Firan Technology Group Announces Q1 2017 Financial Results
Toronto, April 12, 2017 – Firan Technology Group Corporation (TSX: FTG) today announced financial results for the first quarter 2017.
• Achieved record first quarter sales of $27.2M in Q1 2017, an increase of more than 60% over Q1 2016
• Grew Aerospace segment by 168% over Q1 last year
• Grew Circuits segment sales by 23% over Q1 last year
• Gross margins increased by $3.1M or 83% over Q1 last year
• Net Income increase by 78% in Q1 2017 versus Q1 2016
• Cash flow from operations was $1.0M in Q1 2017 compared to cash usage of $0.6M in Q1 last year
• Completed the integration of PhotoEtch and closed the facility in December 2016
• Continued the transition of Teledyne PCT, expect transition to continue through Q2 2017
“The first quarter of 2017 saw the continued benefit on the top line from the two acquisitions last year,” stated Brad Bourne, President and Chief Executive Officer. He added, “With the closure of PhotoEtch complete and the planned closure of Teledyne PCT in Q2, the benefits of these acquisitions will translate to improved bottom line results as well.”
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