TORONTO – Firan Technology Group reported first quarter 2015 sales of $16.3 million, up 16.6% year-over-year.

Net earnings before tax were $497,000, up 119% compared to the first quarter of 2014.

FTG Circuits drove growth, aided by new aerospace facilities.

Circuits segment sales were up $2.3 million, or 22% year-over-year.

Circuits segment net earnings before corporate and interest and other costs increased 33.3% to $1.2 million year-over-year.

For the Aerospace segment, sales in the first quarter were $3.5 million, flat with the same period last year. Increases at facilities in Tianjin, China, and Chatsworth, CA, were offset by a drop in activity in Toronto.

Aerospace net earnings before corporate and interest and other costs decreased $300,000 as a result of lower sales in the Toronto facility and increased R&D costs.

"The first quarter of 2015 saw continued progress in key initiatives across the company, including our development cockpit control assembly programs in China and related R&D efforts that depressed earnings slightly but continue to position the company for future long-term success," said Brad Bourne, president and CEO. "Our established circuits facilities both performed well in the quarter, even with a couple of one-time costs related to a program cancellation and inventory adjustment, while our circuits joint venture in China began to see revenue growth resulting from the customer qualification activities over the past 18 months."

During the quarter, FTG signed a contract for cockpit control assemblies for C919 Heads and a new enterprise sourcing agreement with Rockwell Collins for the circuits business, with an estimated 15% increase in activity.

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