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Marketwired
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Firan Technology Group ("FTG" or "the Corporation") Announces Full Year and Fourth Quarter 2016 Financial Results

TORONTO, ONTARIO -- (Marketwired) -- 02/08/17 -- Firan Technology Group Corporation (TSX: FTG) today announced financial results for the full year and fourth quarter 2016.

--  Achieved record annual sales of $87.1M, an increase of 20.9% over full
    year 2015
--  Grew Q4 sales to $27.2M, an increase of 45.3% over Q4 2015
--  Grew Aerospace segment by 70.8% over full year 2015
--  Grew Circuits segment sales by 4.6% over full year 2015
--  Completed the integration of PhotoEtch and closed the facility in
    December 2016
--  Continued the transition of Teledyne PCT, expect transition to continue
    through Q2 2017
--  Began equipment installation for a dedicated outer layer production
    facility for Aerospace circuit boards at FTG Printronics Circuit - the
    joint venture in Tianjin China

"The year 2016 saw a dramatic change in FTG with the completion of two acquisitions," stated Brad Bourne, President and Chief Executive Officer. He added, "As we transition the revenue from these acquisitions to existing FTG facilities, we will drive up utilization rates and see increased profitability."

Full Year Results: (twelve months ended Nov 30, 2016 compared with twelve months ended Nov 30, 2015)

Full Year 2016  Full Year 2015

Sales                                            $87,114,000     $72,045,000

Gross Margin                                      19,353,000      18,034,000
Gross Margin (%)                                       22.2%           25.0%

                                             -------------------------------
Operating Earnings: (1)                           $7,559,000       9,515,000

  Net R&D Investment                               3,238,000       5,066,000
  AMIS early repayment expense                             -         556,000
  Recovery of Investment tax credits               (594,000)     (6,736,000)
  Amortization of intangible assets                  479,000          48,000
  Bargain purchase gain                          (7,189,000)               -
  Restructuring                                    4,051,000               -

                                             -------------------------------
Net Earnings before tax                            7,574,000      10,581,000

  Income Tax Expense                               1,642,000       1,033,000
  Non-controlling Interests                           17,000          11,000

                                             -------------------------------
Net Earnings after tax                            $5,915,000      $9,537,000

Earnings per share
  - basic                                              $0.29           $0.53
  - diluted                                            $0.27           $0.47

Fourth Quarter Results: (three months ended Nov 30, 2016 compared with three months ended Nov 30, 2015)

Q4 2016         Q4 2015

Sales                                            $27,233,000     $18,742,000

Gross Margin                                       5,730,000       4,953,000
Gross Margin (%)                                       21.0%           26.3%

                                             -------------------------------
Operating Earnings (1):                            2,288,000       2,539,000

  Net R&D Investment                                 966,000       1,465,000
  AMIS Early Payment Expense                               -         556,000
  Recovery of Investment Tax Credits                (95,000)     (6,736,000)
  Amortization of Intangibles                        281,000          12,000

  Net Earnings before Tax                          1,136,000       7,242,000

    Tax Expense                                      506,000         820,000

                                             -------------------------------
Net Earnings After Tax                              $630,000      $6,422,000
                                             -------------------------------
Earnings per share
  - basic                                              $0.03           $0.36
  - diluted                                            $0.03           $0.32

(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.

Business Highlights

FTG accomplished many goals in 2016 that continue to improve the Corporation and position it for the future, including:

--  Signed two new sourcing agreements with a leading US based Aerospace
    customer for the Circuits Toronto and Chatsworth businesses for
    applications in Business, Regional and Air Transport Aircraft and well
    as Defense and Space applications
--  Received initial production orders from two large aerospace customers at
    the FTG Printronics Circuits joint venture in China
--  Completed certification of Circuits Chatsworth facility for rigid flex
    technology under US Department of Defense MIL-PRF-31032 certification,
    positioning this site in the top two technology providers worldwide
--  Achieved recertification of the FTG Printronics Circuit joint venture
    under the AS9100 designation
--  Completed the acquisition of the assets of PhotoEtch, and subsequent to
    year-end, closed the facility moving work to existing FTG facilities.
--  Completed the acquisition of the assets of Teledyne Printed Circuit
    Technology (PCT)
--  Raised new equity via the issue of 3.45M shares at $2.00 per share, less
    expenses
--  Announced five year agreement with Esterline to supply cockpit products
    for the C Series aircraft
--  Entered into an agreement to license the eSurface technology as a semi
    additive manufacturing process for certain advanced technology printed
    circuit boards
--  Announced a new contract to supply cockpit products for a US military
    simulator program, a PhotoEtch customer
--  FTG Aerospace Chatsworth was selected as a top performing supplier by
    Lockheed Martin Aeronautics
--  Hired Melinda Diebel as CFO who brings strong financial and
    manufacturing experience, replacing Joe Ricci who is retiring
--  Added Mike Andrade to the Board of Directors, bringing his strong
    manufacturing and technology experience to FTG.

For FTG, overall sales increased by $15.1M or 20.9%, from $72.0M in FY2015 to $87.1M in FY2016. Both Circuits and Aerospace participated in the growth in 2015. For the fourth quarter, sales were $27.2M, an increase of $8.5M or 45% versus the same period last year, as the full benefit of the acquisitions are seen in FTG's revenues.

Revenues benefited from the PhotoEtch acquisition which closed on March 18th and contributed $6.0M in incremental sales during the remaining 8.5 months subsequent to the acquisition. This translates into an $8.5M annual run rate, well above our expectations which was $6.0M annually. The Teledyne PCT acquisition closed on July 8th and contributed $11.5M during the 5.5 months subsequent to the acquisition. This is tracking at over $24M, also well above our target of 75% of historic revenues or $15.6M annually. A portion of this demand results from some customers placing short term demand related to safety stock requirements and is not expected to be sustained after the transition period. Excluding the acquisitions, revenues were down $2.3M or 3.2% compared to full year 2015.

The Circuits Segment sales were up $2.5M or 4.6% in 2016 versus 2015. In Q4 2016, sales were up $1.5M or 10.7% compared to Q4 2015.

For the Aerospace segment, sales in 2016 were $30.3M compared to $17.7M last year resulting in a 70.8% growth rate. In Q4 2016, sales were up $7.0M or 144.7% compared to Q4 2015.

Gross margins in 2016 were up $1.3M compared to 2015. While the benefits of the acquisitions are seen immediately in revenues, the benefits to gross margins will only result once the acquired facilities are closed and the manufacturing activity is moved to existing FTG facilities.

Earnings before interest, tax, depreciation and amortization (EBITDA) for 2016 was $10.2M, an increase from $7.0M in 2015.

The following table reconciles EBITDA(2) to the net earnings FY 2016.

2016            2015

Net earnings                                      $5,915,000      $9,537,000
Add:
Interest                                             307,000       1,003,000
Income taxes/ITC                                   1,048,000     (5,703,000)
Depreciation                                       2,433,000       2,070,000
Amortization                                         537,000         137,000
                                             -------------------------------
EBITDA                                           $10,240,000      $7,044,000
                                             -------------------------------

(2) 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 at FTG in 2016 was $5.9M compared to a net profit of $9.5M in 2015. The profit in 2015 included a gain from a $6.7M recovery of investment tax credits, and a $2M foreign exchange gain, neither of which were significant in the 2016 results. In 2016, results were positively impacted by bargain purchase gains, offset by restructuring charges for a net benefit of $3.1M. Also as a result of the acquisitions, there was a $5.3M intangible asset created which will be amortized over 5 years. In 2016, this amortization negatively impacted earnings by $0.4M.

The Circuits segment net earnings before corporate and interest and other costs was $9.8M in 2016 compared to $5.9M in 2015.

The Aerospace net earnings before corporate and interest and other costs was $2.5M in 2016 versus $0.6M in 2015. Costs in 2016 related to the development of the C919 cockpit assemblies and one new program of $1.3M were treated as deferred development and not expensed.

Cash flow from operations after investments in capital equipment and deferred development but before the acquisitions and related restructuring in 2016 was $2.5M, compared to a cash flow of $3.6M in 2015.

As at November 30, 2016, the Corporation's net working capital was $22.4M, an increase of $7.4M over November 30, 2015, primarily due to the working capital resulting from the acquisitions completed during the year.

The Corporation will host a live conference call on Thursday February 9, 2017 at 8:30 am (EST) to discuss the results of FY2016.

Anyone wishing to participate in the call should dial 416-340-2220 or 1-866-225-2055 and identify that you are calling to participate in the FTG conference call. The Chairperson is Mr. Brad Bourne. A replay of the call will be available until February 23, 2017 and will be available on the FTG website at www.ftgcorp.com. The number to call for a rebroadcast is 905-694-9451 or 1-800-408-3053, pass code 4501417.

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, Hudson, New Hampshire 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.

FIRAN TECHNOLOGY GROUP CORPORATION

Consolidated Balance Sheets

----------------------------------------------------------------------------
(in thousands of Canadian dollars)              November 30,    November 30,
As at                                                   2016            2015
----------------------------------------------------------------------------
ASSETS
Current assets
Cash                                                 $ 3,152         $ 3,160
Accounts receivable                                   21,022          12,987
Taxes receivable                                         259             231
Inventories                                           22,464          11,122
Prepaid expenses                                       1,776             979
----------------------------------------------------------------------------
                                                      48,673          28,479
Non-current assets
Plant and equipment, net                               8,851           5,644
Deferred income tax assets                             1,327           2,876
Investment tax credits receivable                      7,330           6,736
Deferred development costs                               739             387
Intangible assets, net                                 5,066             100
----------------------------------------------------------------------------
Total assets                                        $ 71,986        $ 44,222
----------------------------------------------------------------------------
LIABILITIES AND EQUITY
Current liabilities
Bank indebtedness                                    $ 6,983             $ -
Accounts payable and accrued liabilities              15,105          10,970
Provisions                                             2,349             366
Customer deposits, net of deferred
 development                                             308           1,044
Current portion of long-term bank debt                 1,510           1,058
----------------------------------------------------------------------------
                                                      26,255          13,438
Non-current liabilities
Long-term bank debt                                    6,079           4,234
Deferred tax payable                                   1,573           1,460
----------------------------------------------------------------------------
Total liabilities                                     33,907          19,132
----------------------------------------------------------------------------

Equity
Retained earnings                                    $ 7,543         $ 1,628
Accumulated other comprehensive income
 (loss)                                                  443           (233)
----------------------------------------------------------------------------
                                                       7,986           1,395
Share capital
  Common shares                                       19,051          13,075
  Preferred shares                                     2,218           2,218
Contributed surplus                                    8,381           8,373
----------------------------------------------------------------------------
Total equity attributable to FTG's
 shareholders                                         37,636          25,061
Non-controlling interest                                 443              29
----------------------------------------------------------------------------
Total equity                                          38,079          25,090
----------------------------------------------------------------------------
Total liabilities and equity                        $ 71,986        $ 44,222
----------------------------------------------------------------------------

FIRAN TECHNOLOGY GROUP CORPORATION

Consolidated Statements of Earnings

----------------------------------------------------------------------------
                                                       Years ended
----------------------------------------------------------------------------
                                                November 30,    November 30,
(in thousands of Canadian dollars, except
 per share amounts)                                     2016            2015
----------------------------------------------------------------------------

Sales                                               $ 87,114        $ 72,045
----------------------------------------------------------------------------

Cost of sales
  Cost of sales                                       65,446          52,048
  Depreciation of plant and equipment                  2,315           1,963
----------------------------------------------------------------------------
Total cost of sales                                   67,761          54,011
----------------------------------------------------------------------------
Gross margin                                          19,353          18,034
----------------------------------------------------------------------------

Expenses
  Selling, general and administrative                 11,259          10,018
  Research and development costs                       3,567           5,558
  Recovery of research and development costs           (329)           (492)
  Recovery of investment tax credits                   (594)         (6,736)
  Depreciation of plant and equipment and
   amortization of intangible assets                     597             156
  Interest expense on short-term debt                    100              34
  Interest expense on long-term debt                     207             413
  Interest accretion due to early repayment
   of AMIS loan                                            -             556
  Foreign exchange loss (gain)                           110         (2,054)
  Bargain purchase gain                              (7,189)               -
  Restructuring expenses                               4,051               -
----------------------------------------------------------------------------
Total expenses                                        11,779           7,453
----------------------------------------------------------------------------

Earnings before income taxes                           7,574          10,581

Current income tax expense                                56               9
Deferred income tax expense                            1,586           1,024
----------------------------------------------------------------------------
Total income tax expense                               1,642           1,033

Net earnings                                         $ 5,932         $ 9,548
----------------------------------------------------------------------------

Attributable to:
Non-controlling interest                                  17              11
----------------------------------------------------------------------------
Equity holders of FTG                                  5,915           9,537
----------------------------------------------------------------------------

Earnings per share, attributable to the
 equity holders of FTG
  Basic                                               $ 0.29          $ 0.53
  Diluted                                             $ 0.27          $ 0.47
----------------------------------------------------------------------------

FIRAN TECHNOLOGY GROUP CORPORATION

Consolidated Statements of Comprehensive Income

----------------------------------------------------------------------------
                                                       Years ended
----------------------------------------------------------------------------
                                                November 30,    November 30,
(in thousands of Canadian dollars)                      2016            2015
----------------------------------------------------------------------------

Net earnings                                         $ 5,932         $ 9,548
----------------------------------------------------------------------------

Other comprehensive income to be
 reclassified to net earnings in subsequent
 periods:

  Foreign currency translation adjustments             1,340             965
  Net unrealized (loss) on derivative
   financial instruments designated as cash
   flow hedges                                         (876)         (1,178)
  Tax impact                                             219             295

----------------------------------------------------------------------------
                                                         683              82
----------------------------------------------------------------------------

Total comprehensive income                           $ 6,615         $ 9,630
----------------------------------------------------------------------------

Attributable to:
Equity holders of FTG                                $ 6,591         $ 9,616
Non-controlling interest                                $ 24            $ 14
----------------------------------------------------------------------------

FIRAN TECHNOLOGY GROUP CORPORATION

Consolidated Statements of Changes in Equity

Years ended November 30, 2016 and November 30, 2015
----------------------------------------------------------------------------
                             Attributed to the equity holders of FTG
                     -------------------------------------------------------
(in thousands of            Common     Preferred      Retained   Contributed
 Canadian dollars)          Shares        Shares      Earnings       Surplus
----------------------------------------------------------------------------
Balance, November
 30, 2014                 $ 12,681       $ 2,218     $ (7,909)       $ 8,411
Net earnings                     -             -         9,537             -
Stock-based
 compensation                    -             -             -            51
Common shares issued
 on exercise of
 share options                 394                                      (89)
Foreign currency
 translation
 adjustments                     -             -             -             -
Net unrealized loss
 on derivative
 financial
 instruments
 designated as cash
 flow hedges, net of
 tax impact                      -             -             -             -
----------------------------------------------------------------------------
Balance, November
 30, 2015                 $ 13,075       $ 2,218       $ 1,628       $ 8,373
Net earnings                     -             -         5,915             -
Stock-based
 compensation                    -             -             -            47
Common shares issued
 on exercise of
 share options                 157                                      (39)
Common shares issued         5,819             -             -             -
Foreign currency
 translation
 adjustments                     -             -             -             -
Net unrealized gain
 on derivative
 financial
 instruments
 designated as cash
 flow hedges, net of
 tax impact                      -             -             -             -
Contribution from
 non-controlling
 interest                        -             -             -             -
----------------------------------------------------------------------------
Balance, November
 30, 2016                 $ 19,051       $ 2,218       $ 7,543       $ 8,381
----------------------------------------------------------------------------

             Years ended November 30, 2016 and November 30, 2015
----------------------------------------------------------------------------
                      Attributed to the equity
                           holders of FTG
                    -----------------------------
                       Accumulated
                             Other
                     Comprehensive                        Non-
(in thousands of            Income                 controlling         Total
 Canadian dollars)          (Loss)         Total      interest        equity
----------------------------------------------------------------------------
Balance, November
 30, 2014                  $ (312)      $ 15,089          $ 15      $ 15,104
Net earnings                     -         9,537            11         9,548
Stock-based
 compensation                    -            51             -            51
Common shares issued
 on exercise of
 share options                               305             -           305
Foreign currency
 translation
 adjustments                   962           962             3           965
Net unrealized loss
 on derivative
 financial
 instruments
 designated as cash
 flow hedges, net of
 tax impact                  (883)         (883)             -         (883)
----------------------------------------------------------------------------
Balance, November
 30, 2015                  $ (233)      $ 25,061          $ 29      $ 25,090
Net earnings                     -         5,915            17         5,932
Stock-based
 compensation                    -            47             -            47
Common shares issued
 on exercise of
 share options                   -           118             -           118
Common shares issued             -         5,819             -         5,819
Foreign currency
 translation
 adjustments                 1,333         1,333             7         1,340
Net unrealized gain
 on derivative
 financial
 instruments
 designated as cash
 flow hedges, net of
 tax impact                  (657)         (657)             -         (657)
Contribution from
 non-controlling
 interest                        -             -           390           390
----------------------------------------------------------------------------
Balance, November
 30, 2016                    $ 443      $ 37,636         $ 443      $ 38,079
----------------------------------------------------------------------------

FIRAN TECHNOLOGY GROUP CORPORATION

Consolidated Statements of Cash Flows

----------------------------------------------------------------------------
                                                       Years ended
----------------------------------------------------------------------------
                                                November 30,    November 30,
(in thousands of Canadian dollars)                      2016            2015
----------------------------------------------------------------------------
Net inflow (outflow) of cash related to the
 following:
Operating activities
Net earnings                                         $ 5,932         $ 9,548
Items not affecting cash:
  Non-controlling interest share of net
   (earnings)                                           (17)            (11)
  Stock-based compensation                                47              51
  Effect of exchange rates on US dollar debt             136             118
  Depreciation of plant and equipment                  2,433           2,070
  Amortization of intangible assets                      479              49
  Amortization of deferred financing costs                11              37
  Deferred income tax expense                          1,662             729
  Investment tax credits (recovery)                    (594)         (6,736)
  AMIS interest accretion                                  -             335
  Interest accretion due to early repayment
   of AMIS loan                                            -             556
  Amortization of government assistance                    -           (339)
  Decrease (increase) in net unrealized loss
   on derivative financial instruments
   designated as cash flow hedges                        227           (188)
Net change in non-cash operating working
 capital                                            (14,672)           (453)
----------------------------------------------------------------------------
                                                     (4,356)           5,766
----------------------------------------------------------------------------
Investing activities
  Additions to plant and equipment                   (2,210)         (1,750)
  Additions to plant and equipment -
   acquisitions                                      (3,340)               -
  Additions to intangible assets -
   acquisitions                                      (5,296)               -
  Additions to deferred development costs              (352)           (387)
  Additions to deferred financing costs                 (11)               -
----------------------------------------------------------------------------
                                                    (11,209)         (2,137)
----------------------------------------------------------------------------
Net cash flow from operating and investing
 activities                                         (15,565)           3,629
----------------------------------------------------------------------------
Financing activities
  Increase in bank indebtedness                        6,983               -
  Proceeds from long-term bank debt                    3,390           5,341
  Repayments of long-term bank debt                  (1,229)         (1,687)
  Repayments of subordinated loan                          -         (5,110)
  Proceeds from issue of Common shares                 5,937             305
  Funding from non-controlling interests                 390               -
----------------------------------------------------------------------------
                                                      15,471         (1,151)
----------------------------------------------------------------------------
Effects of foreign exchange rate changes on
 cash flow                                                86              41
----------------------------------------------------------------------------
Net (decrease) increase in cash flow                     (8)           2,519
Cash, beginning of the year                            3,160             641
----------------------------------------------------------------------------
Cash, end of year                                      3,152         $ 3,160
----------------------------------------------------------------------------

Disclosure of cash payments
  Payment for interest                                 $ 286           $ 113
  Payments for income taxes                             $ 12             $ 6
----------------------------------------------------------------------------

Contacts:
Firan Technology Group Corporation
Bradley C. Bourne
President and CEO
(416) 299-4000 x 314
bradbourne@ftgcorp.com

Firan Technology Group Corporation
Melinda Diebel
Vice President and CFO
(416) 299-4000 x 264
melindadiebel@ftgcorp.com
www.ftgcorp.com

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