FTG ANNOUNCES FIRST QUARTER 2019 FINANCIAL RESULTS
FTG ANNOUNCES FIRST QUARTER 2019 FINANCIAL RESULTS
For Immediate Release: April l0, 2019
FIRAN TECHNOLOGY GROUP CORPORATION (“FTG” OR “THE CORPORATION”) ANNOUNCES FIRST QUARTER 2019 FINANCIAL RESULTS
TORONTO, ONTARlO-(April 10, 2019)- Firan Technology Group Corporation (TSX: FTG) today announced financial results for the first quarter 2019.
-Achieved sales of $25.4M, a 13% increase over Q1 2018 after excluding $5M of one-time revenue adjustment on a development contract from Q1 last year
-Achieved record sales from the FTG Aerospace Tianjin facility, up 68% over Q1 2018
-Achieved Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of $3.2M in Q1 2019, an increase of $1.7M or 122% over last year
-Achieved trailing twelve month EBITDA of $12.3M
-Achieved net income of $1.2M and diluted earnings per share of $0.05 in Q1 2019, a $1.5M increase over Q1 2018
-Achieved bookings of $24.3M in the quarter.
-Subsequent to the end of Q1 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.
“The first quarter of 2019 was the fourth quarter in a row with strong operating results. Our first quarter is typically a seasonally slower quarter with lower profitability as it includes the Christmas period and Chinese Spring Festival but this year showed improved performance across the Corporation”, stated Brad Bourne,President and Chief Executive Officer. He added, “As announced after the quarter, we are excited about our pending acquisition which will add 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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