TORONTO – Firan Technology Group reported first quarter 2018 sales of $27.5 million, up 1.1% year-over-year.
FTG posted a net loss of $300,000 versus net earnings of $800,000 in the first quarter of 2017. Operating earnings were $1.6 million, a decrease of 48.3% compared to the same period last year.
During the period, the firm booked more than $40 million in orders.
“The first quarter of 2018 saw very strong bookings across our customer base, reflecting the strength of the aerospace and defense markets and the benefit from past acquisitions,” said Brad Bourne, president and CEO. “We are continuing to address costs and margins in a few of our operations to achieve the expected profitability for the corporation.”
Circuits segment sales were down $1.3 million, or 8.5%, in the first quarter. Both North America sites were down. Demand dipped briefly in December in Toronto. In Chatsworth, the first quarter started slowly, as momentum had been lost due to production issues reported in the fourth quarter.
During the first quarter, FTG signed a multimillion dollar contract with FlightSafety for KC-46 simulator cockpit assemblies and signed a contract amendment with Shanghai Avionics for C919 cockpit product assemblies for the C919 program, valued at $4 million.