Firan Technology Group Corporation (“FTG” or “Corporation”) Announces Second Quarter 2018 Financial Results
July 12, 2018
TORONTO, July 11, 2018 -- Firan Technology Group Corporation (TSX:FTG) today announced financial results for the second quarter of 2018.Achieved record sales of $28.9M, an increase of 13% over Q2 2017Grew Aerospace segment by 42% over Q2 last yearGross margins increased by $1.5M or 26% over Q2 last yearGenerated cash flow from operations of $3.6M compared to cash usage of $0.4M in Q2 2017“The second quarter of 2018 began to demonstrate the earnings benefits from our acquisitions in 2016,” stated Brad Bourne, President and Chief Executive Officer. He added, “While we continued to experience some increased costs in the quarter related to the transition, we also achieved a dramatic improvement in our net earnings and cash flow.”
Operating earnings is not a measure recognized under International Financial Reporting Standards (“IFRS”). Management believes that this measure is important to many of the Corporation’s shareholders, creditors and other stakeholders. The Corporation’s method of calculating operating earnings may differ from other corporations and accordingly may not be comparable to measures used by other corporations.Business Highlights
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