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July 11, 2019 | Globe NewswireEstimated reading time: 5 minutes
Net profit after tax at FTG in Q2 2019 was $2.5M compared to a net profit of $1.3M in Q2 2018. Higher margins, were partially offset by higher SG&A costs and higher foreign exchange losses. For the year-to-date, net profit was $3.7M compared to $1.0M last year.
The circuits segment net earnings before corporate and interest and other costs was $3.9M in Q2 2019 compared to $2.8M in Q2 2018.
The aerospace net earnings before corporate and interest and other costs in Q2 2019 was $0.7M versus $0.1M in Q2 2018.
As at May 31, 2019, the Corporation’s net working capital was $32.5M, an increase of $3.8M over year-end 2018. Higher accounts receivable was offset by lower accounts payable/accrued liabilities and cash.
Cash flow in Q2 2019 was $2.3M compared to $3.6M in Q2 last year, after investments in capital equipment and deferred development. In Q2 2019, cash taxes paid were $0.4M. For the year-to-date period cash flow was $0.4M compared to $3.2M last year.
Net debt to EBITDA was 0.16:1 for the trailing 12 month period.
The Corporation will host a live conference call on Thursday, July 11, 2019 at 8:30 am (EDT) to discuss the results of Q2 2019.
About Firan Technology Group Corporation
FTG is an aerospace and defense electronics product and subsystem supplier to customers around the globe. FTG has two operating units:
FTG Circuits is a manufacturer of high technology, high reliability printed circuit boards. Our customers are leaders in the aviation, defense, and high technology industries. FTG Circuits has operations in Toronto, Ontario, Chatsworth, California and a joint venture in Tianjin, China.
FTG Aerospace manufactures illuminated cockpit panels, keyboards and sub-assemblies for original equipment manufacturers of aerospace and defense equipment. FTG Aerospace has operations in Toronto, Ontario, Chatsworth, California, Fort Worth, Texas and Tianjin, China.
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