FTG ANNOUNCES FOURTH QUARTER & FULL YEAR 2020 FINANCIAL RESULTS
FTG ANNOUNCES FOURTH QUARTER & FULL YEAR 2020 FINANCIAL RESULTS
For Immediate Release: February 10, 2021
FIRAN TECHNOLOGY GROUP CORPORATION (“FTG”) ANNOUNCES FULL YEAR AND FOURTH QUARTER 2020 FINANCIAL RESULTS
TORONTO, ONTARIO – (February 10, 2021) – Firan Technology Group Corporation (TSX: FTG) today announced financial results for the full year and fourth quarter 2020.
- FTG has managed successfully through the COVID-19 pandemic in 2020 as a result of three key strategies or actions:
- FTG’s long-term market diversification strategy enabled the Company to mitigate the dramatic downturn in the commercial aerospace market through its involvement in the stable defense market
- FTG carefully managed costs across the Company, balancing decisions on cost reductions with a goal to retain critical skills to ensure the Company is positioned for a faster recovery in the future
- FTG carefully managed investments in the year and ended 2020 with a stronger balance sheet than before the pandemic
- Achieved over $102M in annual sales, a 9% decline, during a very challenging year for the Aerospace industry
- Maintained gross margins above 25% for the year
- Received $3.2M in Canada Emergency Wage Subsidy (CEWS) which we used to help maintain our workforce in the face of revenue reductions due to COVID-19
- Received $3.3M in US Paycheck Protection Program funds in the United States, which remain classified as loans at year-end
- Achieved $13.4M EBITDA in the year, or 13.1%
- Achieved $11.1M in Free Cash Flow (FCF) for the year, the highest ever achieved at FTG (FCF is defined as operating activities less investing activities, excluding acquisitions, less lease liability payments)
- In Q4 2020, achieved 98.7% of Q4 2019 sales or $26.7M
- Generated $4.1M in FCF in Q4 2020 and ended the quarter with $12.6M in net cash on the balance sheet
To continue reading please click on the PDF link below.
2020 Q4 & Full Year Press Release PDF
