Firan Technology Group Corporation (TSX: FTG) today announced
financial results for the second quarter 2019.
- Achieved sales of $32.2M, a 12% increase over Q2 2018 and the
highest quarterly revenue in the company’s history
- Achieved Earnings Before Interest, Taxes, Depreciation and
Amortization (EBITDA) of $5.2M in Q2 2019, an increase of $1.8M or
54% over Q2 last year
- Achieved trailing twelve month EBITDA of $13.8M
- Achieved net income of $2.5M and diluted earnings per share of
$0.10 in Q2 2019, a $1.1M or 88% increase over Q2 2018
- In March 2019, FTG announced it had entered into a definitive
purchase agreement to acquire a US based printed circuit board
manufacturer, subject to approval of the Committee on Foreign
Investment in the United States (CFIUS) and other customary closing
conditions. Subsequent to quarter end, the CFIUS approval was
received. Closing is expected to take place in the near
future.
- Achieved quarterly cash flow of $2.3M in Q2 2019 after
additions to plant and equipment
- Net debt at quarter end was $2.2M, the lowest level since 2015
and represent the full repayment of debt assumed to pay for the
acquisitions in 2016
“The second quarter of 2019 was a great quarter
for FTG with record sales, EBITDA and operating profit. There
was strong performance across the Corporation showing the strategic
initiatives from previous years including the acquisitions in 2016
to drive up utilization and the investments in China which have
created value for the Corporation,” stated Brad Bourne, President
and Chief Executive Officer. He added, “We are excited about our
pending acquisition which will add much needed capacity for
standard circuit board manufacturing freeing up capacity in
existing sites for higher end product and expand our offering for
the US defense market.”
Second Quarter Results: (three months ended May 31, 2019
compared with three months ended June 1, 2018)
|
|
Q2 2019 |
|
|
Q2 2018 |
|
Sales |
$32,235,000 |
|
$28,878,000 |
|
|
|
|
Gross Margin |
|
9,717,000 |
|
|
7,242,000 |
|
Gross Margin (%) |
|
30.1% |
|
|
25.1% |
|
|
|
|
Operating Earnings (1):
|
|
5,631,000 |
|
|
3,579,000 |
|
|
|
|
• Net R&D Investment |
|
1,443,000 |
|
|
1,071,000 |
|
• Foreign Exchange Loss (Gain) |
|
140,000 |
|
|
(104,000) |
|
• Recovery of Investment Tax Credits |
|
(265,000) |
|
|
(211,000) |
|
• Amortization of Intangibles |
|
272,000 |
|
|
261,000 |
|
• Restructuring expense |
|
243,000 |
|
|
195,000 |
|
|
|
|
Net Earnings before Tax |
|
3,798,000 |
|
|
2,367,000 |
|
|
|
|
• Tax Expense |
|
1,348,000 |
|
|
1,061,000 |
|
• Non-controlling Interests |
|
(32,000) |
|
|
11,000 |
|
Net Earnings After Tax |
$2,482,000 |
|
$1,295,000 |
|
|
|
|
Earnings per share |
|
|
- basic |
$0.11 |
|
$0.06 |
|
- diluted |
$0.10 |
|
$0.05 |
|
|
|
|
Year-to-Date: (six months ended May 31, 2019 compared with six
months ended June 1, 2018)
|
|
YTD 2019 |
|
|
YTD 2018 |
|
Sales |
$57,625,000 |
|
$56,406,000 |
|
|
|
|
Gross Margin |
|
16,471,000 |
|
|
12,089,000 |
|
Gross Margin (%) |
|
28.6% |
|
|
21.4% |
|
|
|
|
Operating Earnings (1):
|
|
8,949,000 |
|
|
5,140,000 |
|
|
|
|
• Net R&D Investment |
|
2,504,000 |
|
|
2,221,000 |
|
• Foreign Exchange Loss (Gain) |
|
296,000 |
|
|
(130,000) |
|
• Recovery of Investment Tax Credits |
|
(415,000) |
|
|
(363,000) |
|
• Amortization of Intangibles |
|
543,000 |
|
|
517,000 |
|
• Restructuring expense |
|
243,000 |
|
|
195,000 |
|
|
|
|
Net Earnings before Tax |
|
5,778,000 |
|
|
2,700,000 |
|
|
|
|
• Tax Expense |
|
2,155,000 |
|
|
1,715,000 |
|
• Non-controlling Interests |
|
(77,000) |
|
|
(17,000) |
|
Net Earnings After Tax |
$3,700,000 |
|
$1,002,000 |
|
|
|
|
Earnings per share |
|
|
- basic |
$0.16 |
|
$0.04 |
|
- diluted |
$0.15 |
|
$0.04 |
|
|
|
|
- Operating Earnings is not a measure recognized under
International Financial Reporting Standards (“IFRS”).
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 may differ
from other corporations and accordingly may not be comparable to
measures used by other corporations.
Business
Highlights
FTG accomplished many goals in Q2 2019 that
continue to improve the Corporation and position it for the future,
including:
- Achieved record quarterly sales of $32.2M
- Achieved Earnings Before Interest, Taxes, Depreciation and
Amortization (EBITDA) of $5.2M in Q2 2019, an increase of $1.8M
or 54% over Q2 last year over Q2 last year
- Achieved net income of $2.5M and diluted earnings per share of
$0.10 in Q2 2019, a $1.1M or 88% increase over Q2 2018
- Achieved quarterly cash flow of $2.3M in Q2 2019 after
additions to plant and equipment
- Net debt at quarter end was $2.2M, the lowest level since 2015
and represent the full repayment of debt assumed to pay for the
acquisitions in 2016.
- In March 2019, FTG announced it has entered into a definitive
agreement to acquire a US based circuit board manufacturer – to add
capacity in the Circuits business and to enable FTG to offer
standard circuit board product to US based defense
contractors. The acquisition was conditional upon approval of
the Committee on Foreign Investment in the United States (CFIUS)
and other customary closing conditions. Subsequent to quarter
end the CFIUS approval was obtained.
For FTG, overall sales increased by $3.4M or 11.6% from $28.9M
in Q2 2018 to $32.2M in Q2 2019. Both the Circuits and Aerospace
segments contributed to the growth. The Canadian dollar was 5.5
cents weaker in Q2 2019 compared to the same quarter last year and
this contributed approximately $1.5M to the growth.
Year-to-date 2019 sales increased by $1.2M or 2.2%.
Year-to-date 2018 included $5M one-time adjustment with respect to
the C919 development contract. Excluding this, the growth was
$6.2M or 12%.
The Circuits Segment sales in Q2 2019 were
$19.3M, up $3.1M or 18.9% versus Q2 2018. Both North American
sites experienced similar growth rates. Activity in China was
approximately $1.1M and is reported in the Circuits Toronto sales
as all orders flow through the Toronto site.
For the Aerospace segment, sales in Q2 2019 were
$13.0M compared to $12.7M in Q2 of last year. Aerospace
Toronto and Tianjin were up whereas Aerospace Chatsworth was down
compared to the same quarter last year. On a year-to-date
basis, sales were down $2.9M but excluding the one-time adjustment
on the C919 development program, sales were up $2.1M or 9.8%
Gross margins of $9.7M in Q2 2019 were up $2.5M
compared to Q2 2018. The increase is due to higher sales,
improved operating performance, more favorable exchange rates,
offset by some one-time costs in the quarter. For the
year-to-date, gross margins were $16.5M, up $4.4M or 36.2%.
Year-to-date gross margins are 28.6% compared to 21.4% last
year. The one-time $5M revenue adjustment on the C919 program
last year was at very low margins. Operating performance in
2019 was improved across the Corporation.
Earnings Before Interest, Tax, Depreciation and
Amortization (EBITDA) for FTG in Q2 2019 was $5.2M compared to
$3.4M in Q2 2018. Trailing twelve month EBITDA is $13.9M.
The following table reconciles EBITDA(2)
to the net earnings for the trailing 12 months as at May 31,
2019.
|
Q2 2019 |
Trailing 12 Months |
|
|
|
Net earnings |
|
2,482,000 |
|
5,573,000 |
Add: |
|
|
Interest |
|
90,000 |
|
405,000 |
Income taxes/ITC/JV |
|
1,358,000 |
|
3,117,000 |
Depreciation/Amortization |
|
1,254,000 |
|
4,765,000 |
|
|
|
EBITDA |
$5,184,000 |
$13,860,000 |
- EBITDA is not a measure recognized under
International Financial Reporting Standards (“IFRS”).
Management believes that this measure is important to many of the
Corporation’s shareholders, creditors and other stakeholders. The
Corporation’s method of calculating EBITDA may differ from other
corporations and accordingly may not be comparable to measures used
by other corporations.
Net profit after tax at FTG in Q2 2019 was $2.5M
compared to a net profit of $1.3M in Q2 2018. Higher margins,
were partially offset by higher SG&A costs and higher foreign
exchange losses. For the year-to-date, net profit was $3.7M
compared to $1.0M last year.
The Circuits segment net earnings before
corporate and interest and other costs was $3.9M in Q2 2019
compared to $2.8M in Q2 2018.
The Aerospace net earnings before corporate and
interest and other costs in Q2 2019 was $0.7M versus $0.1M in Q2
2018.
As at May 31, 2019, the Corporation’s net
working capital was $32.5M, an increase of $3.8M over year-end
2018. Higher accounts receivable was offset by lower accounts
payable/accrued liabilities and cash.
Cash flow in Q2 2019 was $2.3M compared to $3.6M
in Q2 last year, after investments in capital equipment and
deferred development. In Q2 2019, cash taxes paid were
$0.4M. For the year-to-date period cash flow was $0.4M
compared to $3.2M last year.
Net debt to EBITDA was 0.16:1 for the trailing
12 month period.
The Corporation will host a live conference call
on Thursday, July 11, 2019 at 8:30 am (EDT) to discuss the results
of Q2 2019.
Anyone wishing to participate in the call should
dial 647-427-2311 or 1-866-521-4909 and the conference ID is
2793398. The Chairperson is Mr. Brad Bourne. A replay of the
call will be available until August 11, 2019 and will be available
on the FTG website at www.ftgcorp.com. The number to call for
a rebroadcast is 416-621-4642 or 1-800-585-8367, Conference ID
2793398.
ABOUT FIRAN TECHNOLOGY GROUP CORPORATION
FTG is an aerospace and defense electronics
product and subsystem supplier to customers around the globe.
FTG has two operating units:
FTG Circuits is a
manufacturer of high technology, high reliability printed circuit
boards. Our customers are leaders in the aviation, defense,
and high technology industries. FTG Circuits has operations
in Toronto, Ontario, Chatsworth, California and a joint venture in
Tianjin, China.
FTG Aerospace
manufactures illuminated cockpit panels, keyboards and
sub-assemblies for original equipment manufacturers of aerospace
and defense equipment. FTG Aerospace has operations in
Toronto, Ontario, Chatsworth, California, Fort Worth, Texas and
Tianjin, China.
The Corporation's shares are traded on the Toronto Stock
Exchange under the symbol FTG.
FORWARD-LOOKING STATEMENTS
This news release contains certain
forward-looking statements. These forward-looking statements
are related to, but not limited to, FTG’s operations, anticipated
financial performance, business prospects and strategies.
Forward-looking information typically contains words such as
“anticipate”, “believe”, “expect”, “plan” or similar words
suggesting future outcomes. Such statements are based on the
current expectations of management of the Corporation and
inherently involve numerous risks and uncertainties, known and
unknown, including economic factors and the Corporation’s industry,
generally. The preceding list is not exhaustive of all
possible factors. Such forward-looking statements are not
guarantees of future performance and actual events and results
could differ materially from those expressed or implied by
forward-looking statements made by the Corporation. The
reader is cautioned to consider these and other factors carefully
when making decisions with respect to the Corporation and not place
undue reliance on forward-looking statements. Other than as may be
required by law, FTG disclaims any intention or obligation to
update or revise any such forward-looking statements, whether as a
result of new information, future events or otherwise.
For further information please
contact:
Bradley C. Bourne, President and
CEO
Firan Technology Group CorporationTel: (416) 299-4000
x314bradbourne@ftgcorp.com
Melinda Diebel, Vice President and
CFO
Firan Technology Group CorporationTel:(416) 299-4000
x264melindadiebel@ftgcorp.com
Additional information can be found at the
Corporation’s website www.ftgcorp.com
FIRAN TECHNOLOGY GROUP CORPORATION |
|
|
|
Interim Condensed Consolidated Balance Sheets |
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
May 31, |
November 30, |
|
(in
thousands of Canadian dollars) |
|
2019 |
|
|
2018 |
|
|
ASSETS |
|
|
|
|
Current
assets |
|
|
|
Cash |
|
|
$ |
4,312 |
|
$ |
5,026 |
|
|
Accounts
receivable |
|
22,127 |
|
|
18,051 |
|
|
Contract
assets |
|
141 |
|
|
645 |
|
|
Taxes
receivable |
|
- |
|
|
189 |
|
|
Inventories |
|
|
24,462 |
|
|
24,634 |
|
|
Prepaid
expenses |
|
1,547 |
|
|
1,816 |
|
|
|
|
|
|
|
52,589 |
|
|
50,361 |
|
|
Non-current assets |
|
|
|
Plant and equipment, net |
|
11,418 |
|
|
12,078 |
|
|
Deferred income tax assets |
|
732 |
|
|
732 |
|
|
Investment tax credits receivable |
|
3,938 |
|
|
4,620 |
|
|
Contract
costs |
|
281 |
|
|
276 |
|
|
Intangible assets and other assets, net |
|
2,582 |
|
|
3,069 |
|
|
Total assets |
|
$ |
71,540 |
|
$ |
71,136 |
|
|
LIABILITIES AND EQUITY |
|
|
|
Current
liabilities |
|
|
|
Accounts payable
and accrued liabilities |
$ |
15,901 |
|
$ |
16,278 |
|
|
Provisions |
|
|
774 |
|
|
849 |
|
|
Contract
liabilities |
|
1,017 |
|
|
1,966 |
|
|
Current portion of
long-term bank debt |
|
2,062 |
|
|
2,019 |
|
|
Income
tax payable |
|
313 |
|
|
563 |
|
|
|
|
|
|
|
20,067 |
|
|
21,675 |
|
|
Non-current liabilities |
|
|
|
Long-term bank
debt |
|
4,472 |
|
|
5,404 |
|
|
Deferred tax payable |
|
1,621 |
|
|
1,750 |
|
|
Total liabilities |
|
26,160 |
|
|
28,829 |
|
|
Equity |
|
|
|
|
Retained earnings |
$ |
15,387 |
|
$ |
11,687 |
|
|
Accumulated other comprehensive (loss) |
|
(1,507 |
) |
|
(774 |
) |
|
|
|
|
|
|
13,880 |
|
|
10,913 |
|
|
Share capital |
|
|
|
|
Common shares |
|
19,323 |
|
|
19,323 |
|
|
Preferred shares |
|
2,218 |
|
|
2,218 |
|
|
Contributed surplus |
|
|
|
|
8,826 |
|
|
8,672 |
|
|
Total
equity attributable to FTG's shareholders |
|
|
|
|
44,247 |
|
|
41,126 |
|
|
Non-controlling
interest |
|
1,133 |
|
|
1,181 |
|
|
Total equity |
|
|
45,380 |
|
|
42,307 |
|
|
Total liabilities and equity |
$ |
71,540 |
|
$ |
71,136 |
|
|
|
|
|
|
|
|
|
FIRAN TECHNOLOGY GROUP CORPORATION |
|
|
|
|
|
|
Interim
Condensed Consolidated Statements of Earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Six months ended |
|
(Unaudited) |
May 31, |
June 1, |
|
May 31, |
June 1, |
|
(in
thousands of Canadian dollars, except per share amounts) |
|
2019 |
|
|
2018 |
|
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
$ |
32,235 |
|
$ |
28,878 |
|
|
$ |
57,625 |
|
$ |
56,406 |
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
|
|
|
|
|
|
Cost of sales |
|
21,659 |
|
|
20,864 |
|
|
|
39,467 |
|
|
42,838 |
|
|
|
Depreciation of plant and equipment |
|
859 |
|
|
772 |
|
|
|
1,687 |
|
|
1,479 |
|
|
Total cost of sales |
|
22,518 |
|
|
21,636 |
|
|
|
41,154 |
|
|
44,317 |
|
|
Gross margin |
|
9,717 |
|
|
7,242 |
|
|
|
16,471 |
|
|
12,089 |
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
Selling, general
and administrative |
|
3,956 |
|
|
3,496 |
|
|
|
7,272 |
|
|
6,601 |
|
|
|
Research and
development costs |
|
1,168 |
|
|
1,126 |
|
|
|
2,284 |
|
|
2,331 |
|
|
|
Reversal
(recovery) of Ontario innovation tax credit |
|
275 |
|
|
(55 |
) |
|
|
220 |
|
|
(110 |
) |
|
|
Recovery of
investment tax credits |
|
(265 |
) |
|
(211 |
) |
|
|
(415 |
) |
|
(363 |
) |
|
|
Depreciation of
plant and equipment |
|
40 |
|
|
35 |
|
|
|
83 |
|
|
65 |
|
|
|
Amortization of
intangible assets |
|
272 |
|
|
261 |
|
|
|
543 |
|
|
517 |
|
|
|
Interest expense
on short-term debt |
|
21 |
|
|
67 |
|
|
|
24 |
|
|
153 |
|
|
|
Interest expense
on long-term debt |
|
69 |
|
|
65 |
|
|
|
143 |
|
|
130 |
|
|
|
Foreign exchange
loss (gain) |
|
140 |
|
|
(104 |
) |
|
|
296 |
|
|
(130 |
) |
|
|
Restructuring
expenses |
|
243 |
|
|
195 |
|
|
|
243 |
|
|
195 |
|
|
Total expenses |
|
5,919 |
|
|
4,875 |
|
|
|
10,693 |
|
|
9,389 |
|
|
|
|
|
|
|
|
|
|
|
Earnings before income taxes |
|
3,798 |
|
|
2,367 |
|
|
|
5,778 |
|
|
2,700 |
|
|
|
|
|
|
|
|
|
|
|
Current income tax expense |
|
1,294 |
|
|
1,017 |
|
|
|
2,071 |
|
|
1,642 |
|
|
Deferred income tax expense |
|
54 |
|
|
44 |
|
|
|
84 |
|
|
73 |
|
|
Total income tax
expense |
|
1,348 |
|
|
1,061 |
|
|
|
2,155 |
|
|
1,715 |
|
|
|
|
|
|
|
|
|
|
|
Net earnings |
$ |
2,450 |
|
$ |
1,306 |
|
|
$ |
3,623 |
|
$ |
985 |
|
|
|
|
|
|
|
|
|
|
|
Attributable to: |
|
|
|
|
|
|
Non-controlling interest |
$ |
(32 |
) |
$ |
11 |
|
|
$ |
(77 |
) |
$ |
(17 |
) |
|
Equity holders of FTG |
$ |
2,482 |
|
$ |
1,295 |
|
|
$ |
3,700 |
|
$ |
1,002 |
|
|
|
|
|
|
|
|
|
|
|
Earnings per share, attributable to the equity holders of
FTG |
|
|
|
|
|
|
|
Basic |
$ |
0.11 |
|
$ |
0.06 |
|
|
$ |
0.16 |
|
$ |
0.04 |
|
|
|
Diluted |
$ |
0.10 |
|
$ |
0.05 |
|
|
$ |
0.15 |
|
$ |
0.04 |
|
|
|
|
|
|
|
|
|
|
|
FIRAN TECHNOLOGY GROUP CORPORATION |
|
|
|
|
|
Interim
Condensed Consolidated Statements of Comprehensive
Income |
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Six months ended |
(Unaudited) |
May 31, |
June 1, |
|
May 31, |
June 1, |
(in
thousands of Canadian dollars) |
|
2019 |
|
|
2018 |
|
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
|
Net
earnings |
$ |
2,450 |
|
$ |
1,306 |
|
|
$ |
3,623 |
|
$ |
985 |
|
|
|
|
|
|
|
|
Other
comprehensive income (loss) to be reclassified to net
earnings in subsequent periods: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
|
302 |
|
|
68 |
|
|
|
1,483 |
|
|
(44 |
) |
|
Net unrealized (loss) on
derivative financial instruments designated as cash flow
hedges |
|
(1,258 |
) |
|
(367 |
) |
|
|
(2,916 |
) |
|
(131 |
) |
|
Tax impact |
|
314 |
|
|
92 |
|
|
|
729 |
|
|
33 |
|
|
|
|
|
|
|
|
|
|
|
(642 |
) |
|
(207 |
) |
|
|
(704 |
) |
|
(142 |
) |
|
|
|
|
|
|
|
Total comprehensive income |
$ |
1,808 |
|
$ |
1,099 |
|
|
$ |
2,919 |
|
$ |
843 |
|
|
|
|
|
|
|
|
Attributable to: |
|
|
|
|
|
Equity holders of
FTG |
$ |
1,851 |
|
$ |
1,095 |
|
|
$ |
2,967 |
|
$ |
817 |
|
Non-controlling interest |
$ |
(43 |
) |
$ |
4 |
|
|
$ |
(48 |
) |
$ |
26 |
|
|
|
|
|
|
|
|
FIRAN TECHNOLOGY GROUP CORPORATION |
|
|
|
|
|
|
|
Interim
Condensed Consolidated Statements of Changes in
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months
ended May 31, 2019 |
|
|
Attributed to the equity holders of FTG |
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
Other |
|
Non- |
|
|
(Unaudited) |
Common |
Preferred |
Retained |
Contributed |
Comprehensive |
|
controlling |
Total |
|
(in
thousands of Canadian dollars) |
shares |
shares |
earnings |
surplus |
income (loss) |
Total |
interest |
equity |
|
Balance, November
30, 2018 |
$ |
19,323 |
$ |
2,218 |
$ |
11,687 |
$ |
8,672 |
|
$ |
(774 |
) |
$ |
41,126 |
|
$ |
1,181 |
|
$ |
42,307 |
|
|
Net earnings
(loss) |
|
- |
|
- |
|
3,700 |
|
- |
|
|
- |
|
|
3,700 |
|
|
(77 |
) |
|
3,623 |
|
|
Stock-based
compensation |
|
- |
|
- |
|
- |
|
154 |
|
|
- |
|
|
154 |
|
|
- |
|
|
154 |
|
|
Foreign currency
translation adjustments |
|
- |
|
- |
|
- |
|
- |
|
|
1,454 |
|
|
1,454 |
|
|
29 |
|
|
1,483 |
|
|
Net unrealized
(loss) on derivative financial |
|
|
|
|
|
|
|
|
|
|
instruments designated as cash
flow hedges, |
|
|
|
|
|
|
|
|
|
|
net of tax impact |
|
- |
|
- |
|
- |
|
- |
|
|
(2,187 |
) |
|
(2,187 |
) |
|
- |
|
|
(2,187 |
) |
|
Balance, May 31, 2019 |
$ |
19,323 |
$ |
2,218 |
$ |
15,387 |
$ |
8,826 |
|
$ |
(1,507 |
) |
$ |
44,247 |
|
$ |
1,133 |
|
$ |
45,380 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended
June 1, 2018 |
|
|
Attributed to the equity holders of FTG |
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
Other |
|
Non- |
|
|
(Unaudited) |
Common |
Preferred |
Retained |
Contributed |
Comprehensive |
|
controlling |
Total |
|
(in
thousands of Canadian dollars) |
shares |
shares |
earnings |
surplus |
income (loss) |
Total |
interest |
equity |
|
Balance, November
30, 2017 |
$ |
19,295 |
$ |
2,218 |
$ |
8,812 |
$ |
8,384 |
|
$ |
187 |
|
$ |
38,896 |
|
$ |
1,214 |
|
$ |
40,110 |
|
|
Net earnings
(loss) |
|
- |
|
- |
|
1,002 |
|
- |
|
|
- |
|
|
1,002 |
|
|
(17 |
) |
|
985 |
|
|
Stock-based
compensation |
|
- |
|
- |
|
- |
|
148 |
|
|
- |
|
|
148 |
|
|
- |
|
|
148 |
|
|
Common shares
issued on exercise of |
|
|
|
|
|
|
|
|
|
|
share options and PSU's |
|
17 |
|
- |
|
- |
|
(5 |
) |
|
- |
|
|
12 |
|
|
- |
|
|
12 |
|
|
Foreign currency
translation adjustments |
|
- |
|
- |
|
- |
|
- |
|
|
(87 |
) |
|
(87 |
) |
|
43 |
|
|
(44 |
) |
|
Net unrealized
(loss) on derivative financial |
|
|
|
|
|
|
|
|
|
|
instruments designated as cash
flow hedges |
|
|
|
|
|
|
|
|
|
|
net of tax impact |
|
- |
|
- |
|
- |
|
- |
|
|
(98 |
) |
|
(98 |
) |
|
- |
|
|
(98 |
) |
|
Balance, June 1, 2018 |
$ |
19,312 |
$ |
2,218 |
$ |
9,814 |
$ |
8,527 |
|
$ |
2 |
|
$ |
39,873 |
|
$ |
1,240 |
|
$ |
41,113 |
|
|
|
|
|
|
|
|
|
|
|
|
|
FIRAN TECHNOLOGY GROUP CORPORATION |
|
|
|
|
|
|
|
Interim Condensed Consolidated Statements of Cash
Flows |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Six months ended |
|
(Unaudited) |
|
May 31, |
June 1, |
|
May 31, |
June 1, |
|
(in
thousands of Canadian dollars) |
|
|
2019 |
|
|
2018 |
|
|
|
2019 |
|
|
2018 |
|
|
Net inflow
(outflow) of cash related to the following: |
|
|
|
|
|
|
|
Operating activities |
|
|
|
|
|
|
|
Net
earnings |
|
$ |
2,450 |
|
$ |
1,306 |
|
|
$ |
3,623 |
|
$ |
985 |
|
|
Items not
affecting cash: |
|
|
|
|
|
|
|
|
Non-controlling
interest share of net loss (earnings) |
|
|
32 |
|
|
(11 |
) |
|
|
77 |
|
|
17 |
|
|
|
Stock-based
compensation |
|
|
80 |
|
|
74 |
|
|
|
154 |
|
|
148 |
|
|
|
(Gain) on disposal
of plant and equipment |
|
|
(8 |
) |
|
- |
|
|
|
(1 |
) |
|
- |
|
|
|
Effect of exchange
rates on US dollar debt |
|
|
140 |
|
|
68 |
|
|
|
126 |
|
|
70 |
|
|
|
Depreciation of
plant and equipment |
|
|
899 |
|
|
806 |
|
|
|
1,770 |
|
|
1,543 |
|
|
|
Amortization of
intangible assets |
|
|
272 |
|
|
261 |
|
|
|
543 |
|
|
517 |
|
|
|
Amortization of
deferred financing costs |
|
|
3 |
|
|
3 |
|
|
|
6 |
|
|
6 |
|
|
|
Deferred income
tax expense |
|
|
471 |
|
|
947 |
|
|
|
967 |
|
|
1,572 |
|
|
|
Investment tax
credits (recovery) |
|
|
(265 |
) |
|
(211 |
) |
|
|
(415 |
) |
|
(363 |
) |
|
|
(Increase) in net unrealized loss, decrease in net unrealized gain
on |
|
|
|
|
|
|
|
|
financial instruments designated as cash
flow hedges |
|
|
|
(652 |
) |
|
(229 |
) |
|
|
(872 |
) |
|
(264 |
) |
|
Net change in non-cash operating working capital |
|
|
(517 |
) |
|
1,031 |
|
|
|
(4,604 |
) |
|
(22 |
) |
|
|
|
|
|
|
|
2,905 |
|
|
4,045 |
|
|
|
1,374 |
|
|
4,209 |
|
|
Investing
activities |
|
|
|
|
|
|
|
|
Additions to plant
and equipment |
|
|
(610 |
) |
|
(414 |
) |
|
|
(1,001 |
) |
|
(1,206 |
) |
|
|
(Additions to)
recovery of - contract costs, other |
|
|
(1 |
) |
|
(67 |
) |
|
|
(19 |
) |
|
221 |
|
|
|
|
|
|
|
|
(611 |
) |
|
(481 |
) |
|
|
(1,020 |
) |
|
(985 |
) |
|
Net cash flow used by operating and investing
activities |
|
|
2,294 |
|
|
3,564 |
|
|
|
354 |
|
|
3,224 |
|
|
Financing
activities |
|
|
|
|
|
|
|
|
(Decrease) in bank
indebtedness |
|
|
(995 |
) |
|
(1,912 |
) |
|
|
- |
|
|
(2,555 |
) |
|
|
Proceeds from long-term bank
debt |
|
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
1,289 |
|
|
|
Repayments of
long-term bank debt |
|
|
(512 |
) |
|
(491 |
) |
|
|
(1,021 |
) |
|
(927 |
) |
|
|
Proceeds from issue of Common shares |
|
|
- |
|
|
- |
|
|
|
- |
|
|
12 |
|
|
|
|
|
|
|
|
(1,507 |
) |
|
(2,403 |
) |
|
|
(1,021 |
) |
|
(2,181 |
) |
|
Effects of foreign exchange rate changes on cash
flow |
|
|
(101 |
) |
|
(3 |
) |
|
|
(47 |
) |
|
2 |
|
|
Net increase (decrease) in cash flow |
|
|
686 |
|
|
1,158 |
|
|
|
(714 |
) |
|
1,045 |
|
|
Cash,
beginning of the period |
|
|
3,626 |
|
|
2,639 |
|
|
|
5,026 |
|
|
2,752 |
|
|
Cash, end of period |
|
$ |
4,312 |
|
$ |
3,797 |
|
|
$ |
4,312 |
|
$ |
3,797 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Disclosure
of cash payments |
|
|
|
|
|
|
|
|
Payment for
interest |
|
$ |
90 |
|
$ |
144 |
|
|
$ |
171 |
|
$ |
300 |
|
|
|
Payments for income taxes |
|
$ |
383 |
|
$ |
6 |
|
|
$ |
1,122 |
|
$ |
13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Firan Technology (TSX:FTG)
Historical Stock Chart
From Mar 2024 to Apr 2024
Firan Technology (TSX:FTG)
Historical Stock Chart
From Apr 2023 to Apr 2024