TORONTO, Oct. 11, 2023 (GLOBE NEWSWIRE) -- Firan Technology Group Corporation (TSX: FTG) today announced financial results for the third quarter of 2023.
| • | Third quarter bookings of $35.7M were up 28% over Q3 2022. |
| • | FTG third quarter revenues of $36.6M were up 59% over Q3 2022, as FTG ramps up production to meet customer demand. Revenue included $9.2M from the newly acquired Circuits sites. |
| • | FTG achieved Net Earnings in Q3 2023 of $1.3M, which was up $0.6M from Q2 2022. |
| • | Net debt on the balance sheet as of Q3 2023 is $5.7M, which is 0.36x Adjusted EBITDA for the trailing 12 months. |
Business Highlights
FTG continued to play offence through the first three quarters of 2023. The company has invested in technology in existing sites, grown the business organically, and completed two acquisitions. Through all these actions, 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 many goals in Q3 2023 that continue to improve the Corporation and position it for the future, including:
| • | Backlog at the end of Q3 2023 is $98.0M compared to $65.5M at the end of 2022. Backlog as of Q3 2023 includes $18.2M at the newly acquired sites. |
| • | FTG employs approximately 700 people across its nine operating sites after adding additional staff in Q3 2023, including executive leadership at the Circuits Minnetonka site. FTG staffing is essentially in line with customer demand as reflected by the parity between bookings and shipments in the quarter. |
| • | FTG received funding of $0.7 million in the quarter for a total of $4.4M received to-date under the Canadian Aerospace Regional Recovery Initiative (ARRI) program. |
| • | During Q3 2023, FTG bought back 6,200 Common Shares |