Firan Technology Group Corporation (TSX: FTG) today announced
financial results for the full year and fourth quarter 2022.
Financial Highlights
- Full year bookings were $113.3M, up
41% over 2021.
- Fourth quarter bookings of $32.2M
were up 15% over Q3 2022 and up 37% over Q4 2021. This was the 8th
sequential quarter of bookings growth.
- FTG full year revenues increased by
13% to $89.6M as the global air travel and the commercial aerospace
market continued to recover from the pandemic.
- FTG has maintained strong liquidity
with net cash on the balance sheet of $12.3M, after investments in
the year of $3.8M for capital expenditures, $5.9M for research and
development, $8.5M to the Aerospace Chatsworth facility and $1.1M
for FTG share buybacks.
- FTG achieved Adjusted Net Earnings
in Q4 2022 of $1.2M and Adjusted Net Earnings of $1.2M for fiscal
2022.
Business Highlights
In 2022, FTG went on offence after two years of
playing defence. During the year the company invested in technology
in our existing sites, grew the business organically, acquired our
building in Chatsworth to protect our operations but then as
committed completed a sales/leaseback, 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 2022 that continue to improve the Corporation and position it
for the future, including:
- Achieved a 1.26:1 book-to-bill
ratio for 2022 resulting in increased backlog of $65.5M compared to
$39.7M at the end of 2021.
- Customer purchase orders included
$8.8M to supply cockpit assemblies for military and commercial
simulators for different aircrafts including refueling fixed wing
aircraft, helicopters and business jets, with the work to be
performed by FTG’s Aerospace segment facilities in Toronto,
Ontario, Chatsworth, California and Tianjin, China with the
majority of this work to be performed in the first half of
2023.
- FTG was awarded up to $7.0M of
funding from FedDev Ontario pursuant to the Aerospace Regional
Recovery Initiative (ARRI) program. This funding is in the format
of a repayable contribution against qualifying investments made by
FTG prior to March 31, 2024. The funding will be repayable, without
interest, commencing in 2025 through to 2030. Funding received in
fiscal 2022 amounted to $1.9M.
- 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.
- 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.
- Subsequent to year-end, on January
31, 2023, FTG completed a sale-leaseback transaction for the
Aerospace Chatsworth facility, resulting in net cash proceeds of
$8.5M.
- Subsequent to year-end, FTG’s US
sites received $3.5M ($US 2.6M) in funds pursuant to the Employment
Retention Credit program within the CARES Act, which will be
included in income during the first quarter of 2023.
Table 1 / Key Financial
Metrics
|
Three months ended |
Years ended |
|
November 30, |
November 30, |
|
November 30, |
November 30, |
|
|
2022 |
|
|
2021 |
|
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
Sales |
$23,750,000 |
|
$20,327,000 |
|
|
$89,624,000 |
|
$79,365,000 |
|
|
|
|
|
|
|
Gross
Margin |
|
5,736,000 |
|
|
4,247,000 |
|
|
|
21,310,000 |
|
|
17,133,000 |
|
Gross Margin
(%) |
|
24.2 |
% |
|
20.9 |
% |
|
|
23.8 |
% |
|
21.6 |
% |
|
|
|
|
|
|
Net Earnings to FTG Equity Holders |
$694,000 |
|
($128,000 |
) |
|
$698,000 |
|
$256,000 |
|
|
|
|
|
|
|
Adjusted Net
Earnings(1) |
|
|
|
|
|
Loss Provision on Sale-leaseback |
|
357,000 |
|
|
- |
|
|
|
357,000 |
|
|
- |
|
Acquisition Expenses |
|
127,000 |
|
|
- |
|
|
|
168,000 |
|
|
- |
|
|
$1,178,000 |
|
($128,000 |
) |
|
$1,223,000 |
|
$256,000 |
|
|
|
|
|
|
|
Earnings Per
Share |
|
|
|
|
|
Basic |
$0.03 |
|
$0.00 |
|
|
$0.03 |
|
$0.01 |
|
Diluted |
$0.03 |
|
$0.00 |
|
|
$0.03 |
|
$0.01 |
|
|
|
|
|
|
|
Adjusted Earnings Per
Share |
|
|
|
|
|
Basic |
$0.05 |
|
$0.00 |
|
|
$0.05 |
|
$0.01 |
|
Diluted |
$0.05 |
|
$0.00 |
|
|
$0.05 |
|
$0.01 |
|
(1) Adjusted Net 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
Adjusted Net Earnings may differ from other corporations and
accordingly may not be comparable to measures used by other
corporations.
For FTG in 2022, overall sales increased by
$10.3M or 13% from $79.4M in 2021 to $89.6M in 2022. Increased
revenue in 2022 is the result of the on-going recovery of global
air travel following the easing of various pandemic related
restrictions, which led to improved market conditions for the
commercial aerospace market. The average foreign exchange rate in
2022 was 3% (4 cents) higher than in 2021, with a positive impact
on sales of $2.7M.
In our fourth quarter, sales were $23.8M, an
increase of $3.4M or 16.8% over Q4 2021. The increase is also
attributable to improved market conditions for the commercial
aerospace market. The average foreign rate was 7% (9 cents) higher
than Q4 2021, with a positive impact on sales of $1.5M.
The Circuits segment sales in 2022 were up
$7.4M, or 14.1% compared to last year. All sites contributed to the
increase in sales, with the largest dollar increase at the Circuits
Toronto plant and the largest percentage increase at the Circuits
plant in China. Both of these sites are focused on the Commercial
Aerospace market. In the fourth quarter, sales in the Circuits
segment were up $1.3M or 8.8%.
For the Aerospace segment, sales in 2022 were up
$4.4M or 14.4% compared to last year. All sites contributed to the
increase in sales, with the largest dollar increase at the
Aerospace Toronto plant and the largest percentage increase at the
Aerospace plant in China. Both of these sites are focused on the
Commercial Aerospace market. In Q4 2022, Aerospace segment sales
were up $2.1M or 30.5%, which included an increase in Simulator
product shipments of $1.2M.
Gross margin in 2022 was $21.3M or 23.8% as
compared to $17.1M or 21.6% in 2021. Excluding government
assistance, the gross margin rate improved to 23.4% in 2022 from
17.6% in 2021. Gross margin in Q4 2022 was $5.7M or 24.2% as
compared to $4.2M or 20.9% in Q4 2021. Excluding government
assistance, the gross margin rate improved to 24.2% in Q4 2022 from
19.2% in Q4 2021. The increase in the gross margin rate is due to
the operating leverage of increased sales volumes and operational
efficiencies.
Net earnings after tax at FTG in 2022 was $0.7M
or $0.03 per diluted share compared to a net profit of $0.3M or
$0.01 per diluted share in 2021. Adjusted net earnings after tax
was $1.2M or $0.05 per diluted share in 2022 compared to $0.3M or
$0.01 in the prior year. The increase in adjusted net earnings is
the result of higher sales volume, offset by reduced government
subsidies. In 2022, government subsidies were $0.3M on a pretax
basis, as compared to $6.5M in 2021.
Net earnings after tax at FTG in Q4 2022 was
$0.7M or $0.03 per diluted share compared to a net loss of $0.1M or
$0.00 per diluted share in Q4 2021. Adjusted net earnings after tax
was $1.2M or $0.05 per diluted share in Q4 2022 compared to a net
loss of $0.1M or $0.00 in the prior year quarter. The increase in
adjusted net earnings is the result of higher sales volume, offset
by reduced government subsidies. In Q4 2022, government subsidies
were $nil as compared to $0.3M in the prior year quarter.
The Circuits segment net earnings before
corporate, taxes and interest and other costs was $3.1M in 2022
compared to $5.2M in 2021. The positive impact of higher sales was
offset by lower government subsidies, which were $0.3M in 2022 as
compared to $4.4M in 2021.
The Aerospace segment net earnings before
corporate, taxes and interest and other costs in the full year was
$2.9M in 2022 versus $0.8M in 2021. The impact of greater sales
volumes and operating performance in 2022 was partially offset by
lower government subsidies, which were $nil in 2022 as compared to
$2.0M in 2021.
Table 2 / EBITDA
|
Three months ended |
Years ended |
|
November 30, |
November 30, |
|
November 30, |
November 30, |
|
2022 |
|
2021 |
|
|
2022 |
2021 |
EBITDA(2) |
|
|
|
|
|
Net earnings to equity holders of FTG |
$694,000 |
($128,000 |
) |
|
$698,000 |
$256,000 |
Add: |
|
|
|
|
|
Interest, accretion |
|
124,000 |
|
133,000 |
|
|
|
443,000 |
|
582,000 |
Income taxes |
|
235,000 |
|
629,000 |
|
|
|
1,574,000 |
|
2,408,000 |
Depreciation/Amortization/Stock Comp. |
|
1,346,000 |
|
1,637,000 |
|
|
|
5,867,000 |
|
6,398,000 |
|
$2,399,000 |
$2,271,000 |
|
|
$8,582,000 |
$9,644,000 |
Adjusted EBITDA(2) |
|
|
|
|
|
Loss provision on sale-leaseback |
|
357,000 |
|
- |
|
|
|
357,000 |
|
- |
Acquisition expenses |
|
127,000 |
|
- |
|
|
|
168,000 |
|
- |
|
$2,883,000 |
$2,271,000 |
|
|
$9,107,000 |
$9,644,000 |
(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 2022 was $8.6M or 9.6% of sales
compared to $9.6M or 12.2% of sales in 2021.
For Q4 2022, EBITDA was $2.4M or 10.1% of net
sales as compared to $2.3M or 11.2% of net sales in the prior year
quarter. Adjusted EBITDA for Q4 2022, which excludes the loss of
$0.4M accrued on the sale-leaseback transaction for the Aerospace
Chatsworth facility and expenses related to the two pending
acquisitions, was $2.9M or 12.1% of net sales.
As at November 30, 2022, the Corporation’s net
working capital was $30.8M, compared to $40.0M at year-end in 2021.
The decrease is due to a lower net cash position and increase in
contract liabilities, partially offset by increased inventory
levels. The increases in inventory and contract liabilities is, in
part, the result of higher backlog for simulator products, with the
purchase of long lead components typically funded by customers.
FTG ended 2022 with $12.3M in net cash as
compared to $17.9M at the end of 2021.
The Corporation will host a live conference call
on Thursday, February 9, 2023 at 8:30am (Eastern) to discuss the
results of fiscal year 2022.
Anyone wishing to participate in the call should
dial 416-764-8658 or 1-888-886-7786, Conference ID 94863452 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 March 9, 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 863452#.
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 |
|
|
Consolidated Statements of Financial Position |
|
|
|
|
|
|
|
|
|
|
|
|
November 30, |
November 30, |
(in thousands of Canadian dollars) |
|
2022 |
|
2021 |
ASSETS |
|
|
|
Current assets |
|
|
Cash and cash equivalents |
$ |
15,666 |
|
$ |
20,196 |
Accounts receivable |
|
16,615 |
|
|
16,014 |
Contract assets |
|
504 |
|
|
818 |
Inventories |
|
|
19,664 |
|
|
16,953 |
Income tax recoverable |
|
- |
|
|
1 |
Prepaid expenses and other |
|
1,498 |
|
|
3,162 |
|
|
|
|
|
53,947 |
|
|
57,144 |
Non-current assets |
|
|
Property, Plant and equipment, net |
|
10,718 |
|
|
11,078 |
Non-current assets held for sale |
|
8,471 |
|
|
- |
Right-of-use assets |
|
9,463 |
|
|
10,098 |
Investment tax credits recoverable |
|
- |
|
|
327 |
Intangible and other assets, net |
|
399 |
|
|
805 |
Deferred tax assets |
|
748 |
|
|
- |
Total assets |
|
$ |
83,746 |
|
$ |
79,452 |
LIABILITIES AND EQUITY |
|
|
Current liabilities |
|
|
Accounts payable and accrued liabilities |
$ |
14,906 |
|
$ |
13,760 |
Provisions |
|
|
823 |
|
|
545 |
Contract liabilities |
|
4,423 |
|
|
335 |
Current portion of bank debt |
|
866 |
|
|
935 |
Current portion of government loan |
|
47 |
|
|
- |
Current portion of lease liabilities |
|
1,360 |
|
|
1,553 |
Income tax payable |
|
712 |
|
|
- |
|
|
|
|
|
23,137 |
|
|
17,128 |
Non-current liabilities |
|
|
Bank debt |
|
|
532 |
|
|
1,327 |
Government loan |
|
1,883 |
|
|
- |
Lease liabilities |
|
8,899 |
|
|
9,123 |
Deferred tax liabilities |
|
- |
|
|
789 |
Total liabilities |
|
34,451 |
|
|
28,367 |
Equity |
|
|
|
Retained earnings |
$ |
19,521 |
|
$ |
19,434 |
Accumulated other comprehensive (loss) income |
|
(867 |
) |
|
478 |
|
|
|
|
|
18,654 |
|
|
19,912 |
Share capital |
|
|
|
Common Shares |
|
21,357 |
|
|
21,881 |
Contributed surplus |
|
8,319 |
|
|
8,352 |
Total equity attributable to FTG’s
shareholders |
|
48,330 |
|
|
50,145 |
Non-controlling interest |
|
965 |
|
|
940 |
Total equity |
|
49,295 |
|
|
51,085 |
Total liabilities and equity |
$ |
83,746 |
|
$ |
79,452 |
|
|
|
|
|
|
FIRAN TECHNOLOGY GROUP CORPORATION |
|
|
|
Consolidated Statements of Earnings |
|
|
|
|
|
|
|
|
|
|
|
Years ended |
|
|
November
30, |
|
November 30, |
(in thousands of Canadian dollars, except per share amounts) |
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
Sales |
|
$ |
89,624 |
|
|
$ |
79,365 |
|
|
|
|
|
|
Cost of sales |
|
|
|
Cost of sales |
|
62,991 |
|
|
|
56,494 |
|
Depreciation of plant and equipment |
|
4,036 |
|
|
|
4,250 |
|
Depreciation of right-of-use assets |
|
1,287 |
|
|
|
1,488 |
|
Total cost of sales |
|
68,314 |
|
|
|
62,232 |
|
Gross margin |
|
21,310 |
|
|
|
17,133 |
|
|
|
|
|
|
Expenses |
|
|
|
Selling, general and administrative |
|
12,678 |
|
|
|
10,950 |
|
Research and development costs |
|
5,851 |
|
|
|
5,351 |
|
Recovery of investment tax credits |
|
(582 |
) |
|
|
(536 |
) |
Depreciation of property, plant and equipment |
|
223 |
|
|
|
243 |
|
Depreciation of right-of-use assets |
|
63 |
|
|
|
68 |
|
Amortization of intangible assets |
|
124 |
|
|
|
240 |
|
Interest expense on bank debt, net |
|
(21 |
) |
|
|
92 |
|
Notional interest expense on government loan |
|
20 |
|
|
|
- |
|
Accretion on lease liabilities |
|
444 |
|
|
|
490 |
|
Stock based compensation |
|
128 |
|
|
|
66 |
|
Foreign exchange (gain) loss |
|
(317 |
) |
|
|
595 |
|
Loss provision on sale-leaseback of building |
|
357 |
|
|
|
- |
|
Forgiveness of debt |
|
- |
|
|
|
(3,004 |
) |
Total expenses |
|
18,968 |
|
|
|
14,555 |
|
|
|
|
|
|
Earnings before income taxes |
|
2,342 |
|
|
|
2,578 |
|
|
|
|
|
|
Current income tax expense |
|
2,668 |
|
|
|
2,684 |
|
Deferred income tax recovery |
|
(1,094 |
) |
|
|
(276 |
) |
Total income tax expense |
|
1,574 |
|
|
|
2,408 |
|
|
|
|
|
|
Net earnings |
$ |
768 |
|
|
$ |
170 |
|
|
|
|
|
|
Attributable to: |
|
|
|
Non-controlling interest |
$ |
70 |
|
|
$ |
(86 |
) |
Equity holders of FTG |
$ |
698 |
|
|
$ |
256 |
|
|
|
|
|
|
Earnings per share, attributable to the equity holders of
FTG |
|
|
|
Basic |
$ |
0.03 |
|
|
$ |
0.01 |
|
Diluted |
$ |
0.03 |
|
|
$ |
0.01 |
|
|
|
|
|
|
FIRAN TECHNOLOGY GROUP CORPORATION |
|
|
|
|
Consolidated Statements of Comprehensive Income
(Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended |
|
|
|
|
November
30, |
|
November 30, |
(in thousands of Canadian dollars) |
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
Net earnings |
|
$ |
768 |
|
|
$ |
170 |
|
|
|
|
|
|
|
|
Other comprehensive earnings (loss) to be reclassified to |
|
|
|
|
|
net earnings (loss) in subsequent periods: |
|
|
|
|
|
|
|
|
|
|
|
|
Change in foreign currency translation adjustments |
|
|
993 |
|
|
|
(84 |
) |
|
Net gain (loss) on valuation of derivative financial
instruments |
|
|
|
|
|
|
designated as cash flow hedges |
|
|
(2,826 |
) |
|
|
(508 |
) |
|
Deferred income taxes on net gain (loss) on valuation of |
|
|
|
|
|
|
derivative
financial instruments designated as cash flow hedges |
|
|
443 |
|
|
|
127 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,390 |
) |
|
|
(465 |
) |
|
|
|
|
|
|
|
Total comprehensive loss |
|
$ |
(622 |
) |
|
$ |
(295 |
) |
|
|
|
|
|
|
|
Attributable to: |
|
|
|
|
Equity holders of FTG |
|
$ |
(636 |
) |
|
$ |
(127 |
) |
Non-controlling interest |
|
$ |
14 |
|
|
$ |
(168 |
) |
|
|
|
|
|
|
|
FIRAN TECHNOLOGY GROUP CORPORATION |
|
|
|
|
|
|
Consolidated Statements of Changes in Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended November 30, 2022 and 2021 |
Attributed to the equity holders of FTG |
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
other |
|
Non- |
|
|
|
Common |
Retained |
Contributed |
comprehensive |
|
|
|
controlling |
Total |
(in thousands of Canadian dollars) |
shares |
earnings |
surplus |
income (loss) |
Total |
interest |
equity |
Balance, November 30, 2020 |
$ |
21,881 |
|
$ |
19,178 |
|
$ |
8,303 |
|
$ |
958 |
|
$ |
50,320 |
|
$ |
1,011 |
|
$ |
51,331 |
|
Net earnings (loss) |
|
- |
|
|
256 |
|
|
- |
|
|
- |
|
|
256 |
|
|
(86 |
) |
|
170 |
|
Stock-based compensation |
|
- |
|
|
- |
|
|
49 |
|
|
- |
|
|
49 |
|
|
- |
|
|
49 |
|
Other comprehensive income (loss) |
|
- |
|
|
- |
|
|
- |
|
|
(480 |
) |
|
(480 |
) |
|
15 |
|
|
(465 |
) |
Balance, November 30, 2021 |
$ |
21,881 |
|
$ |
19,434 |
|
$ |
8,352 |
|
$ |
478 |
|
$ |
50,145 |
|
$ |
940 |
|
$ |
51,085 |
|
Net earnings |
|
- |
|
|
698 |
|
|
- |
|
|
- |
|
|
698 |
|
|
70 |
|
|
768 |
|
Stock-based compensation |
|
- |
|
|
- |
|
|
(33 |
) |
|
- |
|
|
(33 |
) |
|
- |
|
|
(33 |
) |
Repurchase and cancellation of shares |
|
(524 |
) |
|
(611 |
) |
|
- |
|
|
- |
|
|
(1,135 |
) |
|
- |
|
|
(1,135 |
) |
Other comprehensive loss |
|
- |
|
|
- |
|
|
- |
|
|
(1,345 |
) |
|
(1,345 |
) |
|
(45 |
) |
|
(1,390 |
) |
Balance, November 30, 2022 |
$ |
21,357 |
|
$ |
19,521 |
|
$ |
8,319 |
|
$ |
(867 |
) |
$ |
48,330 |
|
$ |
965 |
|
$ |
49,295 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIRAN TECHNOLOGY GROUP CORPORATION |
|
|
|
Consolidated Statements of Cash Flows |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended |
|
|
|
|
November
30, |
|
November 30, |
(in thousands of Canadian dollars) |
|
2022 |
|
|
|
2021 |
|
Net inflow (outflow) of cash related to the following: |
|
|
|
Operating activities |
|
|
|
Net earnings |
$ |
768 |
|
|
$ |
170 |
|
Items not affecting cash and cash equivalents: |
|
|
|
|
Stock-based compensation |
|
128 |
|
|
|
66 |
|
|
Loss (Gain) on disposal of plant and equipment |
|
5 |
|
|
|
(252 |
) |
|
Loss provision on sale-leaseback of building |
|
357 |
|
|
|
- |
|
|
Effect of exchange rates on U.S. dollar bank debt |
|
(290 |
) |
|
|
(133 |
) |
|
Depreciation of property, plant and equipment |
|
4,259 |
|
|
|
4,493 |
|
|
Depreciation of right-of-use assets |
|
1,350 |
|
|
|
1,556 |
|
|
Amortization of intangible assets |
|
124 |
|
|
|
240 |
|
|
Amortization, other |
|
6 |
|
|
|
43 |
|
|
Notional interest expense on government loan |
|
20 |
|
|
|
- |
|
|
Investment tax credits/deferred income taxes |
|
(281 |
) |
|
|
773 |
|
|
Accretion on lease liabilities |
|
444 |
|
|
|
490 |
|
|
Forgiveness of debt |
|
- |
|
|
|
(3,004 |
) |
Net change in non-cash operating working capital |
|
4,371 |
|
|
|
3,192 |
|
|
|
|
|
|
11,261 |
|
|
|
7,634 |
|
Investing activities |
|
|
|
|
Purchase of Aerospace Chatsworth facility |
|
(8,518 |
) |
|
|
|
Additions to property, plant and equipment |
|
(3,793 |
) |
|
|
(2,900 |
) |
|
Recovery of contract and other costs |
|
294 |
|
|
|
15 |
|
|
Additions to deferred financing costs |
|
(5 |
) |
|
|
(65 |
) |
|
|
|
|
|
(12,022 |
) |
|
|
(2,950 |
) |
Net cash (used in) flow from operating and investing
activities |
|
(7,651 |
) |
|
|
4,684 |
|
Financing activities |
|
|
|
|
Proceeds from government loan |
|
1,926 |
|
|
|
- |
|
|
Repayments of bank debt |
|
(943 |
) |
|
|
(914 |
) |
|
Lease liability payments |
|
(1,579 |
) |
|
|
(1,783 |
) |
|
Repurchase and cancellation of shares |
|
(1,135 |
) |
|
|
- |
|
|
|
|
|
|
(1,731 |
) |
|
|
(2,697 |
) |
Effects of foreign exchange rate changes on cash
flow |
|
(2,038 |
) |
|
|
(823 |
) |
Net (decrease) increase in cash flow |
|
(4,530 |
) |
|
|
1,164 |
|
Cash and cash equivalents, beginning of the period |
|
20,196 |
|
|
|
19,032 |
|
Cash and cash equivalents, end of period |
$ |
15,666 |
|
|
$ |
20,196 |
|
|
|
|
|
|
|
|
Disclosure of cash payments |
|
|
|
|
Payment for interest |
$ |
85 |
|
|
$ |
128 |
|
|
Payments for income taxes |
$ |
1,074 |
|
|
$ |
1,235 |
|
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