TORONTO – Firan Technology Group’s Circuits segment sales were up $2.9 million year-over-year in the first quarter, or 23%. Net earnings before corporate and interest and other costs were $2.4 million, up 71.4%.

FTG reported total first quarter sales of $27.2 million, up more than 60% year-over-year. Net earnings were $800,000, an increase of 78% compared to the first quarter of 2016.

"The first quarter of 2017 saw the continued benefit on the top line from the two acquisitions last year," said Brad Bourne, president and CEO. "With the closure of PhotoEtch complete and the planned closure of Teledyne PCT in the second quarter, the benefits of these acquisitions will translate to improved bottom line results as well."

Total revenues related to the acquisitions were approximately $10 million, with about $8 million coming from the Teledyne PCT facility in Hudson, NH, and the balance coming from activity transitioned to existing FTG sites.

For the Aerospace segment, sales were $11.7 million, an increase of 168% compared to the same quarter last year. The segment posted a net loss before corporate and interest and other costs of $300,000, compared to a net loss of $200,000 in the same period of 2016.

As of Mar. 3, FTG’s net working capital was $23.9 million, an increase of $1.5 million over Nov. 30.

 

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