TORONTO, July 08, 2020 (GLOBE NEWSWIRE) — Firan Technology Group Corporation (TSX: FTG) today announced financial results for the second quarter 2020.
Achieved a book-to-bill ratio in Q2 of 0.97:1 Ended Q2 2020 with over $50M in total backlog, of which $28M is due in Q3 2020Generated $3.0M in cash in Q2 and ended the quarter with $6.4M in net cash on the balance sheetAchieved highest gross margin percentage of 32.3%Achieved net income of $2.0M in the quarter (7.6% of sales)Received $0.8M in Canadian Emergency Wage Subsidy in the quarterReceived $3.3M ($2.4M USD) in loans from the US Paycheck Protection Program (PPP), which can be forgiven in future periods if certain conditions are metSubsequent to quarter-end, FTG entered into a new 2 year, $20M USD committed credit facility on terms similar to the previous agreementSecond Quarter Results: (three months ended May 29, 2020 compared with three months ended May 31, 2019)
Year-to-Date: (six months ended May 29, 2020 compared with six months ended May 31, 2019)

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