rate. On a year-to-date basis, Aerospace sales were up $1.7M or 15%.
Gross margins in Q3 2015 were up $1.7M compared to Q3 2014, as a result of increased sales. Again, the currency hedges that matured in the quarter reduced revenue and therefore margins and earnings were reduced by $0.7M.
Earnings before interest, tax, depreciation and amortization (EBITDA) for FTG for trailing twelve months is $7.1M, an increase from $5.6M from previous quarter.
The following table reconciles EBITDA(2) to the net earnings for trailing twelve months ended August 28, 2015.
Net profit at FTG in Q3 2015 was $1.6M compared to a net profit of $0.2M in Q3 2014. This improvement is the result of higher gross margins and foreign exchange gains, offset by higher SG&A and R&D spending.
The Circuits segment net earnings before corporate, interest and other costs was $2.1M in Q3 2015 compared to $0.9M in Q3 2014. The Circuits joint venture in China did not have a material impact on profitability.
The Aerospace net earnings before corporate, interest and other costs was $0.0M in Q3 2015 versus $0.0M in Q3 2014. Costs related to the development of the C919 cockpit assemblies and one new program of $0.6M in Q3 2015 were treated as deferred development and not expensed.
Cash flow from operations after investments in capital equipment and deferred development in Q3 2015 was $2.6M compared with a usage of $0.4M in Q3 2014. For the year-to-date, cash flow was $2.8M in 2015 compared to $1.8M in 2014.
As at August 28, 2015, the Corporation's net working capital was $14.5M, an increase of $2.0M over Q3 2014, primarily due to higher cash, accounts receivable and inventories offset by higher accounts payable.
The Corporation will host a live conference call on Thursday, October 8, 2015 at 11:30 am (EDT) to discuss the results of Q3 2015.
Anyone wishing to participate in the call should dial 416-340-2216 or 1-866-225-0198 and identify that you are calling to participate in the FTG conference call. The Chairperson is Mr. Brad Bourne. A replay of the call will be available until October 22, 2015 and will be available on the FTG website at . The number to call for a rebroadcast is 905-694-9451 or 1-800-408-3053, pass code 4347988.
ABOUT FIRAN TECHNOLOGY GROUP CORPORATION
FTG is an aerospace and defense electronics product and subsystem supplier to customers around the globe. FTG has two operating units:
FTG Circuits is a manufacturer of high technology, high reliability printed circuit boards. Our customers are leaders in the aviation, defense, and high technology industries. FTG Circuits has operations in Toronto, Ontario, Chatsworth, California and a joint venture in Tianjin, China.
FTG Aerospace manufactures illuminated cockpit panels, keyboards and sub-assemblies for original equipment manufacturers of aerospace and defense equipment. FTG Aerospace has operations in Toronto, Ontario, Chatsworth, California and Tianjin, China.
The Corporation's shares are traded on the Toronto Stock Exchange under the symbol FTG.
FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements. These forward-looking statements are related to, but not limited to, FTG's operations, anticipated financial performance, business prospects and strategies. Forward-looking information typically contains words such as "anticipate", "believe", "expect", "plan" or similar words suggesting future outcomes. Such statements are based on the current expectations of management of the Corporation and inherently involve numerous risks and uncertainties, known and unknown, including economic factors and the Corporation's industry, generally. The preceding list is not exhaustive of all possible factors. Such forward-looking statements are not guarantees of future performance and actual events and results could differ materially from those expressed or implied by forward-looking statements made by the Corporation. The reader is cautioned to consider these and other factors carefully when making decisions with respect to the Corporation and not place undue reliance on forward-looking statements. Other than as may be required by law, FTG disclaims any intention or obligation to update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise.
Additional information can be found at the Corporation's website
Contacts:
Firan Technology Group Corporation
Bradley C. Bourne
President and CEO
(416) 299-4000 x314
Firan Technology Group Corporation
Joseph R. Ricci
Vice President and CFO
(416) 299-4000 x309
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Datum: 07.10.2015 - 21:05 Uhr
Sprache: Deutsch
News-ID 425528
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