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Firan Technology Group (FTG) Announces Second Quarter 2014 Financial Results

TORONTO, ONTARIO -- (Marketwired) -- 07/14/14 -- Firan Technology Group Corporation (TSX: FTG) today announced financial results for the second quarter 2014.


--  Grew sales by $1.2M or 8% compared to same quarter 2013
--  Booked over $16M in new orders in the quarter
--  Grew Q2 activity at FTG Aerospace Tianjin by 121% over Q2 2013
--  Grew Q2 activity at FTG Aerospace Chatsworth by 51% over Q2 2013
--  Improved net income after tax by $0.6M in Q2 2014 compared to the same
    period in 2013
--  Generated $1.2M positive cashflow from operations in Q2 2014 compared to
    $1.6M usage last year
--  Achieved strong operating performance at both established Circuits
    facilities
--  R&D spending remained above 5% of sales

"FTG's momentum has continued through the first half of 2014 with strong results across the company, particularly at our two new Aerospace facilities in Tianjin and Chatsworth where we continued to see progress on qualification activities, strong orders and increased shipments," stated Brad Bourne, President and Chief Executive Officer. He added, "Our established Circuits facilities both performed well in the quarter and we made significant progress in getting our Circuits Joint Venture through its start-up and customer qualification phase so it too can contribute to our success in the future."

Second Quarter Results: (three months ended May 30, 2014 compared with three months ended May 31, 2013)


                                                       Q2 2014      Q2 2013
                                                  --------------------------

Sales                                              $15,402,000  $14,238,000

Gross Margin                                         4,326,000    3,239,000
Gross Margin (%)                                          28.1%        22.7%

                                                  --------------------------
Operating Earnings: (1)                              1,372,000      760,000
  - Net R&D Investment                                 697,000      706,000
Net Earnings before tax                                675,000       54,000
  - Income Tax                                          47,000        7,000
  - Non-controlling Interests                          (12,000)           -
                                                  --------------------------
Net Earnings after tax                             $   640,000  $    47,000
                                                  --------------------------
Earnings per share
  - basic                                          $      0.04  $      0.00
  - diluted                                        $      0.03  $      0.00

Year-to-Date Results: (six months ended May 30, 2014 compared with six months ended May 31, 2013)


                                                      YTD 2014     YTD 2013
                                                  --------------------------

Sales                                              $29,391,000  $27,253,000

Gross Margin                                         7,450,000    5,321,000
Gross Margin (%)                                          25.3%        19.5%

                                                  --------------------------
Operating Earnings: (1)                              2,376,000      688,000
  - Net R&D Investment                               1,474,000    1,303,000
Net Earnings before tax                                902,000     (615,000)
  - Income Tax                                         145,000       29,000
  - Non-controlling Interests                          (28,000)           -
                                                  --------------------------
Net Earnings (loss) after tax                      $   785,000  $  (644,000)
                                                  --------------------------
Earnings (loss) per share
  - basic                                          $      0.04  $     (0.04)
  - diluted                                        $      0.04  $     (0.04)

(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 the second quarter of 2014 that continue to improve the Corporation and position it for the future, including:


--  Shipped 10,000th cockpit product from FTG Aerospace Tianjin facility
--  Achieved sales outside of North America of 19% of total sales with
    growth in both Europe and Asia
--  Renewed Circuits Toronto facility lease for 5 years at similar costs to
    the previous lease
--  Completed Preliminary Design Review (PDR) for the Heads Down Display
    control panel assemblies for the Chinese C919 development program.

For FTG, overall sales increased by $1.2M or 8.2% from $14.2M in Q2 2013 to $15.4M in Q2 2014. FTG Circuits and the new Aerospace facilities drove the growth. Year-to-date sales were up $2.1M to $29.4M in Q2 2014, compared to the same period last year.

The Circuits Segment sales were up $2.8M or 30% in Q2 2014 versus Q2 2013. Both established facilities had strong growth in the quarter. On a year-to-date basis, sales grew $4.3M or 24% compared to the first six months of last year.

For the Aerospace segment, sales in Q2 2014 were $3.5M compared to $5.1M in the same quarter last year. Strong increases at the two new facilities in Tianjin China and Chatsworth California were offset by a drop in activity in Toronto. The drop was due to the end of a large military simulator program at that facility. As well, Q2 2013 had a significant shipment of Ground Test Hardware for the C919 development program compared to no shipment in Q2 2014. For the first six months of 2014, sales were $7M compared to $9.2M in 2013. Sales increased dramatically at the two new facilities but were down at the Toronto facility for the reasons noted above.

Gross margins were up in Q2 2014 by $1.1M compared to Q2 2013 due to lower start-up costs at the new facilities and higher sales in the Circuits business. Gross margins in Q2 2014 were 28% compared to 23% in Q2 2013. On a year-to-date basis, gross margins increased to 25.3% compared to 19.5% for the same period last year. Increased sales and a weaker Canadian dollar helped drive this increase.

Net profit at FTG in Q2 2014 was $0.6M compared to a net profit of $0.05M in Q2 2013. This improvement is the result of higher gross margins, partially offset by higher SG&A costs. Taxes are higher in Q2 2014 due to recording taxes on Canadian profit, offset by a reduction in deferred income taxes. This is a non-cash item. For the first six months, net profit was $0.8M compared to a net loss of $0.6M for the same period last year.

The Circuits segment net earnings increased to $1.6M in Q2 2014 compared to $0.4M in Q2 2013. The improved results were at both established facilities. The Circuits joint venture in China did not have a material impact on profitability. On a year-to-date basis, the Circuits segment net earnings were $2.6M compared to $0.4M in 2013.

The Aerospace net earnings before corporate and interest and other costs decreased to a loss of $0.1M in Q2 2014 compared to $0.6M profit for the same period in 2013. This was due to lower profitability in the Toronto facility on lower activity. Costs related to the development of the C919 cockpit assemblies of $0.67M in Q2 2014 were treated as deferred development and not expensed. Year-to-date net earnings were a loss of $0.1M compared to a profit of $0.5M in the first six months of 2013.

FTG generated $1.2M of positive cashflow in Q2 2014 compared to cash usage of $1.6M in Q2 2013. The improvement is the result of increased income and lower accounts receivable, partially offset by higher inventories. As at May 30, 2014, the Corporation's primary source of liquidity included accounts receivable of $10.9M and inventory of $9.5M. Net working capital at May 30, 2014 was $12.5M.

The Corporation will host a live conference call on Tuesday, July 15, 2014 at 8:30am (EDT) to discuss the results of Q2 2014.

Anyone wishing to participate in the call should dial 647-788-4922 or 1-877-223-4471and 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 July 29, 2014 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, pass code 23573687.

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 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
Interim Condensed Consolidated Balance Sheets

----------------------------------------------------------------------------
----------------------------------------------------------------------------
(unaudited)                                           May 30,  November 30,
(in thousands of Canadian dollars)                       2014          2013
----------------------------------------------------------------------------
----------------------------------------------------------------------------
ASSETS
Current assets
Cash                                              $     1,860   $       996
Accounts receivable                                    10,951        12,275
Taxes receivable                                          404           264
Inventories                                             9,533         8,074
Prepaid expenses                                          528           549
----------------------------------------------------------------------------
                                                       23,276        22,158
Non-current assets
Plant and equipment, net                                5,272         5,587
Deferred income taxes                                   2,265         2,385
Intangible assets, net                                    172           196
----------------------------------------------------------------------------
Total assets                                      $    30,985   $    30,326
----------------------------------------------------------------------------
----------------------------------------------------------------------------
LIABILITIES AND EQUITY
Current liabilities
Bank indebtedness                                 $         -   $     1,062
Accounts payable and accrued liabilities                8,707         8,027
Provisions                                                475           612
Customer deposits, net of deferred development          1,231           930
Current portion of long-term bank debt                    314           307
Current portion of subordinated loan                        -           510
----------------------------------------------------------------------------
                                                       10,727        11,448
Non-current liabilities
Long-term bank debt                                     1,634         1,753
Subordinated loan                                       4,063         3,396
Government assistance                                     562           786
----------------------------------------------------------------------------
Total liabilities                                      16,986        17,383
----------------------------------------------------------------------------
Contingencies
Equity
Deficit                                           $    (9,317)  $   (10,102)
Accumulated other comprehensive income (loss)              32          (249)
----------------------------------------------------------------------------
                                                       (9,285)      (10,351)
Share capital
  Common shares                                        12,681        12,681
  Preferred shares                                      2,218         2,218
Contributed surplus                                     8,363         8,347
----------------------------------------------------------------------------
Total equity attributable to FTG's shareholders        13,977        12,895
Non-controlling interest                                   22            48
----------------------------------------------------------------------------
Total equity                                           13,999        12,943
----------------------------------------------------------------------------
Total liabilities and equity                      $    30,985   $    30,326
----------------------------------------------------------------------------
----------------------------------------------------------------------------

FIRAN TECHNOLOGY GROUP CORPORATION
Interim Condensed Consolidated Statements of Earnings (Loss)

----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                     Three months ended   Six months ended
----------------------------------------------------------------------------
(unaudited)
(in thousands of Canadian dollars,    May 30,   May 31,   May 30,   May 31,
 except per share amounts)               2014      2013      2014      2013
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Sales                                $ 15,402  $ 14,238  $ 29,391  $ 27,253
----------------------------------------------------------------------------

Cost of sales
  Cost of sales                        10,654    10,568    21,102    21,091
  Depreciation of plant and
   equipment                              422       431       839       841
----------------------------------------------------------------------------
Total cost of sales                    11,076    10,999    21,941    21,932
----------------------------------------------------------------------------
Gross margin                            4,326     3,239     7,450     5,321
----------------------------------------------------------------------------

Expenses
  Selling, general and
   administrative                       2,710     2,330     4,802     4,404
  Research and development costs          767       776     1,614     1,443
  Recovery of research and
   development costs                      (70)      (70)     (140)     (140)
  Depreciation/amortization of plant
   and equipment and intangible
   assets                                  43        38        88        76
  Interest expense on short-term
   debt                                    14        19        28        33
  Interest expense on long-term debt       84        82       170       160
  Foreign exchange loss (gain)            103        10       (14)      (40)
----------------------------------------------------------------------------
Total expenses                          3,651     3,185     6,548     5,936
----------------------------------------------------------------------------

Earnings (loss) before income taxes       675        54       902      (615)

Income tax expense                         47         7       145        29
----------------------------------------------------------------------------

Net earnings (loss)                  $    628  $     47  $    757  $   (644)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Attributable to:
Non-controlling interest                  (12)        -       (28)        -
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Equity holders of FTG                     640        47       785      (644)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Earnings (loss) per share,
 attributable to the equity holders
 of FTG
  Basic                              $   0.04  $      -  $   0.04  $  (0.04)
  Diluted                            $   0.03  $      -  $   0.04  $  (0.04)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

FIRAN TECHNOLOGY GROUP CORPORATION
Interim Condensed Consolidated Statements of Comprehensive Income (Loss)

----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                     Three months ended   Six months ended
----------------------------------------------------------------------------
(unaudited)                           May 30,   May 31,   May 30,   May 31,
(in thousands of Canadian dollars)       2014      2013      2014      2013
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Net earnings (loss)                  $    628  $     47  $    757  $   (644)
----------------------------------------------------------------------------

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

  Foreign currency translation
   adjustments                            (67)       41       461       183
  Net unrealized gain (loss) on
   derivative financial instruments
   designated as cash flow hedges         568      (145)     (180)     (382)
----------------------------------------------------------------------------
                                          501      (104)      281      (199)
----------------------------------------------------------------------------

Total comprehensive income (loss)    $  1,129  $    (57) $  1,038  $   (843)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Attributable to:
Equity holders of FTG                $  1,141  $    (57) $  1,066  $   (843)
Non-controlling interest             $    (12) $      -  $    (28) $      -
----------------------------------------------------------------------------
----------------------------------------------------------------------------

FIRAN TECHNOLOGY GROUP CORPORATION
Interim Condensed Consolidated Statements of Changes in Equity

----------------------------------------------------------------------------
----------------------------------------------------------------------------
Six months ended May
 30, 2014                     Attributed to the equity holders of FTG
                      ------------------------------------------------------
                      ------------------------------------------------------
(unaudited)
(in thousands of              Common    Preferred               Contributed
 Canadian dollars)            Shares       Shares      Deficit      Surplus
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Balance, November 30,
 2013                  $      12,681  $     2,218  $   (10,102) $     8,347
Net earnings (loss)                -            -          785            -
Stock-based
 compensation                      -            -            -           16
Foreign currency
 translation
 adjustments                       -            -            -            -
Net unrealized loss on
 derivative financial
 instruments
 designated as cash
 flow hedges                       -            -            -            -
----------------------------------------------------------------------------
Balance, May 30, 2014  $      12,681  $     2,218  $    (9,317) $     8,363
----------------------------------------------------------------------------
----------------------------------------------------------------------------



----------------------------------------------------------------------------
----------------------------------------------------------------------------
Six months ended May    Attributed to the equity
 30, 2014                    holders of FTG
                      ----------------------------
                      ----------------------------
                         Accumulated
(unaudited)                    Other                      Non-
(in thousands of       Comprehensive               controlling        Total
 Canadian dollars)     (Loss) Income        Total     interest       equity
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Balance, November 30,
 2013                  $        (249) $    12,895  $        48  $    12,943
Net earnings (loss)                -          785          (26)         759
Stock-based
 compensation                      -           16            -           16
Foreign currency
 translation
 adjustments                     461          461            -          461
Net unrealized loss on
 derivative financial
 instruments
 designated as cash
 flow hedges                    (180)        (180)           -         (180)
----------------------------------------------------------------------------
Balance, May 30, 2014  $          32  $    13,977  $        22  $    13,999
----------------------------------------------------------------------------
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Six months ended May
 31, 2013                     Attributed to the equity holders of FTG
                      ------------------------------------------------------
(unaudited)
(in thousands of              Common    Preferred               Contributed
 Canadian dollars)            Shares       Shares      Deficit      Surplus
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Balance, November 30,
 2012                  $      12,681  $     2,218  $    (9,104) $     8,305
Net loss                           -            -         (644)           -
Stock-based
 compensation                      -            -            -           20
Foreign currency
 translation
 adjustments                       -            -            -            -
Net unrealized loss on
 derivative financial
 instruments
 designated as cash
 flow hedges                       -            -            -            -
----------------------------------------------------------------------------
Balance, May 31, 2013  $      12,681  $     2,218  $    (9,748) $     8,325
----------------------------------------------------------------------------


----------------------------------------------------------------------------
Six months ended May    Attributed to the equity
 31, 2013                    holders of FTG
                      ----------------------------
                         Accumulated
(unaudited)                    Other                      Non-
(in thousands of       Comprehensive               controlling        Total
 Canadian dollars)              Loss        Total     interest       equity
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Balance, November 30,
 2012                  $         (85) $    14,015  $         -  $    14,015
Net loss                           -         (644)           -         (644)
Stock-based
 compensation                      -           20            -           20
Foreign currency
 translation
 adjustments                     183          183            -          183
Net unrealized loss on
 derivative financial
 instruments
 designated as cash
 flow hedges                    (382)        (382)           -         (382)
----------------------------------------------------------------------------
Balance, May 31, 2013  $        (284) $    13,192  $         -  $    13,192
----------------------------------------------------------------------------

FIRAN TECHNOLOGY GROUP CORPORATION
Interim Condensed Consolidated Statements of Cash Flows
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                     Three months ended   Six months ended
----------------------------------------------------------------------------
(unaudited)                           May 30,   May 31,   May 30,   May 31,
(in thousands of Canadian dollars)       2014      2013      2014      2013
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net inflow (outflow) of cash related
 to the following:
Operating activities
Net earnings (loss)                  $    628  $     47  $    757  $   (644)
Items not affecting cash:
  Non-controlling interest share of
   loss                                    12         -        28         -
  Stock-based compensation                  7        11        16        20
  Gain on disposal of plant and
   equipment                                -         -         -       (25)
  Effect of exchange rates on US
   dollar debt                             (7)       58        82       108
  Depreciation of plant and
   equipment                              453       457       903       893
  Amortization of intangible assets        12        12        24        24
  Amortization of deferred financing
   costs                                    7         7        14        14
  Income tax expense                       42         -       120         -
  AMIS interest accretion                  78        73       156       146
  Amortization of government
   assistance                            (112)     (112)     (224)     (224)
Changes in non-cash operating
 working capital                           56    (2,178)      580    (1,712)
----------------------------------------------------------------------------
                                        1,176    (1,625)    2,456    (1,400)
----------------------------------------------------------------------------
Investing activities
  Additions to plant and equipment       (357)     (364)     (554)   (1,081)
  Proceeds from disposal of plant
   and equipment                            -         -         -        25
----------------------------------------------------------------------------
                                         (357)     (364)     (554)   (1,056)
----------------------------------------------------------------------------
Net cash flow from (used in)
 operating and investing activities       819    (1,989)    1,902    (2,456)
----------------------------------------------------------------------------
Financing activities
  (Decrease) increase in bank
   indebtedness                        (1,100)    1,484    (1,100)      661
  Proceeds from long-term bank debt         -       510         -     1,227
  Repayments of long-term bank debt       (86)      (44)     (171)      (62)
----------------------------------------------------------------------------
                                       (1,186)    1,950    (1,271)    1,826
----------------------------------------------------------------------------
Effects of foreign exchange rate
 changes on cash flow                     483      (104)      233      (259)
----------------------------------------------------------------------------
Net increase (decrease) in cash flow      116      (143)      864      (889)
Cash, beginning of the period           1,744       700       996     1,446
----------------------------------------------------------------------------
Cash, end of period                  $  1,860  $    557     1,860  $    557
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Disclosure of cash payments
  Payment for interest               $     19  $     28  $     48  $     47
  Payments for income taxes          $      -  $      -  $     25  $     17
----------------------------------------------------------------------------
----------------------------------------------------------------------------

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