Third Quarter 2021 Financial Results TORONTO, Oct. 13, 2021 (GLOBE NEWSWIRE) -- Firan Technology Group Corporation (TSX: FTG) today announced financial results for the third quarter of 2021.
- FTG achieved a third sequential quarter of increased bookings as the aerospace industry recovers from the COVID-19 pandemic.
- Third quarter bookings are up 7% over Q2 2021 and up 28% over Q4 2020.
- FTG increased net cash on the balance sheet to $17.1M, an increase of $2.3M in Q3 2021 again showing the cash generating nature of the business. Over the past 21 months, during the pandemic, FTG has generated $13M in Free Cash Flow, after investments in R&D and capital equipment.
- FTG received forgiveness of USD 1.3M, being the residual of US Paycheck Protection Program funds received by our US operations as a result of FTG maintaining our workforce for the required period of time.
- FTG was approved for an additional $0.7M in Canada Emergency Wage Subsidy (CEWS) in the quarter which we used to help maintain our workforce in the face of revenue reductions due to COVID-19.
- Extended the existing $20M USD committed credit facility with our primary lender to July 2026 with improved financial terms.
https://www.globenewswire.com/news-release/2021/10/13/2313852/0/en/Firan-Technology-Group-Corporation-FTG-Announces-Third-Quarter-2021-Financial-Results.html