Firan Technology Group Corporation (TSX: FTG) today announced
financial results from its first quarter 2023.
Financial Highlights
- First quarter bookings of $33.0M
were up 28% over Q1 2022 and up 2% over Q4 2022. This was the 9th
sequential quarter of bookings growth.
- FTG first quarter revenues of
$24.6M were up 20% over Q1 2022, as FTG ramps up production to meet
customer demand.
- FTG achieved Net Earnings in Q1
2023 of $4.1M, which was up $4.8M from Q1 2022. Earnings included
$3.4M of U.S. government support in Q1 2023 compared to $0.3M in Q1
2022.
- FTG has net cash on the balance
sheet of $20.6M as of Q1 2023 as compared to $12.3M as at Q4
2022.
Business Highlights
Starting last year, FTG went on offence after
two years of playing defence, and this has continued in the first
quarter of 2023. The company has invested in technology in our
existing sites, grown the business organically, announced two
acquisitions and bought back stock. Through all these actions, FTG
is strategically deploying its strong cash balance in ways that
will drive increased shareholder returns for the future in both the
near-term and long-term.
Specifically, FTG accomplished many goals in Q1
2023 that continue to improve the Corporation and position it for
the future, including:
- Achieved a 1.34:1 book-to-bill
ratio for Q1 2023 resulting in increased backlog of $74.2M compared
to $65.5M at the end of 2022.
- FTG added 12 staff in Q1 2023,
including operations leadership, to help increase throughput.
- On November 17, 2022, the
Corporation entered into an agreement to acquire IMI, Inc. (“IMI”)
based in Haverhill, Massachusetts, north of Boston. The closing of
the acquisition is subject to approval by the Committee on Foreign
Investment in the United States (CFIUS) and other customary closing
conditions. FTG will acquire 100% of the common shares of IMI for
cash consideration of approximately $2.0M, subject to typical
closing adjustments. It is expected that the CFIUS review will be
complete in Q2 2023.
- On December 24, 2022, the
Corporation entered into an agreement to acquire Holaday Circuits,
Inc based in Minnetonka, Minnesota, a suburb of Minneapolis. The
closing of the acquisition is subject to approval by CFIUS and
other customary closing conditions. FTG will acquire 100% of
Holaday for cash consideration of approximately $24.0M and
contingent consideration up to $6.0M, subject to typical closing
adjustments. It is expected that the CFIUS review will be complete
in Q2 2023.
- FTG received $3.4 million in
Employee Retention Credits (ERC) for its U.S. sites as they
retained their staff through the pandemic.
- FTG received funding of $0.6
million in the quarter for a total of $2.5M received to-date under
the Canadian Aerospace Regional Recovery Initiative (ARRI)
program.
- In the quarter, FTG was awarded up
to $2.6M of funding from the Ontario Ministry of Economic
Development, Job Creation and Trade pursuant to the Advanced
Manufacturing and Innovation Competitiveness (AMIC) program.
This funding will be a conditional loan against qualifying
investments made by FTG during a 33-month period ending November
30, 2024. The conditional loan will be non-interest bearing through
November 30, 2024, with up to $0.5M forgivable upon achievement of
specified objectives. The loan is repayable in quarterly
instalments, with interest, from February 2025 through November
2028.
Table 1 / Key Financial
Metrics
|
|
Three months ended |
|
|
March 3, |
March 4, |
| (in
thousands of dollars except per share amounts) |
2023 |
2022 |
|
|
|
|
|
Sales |
|
$24,639 |
|
|
$20,461 |
|
| |
|
|
| Gross
Margin |
|
9,785 |
|
|
4,242 |
|
| Gross Margin
(%) |
|
39.7 |
% |
|
20.7 |
% |
|
|
|
|
|
Net Earnings to FTG Equity Holders |
|
$4,072 |
|
|
($733 |
) |
|
|
|
|
| Adjusted Net Earnings
(Loss)(1) |
|
|
|
Government Assistance |
|
(3,441 |
) |
|
(256 |
) |
|
Acquisition and divestiture expenses |
|
358 |
|
|
- |
|
|
|
|
$989 |
|
|
($989 |
) |
|
|
|
|
| Earnings (Loss) Per
Share |
|
|
|
Basic |
|
$0.17 |
|
|
($0.03 |
) |
|
Diluted |
|
$0.17 |
|
|
($0.03 |
) |
| |
|
|
| Adjusted Earnings
(Loss) Per Share |
|
|
|
Basic |
|
$0.04 |
|
|
($0.04 |
) |
|
Diluted |
|
$0.04 |
|
|
($0.04 |
) |
|
(1) |
Adjusted Net Earnings (Loss) 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 Adjusted Net Earnings may
differ from other corporations and accordingly may not be
comparable to measures used by other corporations. |
|
|
|
For FTG in Q1 2023, overall sales increased by
$4.2M or 20.4% from $20.5M in Q1 2022 to $24.6M in Q1 2023.
Increased revenue in Q1 2023 is the result of robust demand across
our markets and specifically increased Simulator product activity.
The average foreign exchange rate in Q1 2023 was 6% (8 cents)
higher than in Q1 2022, with a positive impact on sales of
$1.0M.
The Circuits segment sales in Q1 2023 were up
$1.4M, or 10.0% compared to last year. The sales increase was
mainly driven by the commercial aerospace market.
For the Aerospace segment, sales in Q1 2023 were
up $2.3M or 29.1% compared to last year. Aerospace segment sales in
Q1 2023 included $3.2M of revenue from Simulator products as
compared to $0.2M in Q1 2022.
Gross margin in Q1 2023 was $9.8M or 39.7% as
compared to $4.2M or 20.7% in Q1 2022. Excluding government
assistance, the gross margin rate improved to 28.0% in Q1 2023 from
19.5% in Q1 2022. The increase in the gross margin rate is due to
the operating leverage of increased sales volumes, favourable
exchange rate from Canadian to U.S. dollars and operational
efficiencies.
Net earnings after tax at FTG in Q1 2023 was
$4.1M or $0.17 per diluted share compared to a net loss of $0.7M or
($0.03) per diluted share in Q1 2022. Adjusted net earnings was
$1.0M or $0.04 per diluted share in Q1 2023 as compared to an
adjusted net loss of $1.0M or $0.04 per diluted share in the prior
year quarter. The $2.0M increase in adjusted net earnings is the
result of higher sales volume, operational efficiencies and a more
favourable foreign exchange rate.
The Circuits segment earnings before income
taxes and interest was $3.4M in Q1 2023 as compared to $0.2M in Q1
2022. Higher sales and higher government subsidies for the U.S.
sites drove the increase in earnings.
The Aerospace segment earnings before income
taxes was $2.2M in Q1 2023 versus $0.1M in Q1 2022. The increase in
earnings was driven by higher sales of Simulator products and
increased government assistance for our Chatsworth site.
Table 2 / EBITDA
|
|
Three months ended |
Trailing 12 Months |
|
|
March 3, |
March 4, |
| (in
thousands of dollars) |
2023 |
2022 |
|
EBITDA(2) |
|
|
|
|
Net earnings to equity holders of FTG |
|
$4,072 |
|
|
($733 |
) |
|
$5,503 |
|
|
Add: |
|
|
|
|
Interest, accretion |
|
(8 |
) |
|
117 |
|
|
318 |
|
|
Income taxes |
|
763 |
|
|
332 |
|
|
2,005 |
|
|
Depreciation/Amortization/Stock Comp. |
|
1,470 |
|
|
1,613 |
|
|
5,724 |
|
|
|
|
$6,297 |
|
|
$1,329 |
|
|
$13,550 |
|
|
Adjusted EBITDA(2) |
|
|
|
|
Government Assistance |
|
(3,441 |
) |
|
(256 |
) |
|
(3,498 |
) |
|
Acquisition and divestiture expenses |
|
358 |
|
|
- |
|
|
881 |
|
|
|
|
$3,214 |
|
|
$1,073 |
|
|
$10,933 |
|
|
(2) |
EBITDA and Adjusted EBITDA are not measures recognized under
International Financial Reporting Standards (“IFRS”). Management
believes that these measures are important to many of the
Corporation’s shareholders, creditors and other stakeholders. The
Corporation’s method of calculating EBITDA and Adjusted EBITDA may
differ from other corporations and accordingly may not be
comparable to measures used by other corporations. |
|
|
|
Earnings before interest, tax, depreciation and
amortization (EBITDA) for FTG in Q1 2023 was $6.3M or 25.6% of
sales compared to $1.3M or 6.5% of sales in Q1 2022. Adjusted
EBITDA for Q1 2023, which excludes the ERC government assistance
and expenses related to the two pending acquisitions, was $3.2M or
13.0% of net sales, as compared to $1.1M or 5.2% of net sales in Q1
2022. The increase in profitability is driven by increased
operating leverage from higher sales and a favourable foreign
exchange impact. For the trailing twelve months, EBITDA increased
to $13.6M due to the improving results each quarter since Q1
2022.
As at March 3, 2023, the Corporation’s net
working capital was $42.6M, compared to $30.5M at year-end in
2022.
Net cash at the end of Q1 2023 was $20.6M
compared to net cash of $12.3M at the end of 2022, after completing
the Aerospace Chatsworth facility sale leaseback transaction for
net proceeds of $8.5M and receiving $3.4M from the U.S. Employment
Retention Credit program (“ERC”), receiving an additional $0.6M in
ARRI funding from the Canadian Government, partially offset by
increased working capital usage to meet customer commitments.
The Corporation will host a live conference call
on Thursday, April 13, 2023 at 8:45am (Eastern) to discuss the
results of Q1 2023.
Anyone wishing to participate in the call should
dial 416-764-8646 or 1-888-396-8049, Conference ID 33407347 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 May 13, 2023 and will be available on the FTG
website at www.ftgcorp.com. The number to call for a rebroadcast is
416-764-8692 or 1-877-674-7070, Playback Passcode 407347#.
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, Fredericksburg, Virginia and a joint
venture in Tianjin, China.
FTG Aerospace manufactures and repairs
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.
For further information please
contact:
Bradley C. Bourne, President and CEOFiran
Technology Group CorporationTel: (416) 299-4000
x314bradbourne@ftgcorp.com
Jamie Crichton, Vice President and CFOFiran
Technology Group CorporationTel: (416) 299-4000
x264jamiecrichton@ftgcorp.com
Additional information can be found at the Corporation’s website
www.ftgcorp.com
|
|
|
|
|
FIRAN TECHNOLOGY GROUP CORPORATION |
|
Interim Condensed Consolidated Statements of Financial
Position |
|
|
|
|
|
(Unaudited) |
March 3, |
November 30, |
|
(in thousands of Canadian dollars) |
2023 |
2022 |
|
ASSETS |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
$ |
24,290 |
|
$ |
15,666 |
|
|
Accounts receivable |
|
16,586 |
|
|
16,615 |
|
|
Contract assets |
|
486 |
|
|
504 |
|
|
Inventories |
|
23,040 |
|
|
19,664 |
|
|
Prepaid expenses and other |
|
1,361 |
|
|
1,201 |
|
|
|
|
65,763 |
|
|
53,650 |
|
|
Non-current assets |
|
|
|
Non-current assets held for sale |
|
- |
|
|
8,471 |
|
|
Property, Plant and equipment, net |
|
11,212 |
|
|
11,015 |
|
|
Right-of-use assets |
|
11,916 |
|
|
9,463 |
|
|
Intangible and other assets, net |
|
360 |
|
|
399 |
|
|
Deferred tax assets |
|
835 |
|
|
748 |
|
|
Total assets |
$ |
90,086 |
|
$ |
83,746 |
|
|
LIABILITIES AND EQUITY |
|
|
|
Current liabilities |
|
|
|
Accounts payable and accrued liabilities |
$ |
16,257 |
|
$ |
14,906 |
|
|
Provisions |
|
1,157 |
|
|
823 |
|
|
Contract liabilities |
|
2,924 |
|
|
4,423 |
|
|
Current portion of bank debt |
|
736 |
|
|
866 |
|
|
Current portion of government loan |
|
72 |
|
|
47 |
|
|
Current portion of lease liabilities |
|
1,875 |
|
|
1,360 |
|
|
Income tax payable |
|
174 |
|
|
712 |
|
|
Income tax payable |
|
- |
|
|
- |
|
|
|
|
23,195 |
|
|
23,137 |
|
|
Non-current liabilities |
|
|
|
Bank debt |
|
401 |
|
|
532 |
|
|
Government loan |
|
2,466 |
|
|
1,883 |
|
|
Lease liabilities |
|
10,888 |
|
|
8,899 |
|
|
Total liabilities |
|
36,950 |
|
|
34,451 |
|
|
Equity |
|
|
|
Retained earnings |
$ |
23,579 |
|
$ |
19,521 |
|
|
Accumulated other comprehensive income |
|
(1,182 |
) |
|
(867 |
) |
|
|
|
22,397 |
|
|
18,654 |
|
|
Share capital |
|
|
|
Common Shares |
|
21,343 |
|
|
21,357 |
|
|
Contributed surplus |
|
8,363 |
|
|
8,319 |
|
|
Total equity attributable to FTG's
shareholders |
|
52,103 |
|
|
48,330 |
|
|
Non-controlling interest |
|
1,033 |
|
|
965 |
|
|
Total equity |
|
53,136 |
|
|
49,295 |
|
|
Total liabilities and equity |
$ |
90,086 |
|
$ |
83,746 |
|
| |
|
|
|
FIRAN TECHNOLOGY GROUP CORPORATION |
|
Interim Condensed Consolidated Statements of Earnings
(Loss) |
|
|
|
|
|
|
Three months ended |
|
(Unaudited) |
March 3, |
March 4, |
|
(in thousands of Canadian dollars, except per share amounts) |
2023 |
2022 |
| |
|
|
|
Sales |
$ |
24,639 |
|
$ |
20,461 |
|
| |
|
|
|
Cost of sales |
|
|
|
Cost of sales |
|
13,576 |
|
|
14,734 |
|
|
Depreciation of plant and equipment |
|
969 |
|
|
1,128 |
|
|
Depreciation of right-of-use assets |
|
309 |
|
|
357 |
|
|
Total cost of sales |
|
14,854 |
|
|
16,219 |
|
|
Gross margin |
|
9,785 |
|
|
4,242 |
|
| |
|
|
|
Expenses |
|
|
|
Selling, general and administrative |
|
3,786 |
|
|
3,018 |
|
|
Research and development costs |
|
1,332 |
|
|
1,392 |
|
|
Recovery of investment tax credits |
|
(150 |
) |
|
(177 |
) |
|
Depreciation of property, plant and equipment |
|
51 |
|
|
57 |
|
|
Depreciation of right-of-use assets |
|
16 |
|
|
10 |
|
|
Amortization of intangible assets |
|
33 |
|
|
31 |
|
|
Interest (income) expense, net |
|
(153 |
) |
|
9 |
|
|
Notional interest expense on government loan |
|
24 |
|
|
- |
|
|
Accretion on lease liabilities |
|
121 |
|
|
108 |
|
|
Stock based compensation |
|
107 |
|
|
24 |
|
|
Foreign exchange (gain) loss |
|
(246 |
) |
|
169 |
|
|
Total expenses |
|
4,921 |
|
|
4,641 |
|
| |
|
|
|
Earnings (loss) before income taxes |
|
4,864 |
|
|
(399 |
) |
| |
|
|
|
Current income tax expense |
|
733 |
|
|
296 |
|
|
Deferred income tax expense |
|
30 |
|
|
36 |
|
|
Total income tax expense |
|
763 |
|
|
332 |
|
| |
|
|
|
Net earnings (loss) |
$ |
4,101 |
|
$ |
(731 |
) |
|
|
|
|
|
Attributable to: |
|
|
|
Non-controlling interest |
$ |
29 |
|
$ |
2 |
|
|
Equity holders of FTG |
$ |
4,072 |
|
$ |
(733 |
) |
| |
|
|
|
Earnings (loss) per share, attributable to the equity
holders of FTG |
|
|
|
Basic |
$ |
0.17 |
|
$ |
(0.03 |
) |
|
Diluted |
$ |
0.17 |
|
$ |
(0.03 |
) |
| |
|
|
|
FIRAN TECHNOLOGY GROUP CORPORATION |
|
Interim Condensed Consolidated Statements of Comprehensive
Income (Loss) |
|
|
|
|
|
|
Three months ended |
|
(Unaudited) |
March 3, |
March 4, |
|
(in thousands of Canadian dollars) |
2023 |
2022 |
|
|
|
|
|
Net earnings (loss) |
$ |
4,101 |
|
$ |
(731 |
) |
|
|
|
|
|
Other comprehensive earnings (loss) to be reclassified to |
|
|
|
net earnings (loss) in subsequent periods: |
|
|
|
|
|
|
|
Change in foreign currency translation adjustments |
|
71 |
|
|
(60 |
) |
|
Net gain (loss) on valuation of derivative financial
instruments |
|
|
|
designated as cash flow hedges |
|
(463 |
) |
|
637 |
|
|
Deferred income taxes on change in valuation of |
|
|
|
derivative financial instruments designated as cash flow
hedges |
|
116 |
|
|
(160 |
) |
|
|
|
|
|
|
|
(276 |
) |
|
417 |
|
|
|
|
|
|
Total comprehensive income (loss) |
$ |
3,825 |
|
$ |
(314 |
) |
|
|
|
|
|
Attributable to: |
|
|
|
Equity holders of FTG |
$ |
3,727 |
|
$ |
(320 |
) |
|
Non-controlling interest |
$ |
98 |
|
$ |
6 |
|
| |
|
|
| FIRAN
TECHNOLOGY GROUP CORPORATION |
|
Interim Condensed Consolidated Statements of Changes in
Equity |
|
|
|
|
|
|
|
|
|
|
Three months ended March 3, 2023 |
Attributed to the equity holders of FTG |
|
|
| |
|
|
|
Accumulated |
|
|
|
| |
|
|
|
other |
|
Non- |
|
|
(Unaudited) |
Common |
Retained |
Contributed |
comprehensive |
|
controlling |
Total |
|
(in thousands of Canadian dollars) |
shares |
earnings |
surplus |
income (loss) |
Total |
interest |
equity |
|
Balance, November 30, 2022 |
$ |
21,357 |
|
$ |
19,521 |
|
$ |
8,319 |
|
$ |
(867 |
) |
$ |
48,330 |
|
$ |
965 |
|
$ |
49,295 |
|
|
Net income |
|
- |
|
|
4,072 |
|
|
- |
|
|
- |
|
|
4,072 |
|
|
29 |
|
|
4,101 |
|
|
Stock-based compensation |
|
- |
|
|
- |
|
|
44 |
|
|
- |
|
|
44 |
|
|
- |
|
|
44 |
|
|
Repurchase and cancellation of shares |
|
(14 |
) |
|
(14 |
) |
|
- |
|
|
- |
|
|
(28 |
) |
|
- |
|
|
(28 |
) |
|
Other comprehensive loss |
|
- |
|
|
- |
|
|
- |
|
|
(315 |
) |
|
(315 |
) |
|
39 |
|
|
(276 |
) |
|
Balance, March 3, 2023 |
$ |
21,343 |
|
$ |
23,579 |
|
$ |
8,363 |
|
$ |
(1,182 |
) |
$ |
52,103 |
|
$ |
1,033 |
|
$ |
53,136 |
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 4, 2022 |
Attributed to the equity holders of FTG |
|
|
| |
|
|
|
Accumulated |
|
|
|
| |
|
|
|
other |
|
Non- |
|
|
(Unaudited) |
Common |
Retained |
Contributed |
comprehensive |
|
controlling |
Total |
|
(in thousands of Canadian dollars) |
shares |
earnings |
surplus |
income |
Total |
interest |
equity |
|
Balance, November 30, 2021 |
$ |
21,881 |
|
$ |
19,391 |
|
$ |
8,352 |
|
$ |
478 |
|
$ |
50,102 |
|
$ |
940 |
|
$ |
51,042 |
|
|
Net income (loss) |
|
- |
|
|
(733 |
) |
|
- |
|
|
- |
|
|
(733 |
) |
|
2 |
|
|
(731 |
) |
|
Stock-based compensation |
|
- |
|
|
- |
|
|
(7 |
) |
|
- |
|
|
(7 |
) |
|
- |
|
|
(7 |
) |
|
Other comprehensive income |
|
- |
|
|
- |
|
|
- |
|
|
413 |
|
|
413 |
|
|
4 |
|
|
417 |
|
|
Balance, March 4, 2022 |
$ |
21,881 |
|
$ |
18,658 |
|
$ |
8,345 |
|
$ |
891 |
|
$ |
49,775 |
|
$ |
946 |
|
$ |
50,721 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIRAN TECHNOLOGY GROUP CORPORATION |
|
Interim Condensed Consolidated Statements of Cash
Flows |
|
|
|
|
|
|
Three months ended |
|
(Unaudited) |
March 3, |
March 4, |
|
(in thousands of Canadian dollars) |
2023 |
2022 |
|
Net inflow (outflow) of cash related to the following: |
|
|
|
Operating activities |
|
|
|
Net earnings (loss) |
$ |
4,101 |
|
$ |
(731 |
) |
|
Items not affecting cash and cash equivalents: |
|
|
|
Stock-based compensation |
|
107 |
|
|
24 |
|
|
Loss on disposal of plant and equipment |
|
30 |
|
|
- |
|
|
Effect of exchange rates on U.S. dollar bank debt |
|
(18 |
) |
|
(30 |
) |
|
Depreciation of plant and equipment |
|
1,020 |
|
|
1,185 |
|
|
Depreciation of right-of-use assets |
|
325 |
|
|
367 |
|
|
Amortization of intangible assets |
|
33 |
|
|
31 |
|
|
Amortization, other |
|
(15 |
) |
|
6 |
|
|
Notional interest expense on government loan |
|
24 |
|
|
- |
|
|
Deferred tax expenses |
|
30 |
|
|
236 |
|
|
Accretion on lease liabilities |
|
121 |
|
|
108 |
|
|
Net change in non-cash operating working capital |
|
(4,288 |
) |
|
(1,023 |
) |
|
|
|
1,470 |
|
|
173 |
|
|
|
|
|
|
Additions to plant and equipment |
|
(1,119 |
) |
|
(1,369 |
) |
|
Proceeds from sales of property, plant and equipment |
|
8,382 |
|
|
- |
|
|
Recovery of contract and other costs |
|
8 |
|
|
3 |
|
|
Proceeds from disposal of plant and equipment |
|
- |
|
|
- |
|
|
|
|
7,271 |
|
|
(1,366 |
) |
|
Net cash flow from operating and investing
activities |
|
8,741 |
|
|
(1,193 |
) |
|
Financing activities |
|
|
|
Proceeds from government loan |
|
603 |
|
|
- |
|
|
Repayments of bank debt |
|
(246 |
) |
|
(231 |
) |
|
Lease liability payments |
|
(367 |
) |
|
(427 |
) |
|
Repurchase and cancellation of shares |
|
(30 |
) |
|
- |
|
|
|
|
(40 |
) |
|
(658 |
) |
|
Effects of foreign exchange rate changes on cash
flow |
|
(77 |
) |
|
(135 |
) |
|
Net increase (decrease) in cash flow |
|
8,624 |
|
|
(1,986 |
) |
|
Cash and cash equivalents, beginning of the period |
|
15,666 |
|
|
20,196 |
|
|
Cash and cash equivalents, end of period |
$ |
24,290 |
|
$ |
18,210 |
|
|
|
|
|
|
Disclosure of cash payments |
|
|
|
Payment for interest |
$ |
15 |
|
$ |
25 |
|
|
Payments for income taxes |
$ |
1,152 |
|
$ |
248 |
|
| |
|
|
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