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FTGs Circuit Segment Posts 17% Quarterly Increase in Q3 date:2010/10/8 view:3711
Firan Technology Group Corporation has posted financial results for the third quarter 2010.
  • Grew revenue by 14% over Q2 2010 and by 28% over Q1 2010.
  • Achieved gross margin of 30% in Q3 2010, up 6% from Q3 2009.
  • Achieved book-to-bill ratio above 1.02:1 in the quarter.
  • Recorded $138,000 net income or almost $500,000 before one time costs related to severance, legal and corporate development activities.
  • Received first advance of Ontario Government Advanced Manufacturing Investment Strategy Loan in the amount of $2.66 million.
"We are pleased with the increasing activity across FTG and our return to profitability. Our results remained strong in our Circuits - Toronto business, Aerospace improved and Circuits - Chatsworth improved dramatically. As we have continuously stated, we believe investments in technology are critical to our future so the Ontario Government support is a huge benefit to us," said Brad Bourne, president and CEO.
Business Highlights
FTG accomplished many goals in the third quarter of 2010 that continue to improve the Corporation and position it for the future, including:
  • Shipped first assemblies for $1.5 million military cockpit simulator design and development program ahead of schedule.
  • Achieved book-to-bill ratio of 1.02:1 in the quarter.
  • Successfully completed AS9100 recertification for FTG Circuits - Toronto.
  • Strengthened FTG's team in Quality and Program Management at FTG. Aerospace, Production Control at FTG Circuits Toronto, Operations at FTG Circuits Chatsworth and IT at the Corporate office.
  • Received first advance of Ontario Government Advanced Manufacturing Investment Strategy Loan in the amount of $2.66 million.
For FTG, overall sales increased by 2% from $12.9 million in Q3 2009 to $13.2 million in Q3 2010, but increased by 14% sequentially over Q2 2010. Year-over-year the decline in the value of the USD was 7%, which has a direct impact on reported sales. In Q3 sales in Canada were down 33% year-over-year, but up 33% from Q2 2010. Sales in USD were up 3% compared to the same quarter last year while activity was up by another 7% taking into account the impact of the weaker U.S. dollar.
The Circuits Segment sales were down $0.1 million or 1% in Q3 2010 versus Q3 2009 but up 17% compared to Q2 2010. Year-to-date, Circuits Segment sales were down 18% due to lower demand earlier in the year and the impact of a significantly weaker U.S. dollar in 2010.
For the Aerospace segment, sales in Q3 2010 were up $0.4 million or 19% compared to Q3 2009. New program wins, particularly in higher level assembly products more than offset weak demand in the traditional products with legacy customers. Year-to-date, Aerospace segment sales were down 12%, due to weaker demand from traditional customers, a weaker US dollar, offset by increased activity in new higher level assembly business.
Net profit at FTG in Q3 2010 was $0.1 million compared to a net loss of $0.3 million in Q3 2009. Operating earnings were up $0.7 million offset by increased R&D spending and severance costs. Year-to-date, the net loss was $0.8 million compared to $0.9 million for the same period last year. Year-over-year operating costs were reduced to offset the lower revenue levels experienced in 2010.
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