Firan Technology Group (FTG) Announces Full Year and Fourth Quarter 2011 Financial Results
TORONTO, ONTARIO -- (MARKET WIRE) -- Feb 01, 2012 --
Firan Technology Group Corporation (
TSX:
FTG) today announced financial results for the full year and fourth quarter 2011.
-- Grew sales by 9% over full year 2010
-- Improved bottom line by $4.4M over 2010 and returned to profitability
for the full year 2011
-- Invested over $5.0M in Capital Equipment and R&D (net) in 2011 compared
to $3.3M in 2010
-- Reduced net debt by $2.5M in 2011 to lowest level in a decade.
"FTG closed 2011 with another strong quarter making the full year very successful for the company. We achieved our objectives for the year including growing the company, returning to profitability and strengthening the balance sheet. All of this was done while continuing to invest in technology across the company and investing in a new facility in Tianjin China for our cockpit product business. We are demonstrating that our focus on the aerospace and defence market has positioned us to succeed now and in the future", stated Brad Bourne, President and Chief Executive Officer.
Full Year 2011 Results: (twelve months ended November 30, 2011 compared with twelve months ended November 30, 2010)
2011 2010
-----------------------------
Sales $ 53,730,000 $ 49,260,000
-----------------------------
Operating Earnings(1): 3,382,000 2,932,000
Net R&D Investment 2,567,000 2,950,000
Severance 43,000 386,000
Goodwill Impairment - 2,941,000
Income Tax (Recovery) (706,000) (436,000)
-----------------------------
Net Earnings/(Loss) $ 1,478,000 $ (2,909,000)
-----------------------------
Earnings/(Loss) per share
- basic & diluted $ 0.08 $ (0.16)
(1) Operating Earnings (Loss) is not a measure recognized under Canadian
generally accepted accounting principles ("GAAP"). 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 (Loss) may differ from other
corporations and accordingly may not be comparable to measures used by
other corporations.
Fourth Quarter Results: (three months ended November 30, 2011 compared with three months ended November 30, 2010)
Q4 2011 Q4 2010
-----------------------------
Sales $ 13,981,000 $ 14,052,000
-----------------------------
Operating Earnings (1): 608,000 1,287,000
Net R&D Investment 358,000 871,000
Severance 43,000 -
Goodwill impairment - 2,941,000
Taxes (Recovery) (708,000) (438,000)
-----------------------------
Net Earnings / (Loss) $ 915,000 $ (2,087,000)
-----------------------------
Earnings / (Loss) per share
- basic & diluted $ 0.05 $ (0.11)
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