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Firan Technology Group (FTG) Announces Third Quarter 2012 Financial Results

TORONTO, ONTARIO -- (Marketwire) -- 10/10/12 -- Firan Technology Group Corporation (TSX:FTG) today announced financial results for the third quarter 2012.

--  Grew sales by 3% over Q3, 2011 and by 5% year-to-date over the same
    period 2011 
--  Sixth consecutive profitable quarter 
--  Expensed $234,000 in Q3 in starting up new Aerospace facilities in
    Tianjin, China and Chatsworth, California 
--  Generated revenues over $300,000 from the two new Aerospace sites in the
    quarter 
--  R&D spending remained above 5% of sales 

"FTG's investments in our new Aerospace facilities continue and we are seeing great interest from existing and new customers in utilizing these plants in the future", stated Brad Bourne, President and Chief Executive Officer. He added, "Our Tianjin plant has successfully completed registration of its quality management system to the AS9100 C requirements, ensuring our commitment to quality remains consistent across the Corporation."

Third Quarter Results: (three months ended August 31, 2012 compared with three months ended August 26, 2011)

                                                   Q3 2012           Q3 2011
                                           ---------------   ---------------
                                                                            
Sales                                          $14,057,000       $13,662,000
                                                                            
                                           ---------------------------------
Operating Earnings (1):                          1,163,000         1,071,000
                                                                            
 - Net R&D Investment                              714,000           702,000
 - Aerospace Tianjin and Chatsworth start-                                  
  up expenses                                      234,000            37,000
 - Severance                                        54,000                 -
 - Tax                                               6,000                 -
                                                                            
                                           ---------------------------------
Net Earnings                                      $155,000          $332,000
                                           ---------------------------------
Earnings per share                                                          
 - basic & diluted                                   $0.01             $0.02

Year-To-Date 2011 Results: (nine months ended August 31, 2012 compared with nine months ended August 26, 2011)

                                       Year-To-Date 2012   Year-To-Date 2011
                                       -----------------   -----------------
                                                                            
Sales                                        $41,927,000         $39,749,000
                                       -------------------------------------
                                                                            
Operating Earnings(1):                         3,471,000           2,875,000
                                                                            
  - Net R&D Investment                         1,944,000           2,209,000
  - Aerospace Tianjin and Chatsworth                                        
   Start-up Expenses                             641,000             103,000
  - Severance                                     54,000                   -
  - Income Tax                                     8,000               2,000
                                       -------------------------------------
Net Earnings                                    $824,000            $561,000
                                       -------------------------------------
Earnings per share                                                          
  - basic                                          $0.05               $0.03
  - diluted                                        $0.04               $0.03
                                                                            
(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.                                                     

Business Highlights

FTG accomplished many goals in the third quarter of 2012 that continue to improve the Corporation and position it for the future, including:

--  Continued year-over-year sales growth. 
--  Achieved profit of $443,000 in the quarter before start-up costs at the
    two new Aerospace facilities and severance costs. 
--  Completed the implementation of a new ERP system in the existing
    Aerospace facility in Toronto. This same ERP system is being implemented
    in the new facilities in Tianjin and Chatsworth. 
--  Invested $487,000 in the quarter and $1,966,000 year-to-date to build
    out two new facilities and increase technological capabilities in our
    Circuits' facilities. 
--  Successfully completed AS9100 audit for FTG Circuits - Tianjin to
    Revision C 

For FTG, overall sales increased by $0.4M (3%), from $13.7M in Q3 2011 to $14.1M in Q3 2012. Again, FTG Aerospace drove the growth in the quarter. For the first nine months, sales were $41.9M, an increase of $2.2M or 5% versus the same period last year.

The Circuits Segment sales were down $0.9M or 8% in Q3 2012 versus Q3 2011. Year-to-date Circuits Segment sales were down $0.4M or 1%. Both reductions are due to lower customer demand, from US based customers.

For the Aerospace segment, sales in Q3 2012 were up $1.3M or 47% compared to Q3 2011. Sales from FTG Aerospace Toronto were up 36% with the balance of the growth coming from the two new facilities. For the year-to-date Aerospace segment sales were up $2.5M or 29%.

Gross margins were essentially flat in the quarter, again while incurring start-up costs for the two new Aerospace facilities. Net earnings at FTG in Q3 2012 were $0.2M compared to net earnings of $0.3M in Q3 2011. Administrative costs were up slightly due to foreign exchange losses, severance expenses and higher R&D costs, compared to the same quarter last year.

The Circuits segment net earnings before corporate and interest costs was $0.6M in Q3 201 compared to $0.6M in Q3 2011, on lower sales. On a year-to-date basis, the Circuits business net earnings before corporate and interest costs was $2.2M compared to $1.6M for the same period last year. The improvement is due to lower manufacturing costs ($0.7M), lower R&D costs ($0.4M), offset by lower revenues ($0.4M) and higher foreign exchange losses ($0.2M).

The Aerospace net earnings before corporate and interest costs was $0.1M in Q3 2012 versus $0.2M in Q3, 2011. The net earnings this year are reduced by the $0.2M start-up expenses for the two new facilities. On a year-to-date basis, the net earnings before corporate and interest cost was $0.4M compared to $0.6M for the same period last year. Start-up expenses for the 9 month period year-to-date were $0.6M. Also in this year's expenses were costs related to implementing and new ERP system in our Toronto facility.

As at August 31, 2012, the Corporation's primary source of liquidity included accounts receivable of $9.4M and inventory of $8.3M. Inventories are down $0.5M in the quarter, due to a continued focus on lean manufacturing and cash management. Net working capital at August 31, 2012 was $ 10.9M.

The Corporation will host a live conference call on Thursday, October 11, 2012 at 11:30 am (EDT) to discuss the results of Q3 2012.

Anyone wishing to participate in the call should dial 416-340-8527 or 1-877-240-9772 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 October 25, 2012 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 8807452.

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 and Chatsworth, California.

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 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.

Additional information can be found at the Corporation's website www.ftgcorp.com.

FIRAN TECHNOLOGY GROUP CORPORATION                                          
Interim Consolidated Balance Sheets                                         
                                                                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(unaudited)                        August 31,   November 30,    December 1, 
(in thousands of dollars)                2012           2011           2010 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
ASSETS                                                                      
Current assets                                                              
Cash                            $         720  $       1,944  $         305 
Accounts receivable                     9,415          9,592          9,332 
Taxes receivable                          174            378            448 
Inventories                             8,268          7,973          8,726 
Prepaid expenses                          511            349            669 
----------------------------------------------------------------------------
                                       19,088         20,236         19,480 
Non-current assets                                                          
Plant and equipment, net                5,093          4,474          4,024 
Goodwill                                1,039          1,039          1,039 
Deferred income taxes                   1,375          1,375            667 
Intangible and other assets               354            293            336 
----------------------------------------------------------------------------
Total assets                    $      26,949  $      27,417  $      25,546 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
LIABILITIES AND SHAREHOLDERS'                                               
 EQUITY                                                                     
Current liabilities                                                         
Bank indebtedness               $         842  $           -  $         109 
Accounts payable and accrued                                                
 liabilities                            6,618          8,123          7,420 
Provisions                                341            485            544 
Unearned revenue                          260            714            152 
Customer deposit, net of                                                    
 deferred development                     141              -              - 
Current portion of long-term                                                
 bank debt                                  -          1,458          3,059 
----------------------------------------------------------------------------
                                        8,202         10,780         11,284 
Non-current liabilities                                                     
Subordinated loan                       3,545          2,444          1,746 
Government assistance                   1,346          1,065            914 
----------------------------------------------------------------------------
Total liabilities                      13,093         14,289         13,944 
----------------------------------------------------------------------------
                                                                            
Contingencies and commitments                                               
                                                                            
Shareholders' equity                                                        
Deficit                         $      (9,208) $     (10,032) $     (11,506)
Accumulated other comprehensive                                             
 (loss) income                           (124)            12              - 
----------------------------------------------------------------------------
                                       (9,332)       (10,020)       (11,506)
Share capital                                                               
  Common shares                        12,681         12,681         12,681 
  Preferred shares                      2,218          2,218          2,218 
Contributed surplus                     8,289          8,249          8,209 
----------------------------------------------------------------------------
Total shareholders' equity             13,856         13,128         11,602 
----------------------------------------------------------------------------
Total liabilities and                                                       
 shareholders' equity           $      26,949  $      27,417  $      25,546 
----------------------------------------------------------------------------
----------------------------------------------------------------------------

                                                                            
                                                                            
FIRAN TECHNOLOGY GROUP CORPORATION                                          
Interim Consolidated Statements of Earnings                                 
                                                                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                               Three months ended         Nine months ended 
----------------------------------------------------------------------------
(unaudited)                                                                 
(in thousands of                                                            
 dollars, except per      August 31,   August 26,   August 31,   August 26, 
 share amounts)                 2012         2011         2012         2011 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
Sales                    $    14,057  $    13,662  $    41,927  $    39,749 
Cost of sales                                                               
  Cost of sales               10,516       10,062       30,912       28,945 
  Depreciation of plant                                                     
   and equipment                 419          453        1,245        1,389 
----------------------------------------------------------------------------
Total cost of sales           10,935       10,515       32,157       30,334 
----------------------------------------------------------------------------
Gross margin                   3,122        3,147        9,770        9,415 
----------------------------------------------------------------------------
                                                                            
Expenses                                                                    
  Selling, general and                                                      
   administrative              1,962        2,003        6,382        6,218 
  Research and                                                              
   development costs             778          732        2,168        2,303 
  Recovery of research                                                      
   and development costs         (64)         (30)        (224)         (94)
  Depreciation /                                                            
   amortization of                                                          
   office equipment and                                                     
   intangible assets              35           28           99           84 
  Interest expense on                                                       
   short-term debt                11           46           56          133 
  Interest expense on                                                       
   long-term debt                 69           60          204          166 
  Severance                       54            -           54            - 
  Foreign exchange loss                                                     
   (gain)                        116          (24)         199           42 
----------------------------------------------------------------------------
Total expenses                 2,961        2,815        8,938        8,852 
----------------------------------------------------------------------------
                                                                            
Earnings before income                                                      
 taxes                           161          332          832          563 
                                                                            
Income tax expense                 6            -            8            2 
----------------------------------------------------------------------------
                                                                            
Net earnings             $       155  $       332  $       824  $       561 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Earnings per share                                                          
  Basic                  $      0.01  $      0.02  $      0.05  $      0.03 
  Diluted                $      0.01  $      0.02  $      0.04  $      0.03 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
FIRAN TECHNOLOGY GROUP CORPORATION                                          
Interim Consolidated Statements of Comprehensive (Loss) Income              
                                                                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                  Three months ended      Nine months ended 
----------------------------------------------------------------------------
(unaudited)                   August 31,  August 26, August 31,  August 26, 
(in thousands of dollars)           2012        2011       2012        2011 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Net earnings                  $      155  $      332 $      824  $      561 
----------------------------------------------------------------------------
                                                                            
Other comprehensive (loss)                                                  
 income                                                                     
                                                                            
  Foreign currency                                                          
   translation adjustments          (213)        195       (136)       (119)
----------------------------------------------------------------------------
                                    (213)        195       (136)       (119)
----------------------------------------------------------------------------
                                                                            
Total comprehensive (loss)                                                  
 income                       $      (58) $      527 $      688  $      442 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
FIRAN TECHNOLOGY GROUP CORPORATION                                          
Interim Consolidated Statements of Changes in Shareholders' Equity          
Nine months ended August 31, 2012 and August 26, 2011                       
                                                                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
(unaudited)                            Common      Preferred                
(in thousands of dollars)              Shares         Shares        Deficit 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Balance, December 1, 2010      $       12,681 $        2,218 $      (11,506)
Net earnings                                -              -            561 
Stock-based compensation                    -              -              - 
Foreign currency translation                                                
 adjustments                                -              -              - 
----------------------------------------------------------------------------
Balance, August 26, 2011               12,681          2,218        (10,945)
Net earnings                                -              -            913 
Stock-based compensation                    -              -              - 
Foreign currency translation                                                
 adjustments                                -              -              - 
----------------------------------------------------------------------------
Balance, November 30, 2011             12,681          2,218        (10,032)
Net earnings                                -              -            824 
Stock-based compensation                    -              -              - 
Foreign currency translation                                                
 adjustments                                -              -              - 
----------------------------------------------------------------------------
Balance, August 31, 2012       $       12,681 $        2,218 $       (9,208)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

                                                                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                Accumulated                 
                                                      Other           Total 
(unaudited)                      Contributed  Comprehensive   Shareholders' 
(in thousands of dollars)            Surplus  (Loss) Income          Equity 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Balance, December 1, 2010     $        8,209 $            -  $       11,602 
Net earnings                               -              -             561 
Stock-based compensation                  29              -              29 
Foreign currency translation                                                
 adjustments                               -           (119)           (119)
----------------------------------------------------------------------------
Balance, August 26, 2011               8,238           (119)         12,073 
Net earnings                               -              -             913 
Stock-based compensation                  11              -              11 
Foreign currency translation                                                
 adjustments                               -            131             131 
----------------------------------------------------------------------------
Balance, November 30, 2011             8,249             12          13,128 
Net earnings                               -              -             824 
Stock-based compensation                  40              -              40 
Foreign currency translation                                                
 adjustments                               -           (136)           (136)
----------------------------------------------------------------------------
Balance, August 31, 2012      $        8,289 $         (124) $       13,856 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
FIRAN TECHNOLOGY GROUP CORPORATION                                          
Interim Consolidated Statements of Cash Flows                               
                                                                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                 Three months ended       Nine months ended 
----------------------------------------------------------------------------
(unaudited)                  August 31,  August 26,  August 31,  August 26, 
(in thousands of dollars)          2012        2011        2012        2011 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net inflow (outflow) of cash                                                
 related to the following:                                                  
                                                                            
                                                                            
Operating activities                                                        
Net earnings                 $      155  $      332  $      824  $      561 
Items not affecting cash:                                                   
  Stock-based compensation           15          11          40          29 
  Gain from disposal of                                                     
   plant and equipment                -           -          (2)         (1)
  Effect of exchange rates                                                  
   on U.S. dollar Canadian                                                  
   debt                               -           5         (17)        (76)
  Depreciation of plant and                                                 
   equipment                        442         469       1,308       1,437 
  Amortization of intangible                                                
   assets                            12          12          36          36 
  Amortization of deferred                                                  
   financing costs                    7           -          43          28 
  AMIS interest accretion            69          44         183         104 
  Amortization of government                                                
   assistance                      (111)        (71)       (291)       (190)
Changes in non-cash                                                         
 operating working capital         (407)       (129)     (2,280)       (632)
----------------------------------------------------------------------------
                                    182         673        (156)      1,296 
----------------------------------------------------------------------------
                                                                            
Investing activities                                                        
  Additions to plant and                                                    
   equipment                       (487)       (471)     (1,966)     (1,959)
  Proceeds from disposals of                                                
   plant and equipment                -           -           3          27 
  Additions to deferred                                                     
   financing costs                    -           -        (108)          - 
  Net change to customer                                                    
   deposits/deferred                                                        
   development                      (48)          -         141           - 
----------------------------------------------------------------------------
                                   (535)       (471)     (1,930)     (1,932)
----------------------------------------------------------------------------
                                                                            
Financing activities                                                        
  Increase in bank                                                          
   indebtedness                     842         278         842         706 
  Proceeds from subordinated                                                
   loan and government                                                      
   assistance                         -           -       1,490         960 
  Repayments of long-term                                                   
   debt                               -        (208)     (1,423)     (1,316)
----------------------------------------------------------------------------
                                    842          70         909         350 
----------------------------------------------------------------------------
                                                                            
Effects of foreign exchange                                                 
 rate changes on cash flow          (87)       (113)        (47)        140 
----------------------------------------------------------------------------
                                                                            
Net cash flow                       402         159      (1,224)       (146)
                                                                            
Cash, beginning of period           318           -       1,944         305 
----------------------------------------------------------------------------
                                                                            
Cash, end of period          $      720  $      159  $      720  $      159 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Disclosure of cash payments                                                 
  Payment for interest       $       12  $       62  $       78  $      195 
  Payments for income taxes  $        6  $        -  $        8  $        2 
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Contacts:
Firan Technology Group Corporation
Bradley C. Bourne
President and CEO
(416) 299-4000 x314
[email protected]

Firan Technology Group Corporation
Joseph R. Ricci
Vice President and CFO
(416) 299-4000 x309
[email protected]

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