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Firan Technology Group Corporation ("FTG" or "Corporation") Announces Second Quarter 2017 Financial Results

TORONTO, ONTARIO -- (Marketwired) -- 07/17/17 -- Firan Technology Group Corporation (TSX:FTG) today announced financial results for the second quarter of 2017.


--  Achieved sales of $25.5M, an increase of 29% over Q2 2016 
--  Grew Aerospace segment sales by 60% over Q2 last year 
--  Grew Circuits segment sales by 17% over Q2 last year 
--  Gross margins increased by $0.9M or 18% over Q2 last year 
--  Closed the Teledyne PCT facility at the end of Q2 
--  Q2 profitability impacted by the extension of Teledyne PCT operations
    and ongoing ramp up of activity of Chatsworth operations, which are
    expected to continue to ramp up through Q3 

"The second quarter of 2017 saw continued growth in FTG from last year's acquisitions and progress in transitioning the work into FTG's legacy facilities", stated Brad Bourne, President and Chief Executive Officer. He added, "We continue to achieve the sales growth expectations from the acquisitions but did incur increased costs in the quarter related to the transition due to the extended use of the Hudson facility as well as ramp up costs in Chatsworth. We remain focused on completing all transition tasks to support customer demands and ultimately generating the anticipated returns from the acquisitions."

Second Quarter Results: (three months ended June 2, 2017 compared with three months ended May 27, 2016)


                                                Q2 2017             Q2 2016 
                                      ------------------  ------------------
                                                                            
Sales                                  $     25,513,000    $     19,765,000 
                                                                            
Gross Margin                                  5,753,000           4,860,000 
Gross Margin (%)                                   22.5%               24.6%
                                                                            
                                      --------------------------------------
Operating Earnings (1):                       2,581,000           1,912,000 
                                                                            
- Net R&D Investment                          1,846,000             807,000 
- Bargain Purchase Gain                               -          (1,611,000)
- Restructuring Expense                               -             670,000 
- Foreign Exchange (Gain) Loss                 (118,000)            360,000 
- Recovery of Investment Tax Credits           (188,000)           (180,000)
- Amortization of Intangibles                   286,000              32,000 
                                                                            
Net Earnings before Tax                         755,000           1,834,000 
                                                                            
- Tax Expense                                   650,000             478,000 
- Non-controlling Interests                     (19,000)              6,000 
                                                                            
                                      --------------------------------------
Net Earnings After Tax                 $        124,000    $      1,350,000 
                                      --------------------------------------
Earnings per share                                                          
- basic                                           $0.01               $0.07 
- diluted                                         $0.01               $0.07 

Year-to-Date Results: (six months ended June 2, 2017 compared with six months ended May 27, 2016)


                                                                            
                                               YTD 2017            YTD 2016 
                                      ------------------  ------------------
                                                                            
Sales                                 $      52,685,000   $      36,694,000 
                                                                            
Gross Margin                                 12,639,000           8,612,000 
Gross Margin (%)                                   24.0%               23.5%
                                                                            
                                      --------------------------------------
Operating Earnings (1):                       5,598,000           3,144,000 
                                                                            
- Net R&D Investment                          3,256,000           1,524,000 
- Bargain Purchase Gain                               -          (1,611,000)
- Restructuring Expense                               -             670,000 
- Foreign Exchange Loss                          43,000             305,000 
- Recovery of Investment Tax Credits           (329,000)           (347,000)
- Amortization of Intangibles                   567,000              44,000 
                                                                            
Net Earnings before tax                       2,061,000           2,559,000 
                                                                            
- Income Tax                                  1,155,000             753,000 
- Non-controlling Interests                     (18,000)              6,000 
                                                                            
                                      --------------------------------------
Net Earnings after tax                $         924,000   $       1,800,000 
                                      --------------------------------------
Earnings per share                                                          
- basic                                           $0.04               $0.10 
- diluted                                         $0.04               $0.09 

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 2017 that continue to improve the Corporation and position it for the future, including:


--  Closed the Teledyne PCT facility at the end of May 
--  Achieved sales resulting from the PhotoEtch acquisition of $2.9M in the
    quarter versus the target of $1.5M 
--  Achieved sales resulting from the Teledyne PCT acquisition of $5.0M in
    the quarter versus the target of $4M 
--  FTG cockpit products flew on the first flight of the COMAC C919 aircraft
    in China. 

For FTG, overall sales increased by $5.7M or 29% from $19.8M in Q2 2016 to $25.5M in Q2 2017. Both business segments participated in the growth. Revenues benefited from the PhotoEtch acquisition which closed in March 2016 and contributed $2.9M in sales in Q2 2017 compared to $1.3M in incremental sales during the same quarter last year. Revenues also benefited from the acquisition of Teledyne PCT which contributed $5.0M in incremental sales in Q2 2017. For the year-to-date, sales were up $16.0M or 44%.

The Circuits Segment sales were up $2.4M or 17% in Q2 2017 versus Q2 2016. On a year-to-date basis, Circuits sales were up $5.3M or 20%. Circuits sales in 2017 year-to-date period have been lifted slightly by the inclusion of some incremental revenue from the acquisition of Teledyne PCT.

For the Aerospace segment, sales in Q2 2017 were $8.9M compared to $5.6M in the same quarter last year resulting in a 60% growth rate. Included in the Q2 2017 results are $2.9M in sales from the acquisition of PhotoEtch and the majority of the Teledyne PCT incremental sales. From Q1 to Q2 2017, the sales related to the Teledyne PCT acquisition were down approximately $3.0M as operations wound down in the second half of the quarter and the facility was closed. Activity in Chatsworth has ramped up considerably in Q2 but will continue through Q3 as equipment is moved and installed, inventory is transferred and training continues on the handling of the new equipment and the building of new products. Year-to-date sales were up $10.7M or 107% in the Aerospace segment.

Gross margins in Q2 2017 were up $0.9M compared to Q2 2016. The benefit of increased sales were offset by increased costs related to operations of the Teledyne PCT facility to the end of Q2, as well as transition related costs.

Normalized earnings before interest, tax, depreciation and amortization (EBITDA) for FTG for Q2 2017 was $1.8M and $8.6M for the trailing twelve months.

The following table reconciles EBITDA(2) to the net earnings for Q2, 2017.


                                                Q2 2017            Trailing 
                                      -----------------   ----------------- 
                                                                     Twelve 
                                                          ----------------- 
                                                                     Months 
                                                          ----------------- 
                                                                            
Net earnings                           $        124,000           5,039,000 
Add:                                                                        
Interest                                        130,000             456,000 
Income taxes/ITC                                443,000           1,442,000 
Depreciation/Amortization                     1,170,000           3,857,000 
One-time Bargain Purchase                                                   
 Gain/Restructuring                                   -          (2,197,000)
                                                                            
                                      --------------------------------------
EBITDA                                 $      1,867,000    $      8,597,000 
                                      --------------------------------------

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 after tax at FTG in Q2 2017 was $0.1M compared to a net profit of $1.4M in Q2 2016. Q2 2017 had higher R&D costs substantially related to the transition of Teledyne PCT product to Chatsworth, higher operating costs related to the ongoing transition, higher amortization of intangible assets and higher income taxes. Q2 2016 results also included a one-time bargain purchase gain related to the PhotoEtch acquisition.

The Circuits segment net earnings before corporate and interest and other costs was $2.6M in Q2 2017 compared to $1.7M in Q2 2016. The Circuits joint venture in China did not have a material impact on profitability.

The Aerospace segment net loss before interest and income taxes was ($1.0M) versus $0.7M in Q2 2016. The results in Q2 last year included a net $0.9M benefit from the bargain purchase gain offset by the restructuring charge, both related to the acquisition of PhotoEtch. Q2 2017 included the costs of running the Teledyne PCT facility in parallel with ramping up the Aerospace Chatsworth facility, resulting in double costs. This combined with reduced production in the second half of Q2 as the transition of equipment and inventory was initiated hurt short term profitability. There was negligible deferred development on any programs in Q2 2107.

As at June 2, 2017, the Corporation's net working capital was $22.8M, an increase of $0.4M over year-end 2016.

The Corporation will host a live conference call on Monday, July 17, 2017 at 11:30 am (EDT) to discuss the results of Q2 2017.

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 July 27, 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 8837518#.

ABOUT FIRAN TECHNOLOGY GROUP CORPORATION

FTG is an aerospace and defense electronics product and subsystem supplier to customers around the globe. FTG has two operating units:


   FTG Circuits is a manufacturer of high technology, high reliability      
   printed circuit boards. Our customers are leaders in the aviation,       
   defense, and high technology industries. FTG Circuits has operations in  
   Toronto, Ontario, Chatsworth, California and a joint venture in Tianjin, 
   China.                                                                   
                                                                            
   FTG Aerospace manufactures illuminated cockpit panels, keyboards and sub-
   assemblies for original equipment manufacturers of aerospace and defense 
   equipment. FTG Aerospace has operations in Toronto, Ontario, Chatsworth, 
   California, Fort Worth, Texas and Tianjin, China.                        

The Corporation's shares are traded on the Toronto Stock Exchange under the symbol FTG.

FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements. These forward-looking statements are related to, but not limited to, FTG's operations, anticipated financial performance, business prospects and strategies. Forward-looking information typically contains words such as "anticipate", "believe", "expect", "plan" or similar words suggesting future outcomes. Such statements are based on the current expectations of management of the Corporation and inherently involve numerous risks and uncertainties, known and unknown, including economic factors and the Corporation's industry, generally. The preceding list is not exhaustive of all possible factors. Such forward-looking statements are not guarantees of future performance and actual events and results could differ materially from those expressed or implied by forward-looking statements made by the Corporation. The reader is cautioned to consider these and other factors carefully when making decisions with respect to the Corporation and not place undue reliance on forward-looking statements. Other than as may be required by law, FTG disclaims any intention or obligation to update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise.

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


FIRAN TECHNOLOGY GROUP CORPORATION                                          
Interim Condensed Consolidated Balance Sheets                               
                                                                            
----------------------------------------------------------------------------
(Unaudited)                                    June 02,        November 30, 
(in thousands of Canadian dollars)                 2017                2016 
----------------------------------------------------------------------------
                                                                            
ASSETS                                                                      
Current assets                                                              
Cash                                   $          3,636    $          3,152 
Accounts receivable                              18,689              21,022 
Taxes receivable                                    369                 259 
Inventories                                      22,169              22,464 
Prepaid expenses                                  1,234               1,776 
----------------------------------------------------------------------------
                                                 46,097              48,673 
Non-current assets                                                          
Plant and equipment, net                         10,974               8,851 
Deferred income tax assets                          278               1,327 
Investment tax credits receivable                 7,659               7,330 
Deferred development costs                          582                 739 
Intangible assets, net                            4,521               5,066 
----------------------------------------------------------------------------
Total assets                           $         70,111    $         71,986 
----------------------------------------------------------------------------
                                                                            
LIABILITIES AND EQUITY                                                      
Current liabilities                                                         
Bank indebtedness                      $          6,752    $          6,983 
Accounts payable and accrued                                                
 liabilities                                     13,856              15,105 
Provisions                                          893               2,349 
Customer deposits, net of deferred                                          
 development                                        307                 308 
Current portion of long-term bank debt            1,519               1,510 
----------------------------------------------------------------------------
                                                 23,327              26,255 
Non-current liabilities                                                     
Long-term bank debt                               5,355               6,079 
Deferred tax payable                              1,635               1,573 
----------------------------------------------------------------------------
Total liabilities                                30,317              33,907 
----------------------------------------------------------------------------
                                                                            
Equity                                                                      
Retained earnings                      $          8,467    $          7,543 
Accumulated other comprehensive income              366                 443 
----------------------------------------------------------------------------
                                                  8,833               7,986 
Share capital                                                               
  Common shares                                  19,199              19,051 
  Preferred shares                                2,218               2,218 
Contributed surplus                               8,263               8,381 
----------------------------------------------------------------------------
Total equity attributable to FTG's                                          
 shareholders                                    38,513              37,636 
Non-controlling interest                          1,281                 443 
----------------------------------------------------------------------------
Total equity                                     39,794              38,079 
----------------------------------------------------------------------------
Total liabilities and equity           $         70,111    $         71,986 
----------------------------------------------------------------------------
                                                                            
FIRAN TECHNOLOGY GROUP CORPORATION                                          
Interim Condensed Consolidated Statements of Earnings                       
                                                                            
----------------------------------------------------------------------------
                            Three months ended         Six months ended     
----------------------------------------------------------------------------
(Unaudited)                 June 02,      May 27,     June 02,      May 27, 
(in thousands of                                                            
 Canadian dollars,                                                          
 except per share                                                           
 amounts)                       2017         2016         2017         2016 
----------------------------------------------------------------------------
                                                                            
Sales                    $    25,513  $    19,765  $    52,685  $    36,694 
----------------------------------------------------------------------------
                                                                            
Cost of sales                                                               
  Cost of sales               18,937       14,378       38,655       27,042 
  Depreciation of plant                                                     
   and equipment                 823          527        1,391        1,040 
----------------------------------------------------------------------------
Total cost of sales           19,760       14,905       40,046       28,082 
----------------------------------------------------------------------------
Gross margin                   5,753        4,860       12,639        8,612 
----------------------------------------------------------------------------
                                                                            
Expenses                                                                    
  Selling, general and                                                      
   administrative              3,008        2,858        6,722        5,310 
  Research and                                                              
   development costs           1,886          877        3,366        1,664 
  Recovery of research                                                      
   and development costs         (40)         (70)        (110)        (140)
  Recovery of investment                                                    
   tax credits                  (188)        (180)        (329)        (347)
  Depreciation of plant                                                     
   and equipment                  34           26           66           54 
  Amortization of                                                           
   intangible assets             286           32          567           44 
  Interest expense on                                                       
   short-term debt                71           20          128           20 
  Interest expense on                                                       
   long-term debt                 59           44          125           84 
  Foreign exchange                                                          
   (gain) loss                  (118)         360           43          305 
  Bargain purchase gain            -       (1,611)           -       (1,611)
  Restructuring expenses           -          670            -          670 
----------------------------------------------------------------------------
Total expenses                 4,998        3,026       10,578        6,053 
----------------------------------------------------------------------------
                                                                            
Earnings before income                                                      
 taxes                           755        1,834        2,061        2,559 
                                                                            
Current income tax                                                          
 (recovery) expense              (41)          15          (24)          31 
Deferred income tax                                                         
 expense                         691          463        1,179          722 
----------------------------------------------------------------------------
Total income tax expense         650          478        1,155          753 
                                                                            
Net earnings             $       105  $     1,356  $       906  $     1,806 
----------------------------------------------------------------------------
Attributable to:                                                            
Non-controlling interest $       (19) $         6  $       (18) $         6 
----------------------------------------------------------------------------
Equity holders of FTG    $       124  $     1,350          924        1,800 
----------------------------------------------------------------------------
                                                                            
Earnings per share,                                                         
 attributable to the                                                        
 equity holders of FTG                                                      
  Basic                  $      0.01  $      0.07  $      0.04  $      0.10 
  Diluted                $      0.01  $      0.07  $      0.04  $      0.09 
----------------------------------------------------------------------------
                                                                            
FIRAN TECHNOLOGY GROUP CORPORATION                                          
Interim Condensed Consolidated Statements of Comprehensive Income           
                                                                            
----------------------------------------------------------------------------
                            Three months ended         Six months ended     
----------------------------------------------------------------------------
(Unaudited)                 June 02,      May 27,     June 02,      May 27, 
(in thousands of                                                            
 Canadian dollars)              2017         2016         2017         2016 
----------------------------------------------------------------------------
                                                                            
Net earnings             $       105  $     1,356  $       906  $     1,806 
----------------------------------------------------------------------------
Other comprehensive                                                         
 income (loss) to be                                                        
 reclassified to net                                                        
 earnings in subsequent                                                     
 periods:                                                                   
                                                                            
  Foreign currency                                                          
   translation                                                              
   adjustments                   300          (71)         813          788 
  Net unrealized (loss)                                                     
   gain on derivative                                                       
   financial instruments                                                    
   designated as cash                                                       
   flow hedges                  (226)         826       (1,144)         181 
  Tax impact                      57         (206)         286          (45)
                                                                            
----------------------------------------------------------------------------
                                 131          549          (45)         924 
----------------------------------------------------------------------------
                                                                            
Total comprehensive                                                         
 income                  $       236  $     1,905  $       861  $     2,730 
----------------------------------------------------------------------------
                                                                            
Attributable to:                                                            
Equity holders of FTG    $       202  $     1,901  $       847  $     2,726 
Non-controlling interest $        34  $         4  $        14  $         4 
----------------------------------------------------------------------------
                                                                            
FIRAN TECHNOLOGY GROUP CORPORATION                                          
Interim Condensed Consolidated Statements of Changes in Equity              
                                                                            
                                                                            
----------------------------------------------------------------------------
Six months ended June                                                       
02, 2017                       Attributed to the equity holders of FTG      
                      ------------------------------------------------------
(Unaudited)                                                                 
(in thousands of             Common    Preferred    Retained    Contributed 
Canadian dollars)            Shares       Shares    Earnings        Surplus 
----------------------------------------------------------------------------
Balance, November 30,                                                       
2016                   $     19,051 $      2,218 $     7,543 $        8,381 
Net earnings                      -            -         924              - 
Stock-based                                                                 
compensation                      -            -           -             24 
Common shares issued                                                        
on exercise of share                                                        
options and PSU's               148            -           -           (142)
Foreign currency                                                            
translation                                                                 
adjustments                       -            -           -              - 
Net unrealized loss on                                                      
derivative financial                                                        
instruments designated                                                      
as cash flow hedges,                                                        
net of tax impact                 -            -           -              - 
Contribution from non-                                                      
controlling interest              -            -           -              - 
Balance, June 02, 2017 $     19,199 $      2,218 $     8,467 $        8,263 
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Six months ended May                                                        
27, 2016                       Attributed to the equity holders of FTG      
                      ------------------------------------------------------
(in thousands of             Common    Preferred    Retained    Contributed 
Canadian dollars)            Shares       Shares    Earnings        Surplus 
----------------------------------------------------------------------------
Balance, November 30,                                                       
2015                   $     13,075 $      2,218 $     1,628 $        8,373 
Net earnings                      -            -       1,800              - 
Stock-based                                                                 
compensation                      -            -           -             24 
Common shares issued                                                        
on exercise of share                                                        
options                          34            -           -             (9)
Foreign currency                                                            
translation                                                                 
adjustments                       -            -           -              - 
Net unrealized gain on                                                      
derivative financial                                                        
instruments designated                                                      
as cash flow                      -            -           -              - 
----------------------------------------------------------------------------
Balance, May 27, 2016  $     13,109 $      2,218 $     3,428 $        8,388 
----------------------------------------------------------------------------
                                                                            

FIRAN TECHNOLOGY GROUP CORPORATION                                          
Interim Condensed Consolidated Statements of Changes in Equity              
                                                                            
                                                                            
----------------------------------------------------------------------------
  Attributed to the equity holders of                                       
                  FTG                                                       
--------------------------------------                                      
                                                                            
    Accumulated Other                                                       
        Comprehensive                      Non-controlling                  
        Income (Loss)            Total            interest     Total equity 
----------------------------------------------------------------------------
 $                443  $        37,636 $               443  $        38,079 
                    -              924                 (18)             906 
                    -               24                   -               24 
                    -                6                   -                6 
                  781              781                  32              813 
                 (858)            (858)                  -             (858)
                    -                -                 824              824 
 $                366  $        38,513 $             1,281  $        39,794 
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
  Attributed to the equity holders of                                       
                  FTG                                                       
--------------------------------------                                      
    Accumulated Other                                                       
        Comprehensive                      Non-controlling                  
        Income (Loss)            Total            interest     Total equity 
----------------------------------------------------------------------------
 $               (233) $        25,061 $                29  $        25,090 
                    -            1,800                   6            1,806 
                    -               24                   -               24 
                    -               25                   -               25 
                  790              790                  (2)             788 
                  136              136                   -              136 
----------------------------------------------------------------------------
 $                693  $        27,836 $                33  $        27,869 
----------------------------------------------------------------------------
                                                                            
FIRAN TECHNOLOGY GROUP CORPORATION                                          
Interim Condensed Consolidated Statements of Cash Flows                     
                                                                            
----------------------------------------------------------------------------
                            Three months ended         Six months ended     
----------------------------------------------------------------------------
(Unaudited)                 June 02,      May 27,     June 02,      May 27, 
(in thousands of                                                            
 Canadian dollars)              2017         2016         2017         2016 
----------------------------------------------------------------------------
Net inflow (outflow) of                                                     
 cash related to the                                                        
 following                                                                  
Operating activities                                                        
Net earnings             $       105  $     1,356  $       906  $     1,806 
Items not affecting                                                         
 cash:                                                                      
  Non-controlling                                                           
   interest share of net                                                    
   loss (earnings                 19           (6)          18           (6)
  Stock-based                                                               
   compensation                   24           12           24           24 
  (Gain) on disposal of                                                     
   plant and equipmen            (15)           -          (18)           - 
  Effect of exchange                                                        
   rates on US dollar                                                       
   deb                            84         (188)          65         (110)
  Depreciation of plant                                                     
   and equipment                 857          553        1,457        1,094 
  Amortization of                                                           
   intangible assets             286           32          567           44 
  Amortization of                                                           
   deferred financing                                                       
   costs                           3            3            6            5 
  Deferred income tax            633          669        1,111        1,062 
  Investment tax credits                                                    
   (recovery                    (188)        (180)        (329)        (347)
  (Increase) decrease in                                                    
   net unrealized loss                                                      
   on derivative                                                            
   financial instruments                                                    
   designated as cash                                                       
   flow hedges                  (170)         620         (201)       1,019 
Net change in non-cash                                                      
 operating working                                                          
 capital                         594       (5,119)         400       (7,006)
----------------------------------------------------------------------------
                               2,232       (2,248)       4,006       (2,415)
----------------------------------------------------------------------------
Investing activities                                                        
  Additions to plant and                                                    
   equipment, ne              (2,594)        (322)      (3,487)        (711)
  Additions to plant and                                                    
   equipment -                                                              
   acquisitions                    -         (418)           -         (418)
  Additions to                                                              
   intangible assets -                                                      
   acquisitions                    -         (940)           -         (940)
  (Additions) recovery                                                      
   of deferred                                                              
   development costs             (19)          64          116          (11)
  Proceeds from disposal                                                    
   of plant and equipmen          15            -           18            - 
----------------------------------------------------------------------------
                              (2,598)      (1,616)      (3,353)      (2,080)
----------------------------------------------------------------------------
Net cash flow from                                                          
 operating and investing                                                    
 activities                     (366)      (3,864)         653       (4,495)
----------------------------------------------------------------------------
Financing activities                                                        
  Increase (decrease) in                                                    
   bank indebtedness           1,399        3,520         (231)       3,520 
  Repayments of long-                                                       
   term bank debt               (395)        (260)        (782)        (542)
  Funding from non-                                                         
   controlling interests           -            -          824            - 
  Proceeds from issue of                                                    
   Common shares                   3           14            6           25 
----------------------------------------------------------------------------
                               1,007        3,274         (183)       3,003 
----------------------------------------------------------------------------
Effects of foreign                                                          
 exchange rate changes                                                      
 on cash flow                    194          133           14          103 
----------------------------------------------------------------------------
Net increase (decrease)                                                     
 in cash flow                    835         (457)         484       (1,389)
Cash, beginning of the                                                      
 period                        2,801        2,228        3,152        3,160 
----------------------------------------------------------------------------
Cash, end of the period  $     3,636  $     1,771        3,636  $     1,771 
----------------------------------------------------------------------------
                                                                            
Disclosure of cash                                                          
 payments                                                                   
  Payment for interest   $       130  $        64  $       259  $       104 
  Payments for income                                                       
   taxes                 $         -  $         7  $         4  $        14 
----------------------------------------------------------------------------

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"We're here to tell the world about our cloud-scale infrastructure that we have at Juniper combined with the world-class security that we put into the cloud," explained Lisa Guess, VP of Systems Engineering at Juniper Networks, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
There is a huge demand for responsive, real-time mobile and web experiences, but current architectural patterns do not easily accommodate applications that respond to events in real time. Common solutions using message queues or HTTP long-polling quickly lead to resiliency, scalability and development velocity challenges. In his session at 21st Cloud Expo, Ryland Degnan, a Senior Software Engineer on the Netflix Edge Platform team, will discuss how by leveraging a reactive stream-based protocol,...
"With Digital Experience Monitoring what used to be a simple visit to a web page has exploded into app on phones, data from social media feeds, competitive benchmarking - these are all components that are only available because of some type of digital asset," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Your homes and cars can be automated and self-serviced. Why can't your storage? From simply asking questions to analyze and troubleshoot your infrastructure, to provisioning storage with snapshots, recovery and replication, your wildest sci-fi dream has come true. In his session at @DevOpsSummit at 20th Cloud Expo, Dan Florea, Director of Product Management at Tintri, provided a ChatOps demo where you can talk to your storage and manage it from anywhere, through Slack and similar services with...
"We want to show that our solution is far less expensive with a much better total cost of ownership so we announced several key features. One is called geo-distributed erasure coding, another is support for KVM and we introduced a new capability called Multi-Part," explained Tim Desai, Senior Product Marketing Manager at Hitachi Data Systems, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"I'm here to leverage my secret sauce, which is using outsourced development and the company that I utilize is delaPlex Software and they've basically allowed me to win Fortune 500 companies," noted Justin Witz, CTO of FRA and PlanTools, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We provide IoT solutions. We provide the most compatible solutions for many applications. Our solutions are industry agnostic and also protocol agnostic," explained Richard Han, Head of Sales and Marketing and Engineering at Systena America, in this SYS-CON.tv interview at @ThingsExpo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"As we've gone out into the public cloud we've seen that over time we may have lost a few things - we've lost control, we've given up cost to a certain extent, and then security, flexibility," explained Steve Conner, VP of Sales at Cloudistics,in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We are an IT services solution provider and we sell software to support those solutions. Our focus and key areas are around security, enterprise monitoring, and continuous delivery optimization," noted John Balsavage, President of A&I Solutions, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
SYS-CON Events announced today that Calligo, an innovative cloud service provider offering mid-sized companies the highest levels of data privacy and security, has been named "Bronze Sponsor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Calligo offers unparalleled application performance guarantees, commercial flexibility and a personalised support service from its globally located cloud plat...