TORONTO, April 08, 2020 (GLOBE NEWSWIRE) — Firan Technology Group Corporation (TSX: FTG) today announced financial results for the first quarter 2020.
Ended Q1 2020 with over $51M in total backlog. Of this, over $30M is due in Q2 2020Generated $3.5M in cash in Q1 and ended the quarter with $5.2M in net cash on the balance sheetIncluded in the Q1 2020 net loss was a non-cash expense to reduce the intangible asset from an acquisition in 2016 due to increased market uncertainty going forwardFirst Quarter Results: (three months ended Feb 28, 2020 compared with three months ended Mar 1, 2019)(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
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