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TORONTO, ONTARIO -- (Marketwire) -- 01/31/13 -- Firan Technology Group Corporation (TSX: FTG) today announced financial results for the full year and fourth quarter 2012.
-- Grew sales by 3.6% over full year 2011-- Grew Aerospace segment sales by 27% over full year 2011-- Improved Operating Earnings(1) by over $1M over full year 2011-- Invested $1.1M in start-up losses for new Aerospace facilities in Tianjin, China and Chatsworth, California compared to less than $0.2M in 2011-- Invested $1M in capital assets for two new Aerospace facilities in Tianjin, China and Chatsworth, California-- Generated revenues over $900,000 from the two new Aerospace facilities in 2012-- R&D spending remained above 5% of sales
"FTG continued to improve key aspects of the business in 2012 while making key strategic investments in new facilities for our Aerospace business for the future", stated Brad Bourne, President and Chief Executive Officer. He added, "The addition of facilities in China and the US, the two largest aerospace markets, are already resulting in new revenue streams for FTG."
Full Year 2012 Results: (Full year ended November 30, 2012 compared with full year ended November 30, 2011)
Full Year Full Year 2012 2011 ---------------------------Sales $ 55,646,000 $ 53,730,000 --------------------------- Operating Earnings(1): 4,554,000 3,511,000 - Net R&D Investment 2,533,000 2,567,000 - Aerospace Tianjin and Chatsworth Start-up Losses 1,062,000 176,000 - Taxes 31,000 (706,000) ---------------------------Net Earnings $ 928,000 $ 1,474,000 ---------------------------Earnings per share - basic 0.05 0.08 $ $ - diluted $ 0.05 $ 0.08
Fourth Quarter Results: (three months ended November 30, 2012 compared with three months ended November 30, 2011)
Q4 2012 Q4 2011 ---------------------------Sales $ 13,719,000 $ 13,981,000 --------------------------- Operating Earnings (1): 1,135,000 638,000 - Net R&D Investment 589,000 358,000 - Aerospace Tianjin and Chatsworth Start-up Losses 419,000 73,000 - Taxes 23,000 (708,000) ---------------------------Net Earnings $ 104,000 $ 915,000 ---------------------------Earnings per share - basic $ 0.01 $ 0.05 - diluted $ 0.01 $ 0.05(1) 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.
