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Firan Technology Group Corporation ("FTG") Announces Second Quarter 2024 Financial Results

TORONTO, July 10, 2024 (GLOBE NEWSWIRE) -- Firan Technology Group Corporation (TSX:FTG) today announced financial results for the second quarter of 2024. Second quarter bookings of $58.7M were up 46% over Q2 2023. Second quarter revenues of $38.8M were up 14% over Q2 2023. FTG achieved Adjusted Net Earnings in Q2 2024 of $2.6M, which was up 13% over Q2 2023. FTG achieved second-quarter Adjusted EBITDA of $6.5M, which was up 25% over Q2 2023. FTG achieved Free Cash Flow of $2.0M in Q2 2024, an increase of $2.4M over Q2 2023. Business Highlights During Q2 2024, the Corporation has continued to invest in technology in existing sites, grow the business organically, and integrate the two acquisitions completed last year. FTG is strategically deploying its capital in ways that will drive increased shareholder returns for the future in both the near term and long term. Specifically, FTG accomplished the following in Q2 2024, which continues to improve the Corporation and position it for the future: Integration activities in Circuits Minnetonka progressed well in the quarter including going live with the FTG ERP system. The ERP transition resulted in a negative impact on production in March and April, but May saw a return to expected throughput levels. The site renewed a multiyear contract with one of its largest customers at improved price levels in the quarter. Integration activities in Circuits Haverhill advanced with the receipt of new drills and electrical test equipment. The expansion of the customer base progressed in the quarter. The site installed new servers and the FTG ERP system in Q2 with full implementation targeted through the second half of 2024. Customer orders received in Q2 2024 totaled $58.7M, resulting in a book-to-bill ratio of 1.51:1. The Corporation was awarded a contract valued at approximately $17.0M to supply cockpit interface assemblies for the display suite on COMAC's C919 aircraft. The period of performance for this contract extends from the second half of 2024 through to the third quarter of 2026. Production will take place at FTG's manufacturing facilities in Toronto, Canada, and Tianjin, China. Production will start in Toronto and transition to Tianjin during the contract period. As of May 31, 2024, FTG had total backlog of $119.6 million, which is a 22% increase over the Q2 2023 backlog of $98.2 million. Table 1 / Key Financial Metrics   Three months ended Six months ended   May 31,   June 2,   May 31,   June 2,     2024   2023   2024   2023             Sales $38,789   $33,959   $73,764   $58,598             Gross Margin 10,808   9,985   19,737   19,770   Gross Margin (%) 27.9 % 29.4 % 26.8 % 33.7 %           Net Earnings to FTG Equity Holders $2,553   $2,403   $3,603   $6,475             Adjustments         Government assistance -   (318 ) -   (3,758 ) Acquisition and divesture expenses