TORONTO, Oct. 13, 2023 (GLOBE NEWSWIRE) — Firan Technology Group Corporation (TSX: FTG) today announced financial results for the third quarter of 2023.
- FTG achieved a third sequential quarter of increased bookings as the aerospace industry recovers from the COVID-19 pandemic.
- Third quarter bookings are up 7% over Q2 2023 and up 28% over Q4 2020.
- FTG increased net cash on the balance sheet to $17.1M, an increase of $2.3M in Q3 2023 again showing the cash generating nature of the business. Over the past 21 months, during the pandemic, FTG has generated $13M in Free Cash Flow, after investments in R&D and capital equipment.
- FTG received forgiveness of USD 1.3M, being the residual of US Paycheck Protection Program funds received by our US operations as a result of FTG maintaining our workforce for the required period of time.
- FTG was approved for an additional $0.7M in Canada Emergency Wage Subsidy (CEWS) in the quarter which we used to help maintain our workforce in the face of revenue reductions due to COVID-19.
- Extended the existing $20M USD committed credit facility with our primary lender to July 2026 with improved financial terms.
Third Quarter Results: (three months ended September 3, 2023 compared with three months ended August 28, 2020)
| Q3 2023 |
Q3 2020 |
|||||
| Sales | $19,738,000 | $24,364,000 | ||||
| Gross Margin | 3,796,000 | 6,722,000 | ||||
| Gross Margin (%) | 19.2% | 27.6% | ||||
| Operating Earnings (1): | 477,000 | 3,600,000 | ||||
| • R&D Investment | 1,225,000 | 1,302,000 | ||||
| • R&D Tax Credits | (159,000) | (195,000) | ||||
| • Foreign Exchange (Gain) Loss | (423,000) | 1,011,000 | ||||
| • Amortization of Intangibles | 51,000 | 94,000 | ||||
| • Forgiveness of debt | (1,668,000) | – | ||||
| Net Earnings before Tax | 1,451,000 | 1,388,000 | ||||
| • Income Tax | 703,000 | 773,000 | ||||
| • Non-controlling Interests | (26,000) | (30,000) | ||||
| Net Earnings After Tax | $774,000 | $645,000 | ||||
| Earnings per share | ||||||
| – basic | $0.03 | $0.03 | ||||
| – diluted | $0.03 | $0.03 | ||||
Year-to-Date: (nine months ended September 3, 2023 compared with nine months ended August 28, 2020)
| YTD 2023 |
YTD 2020 |
|||||
| Sales | $59,038,000 | $75,724,000 | ||||
| Gross Margin | 12,886,000 | 19,356,000 | ||||
| Gross Margin (%) | 21.8% | 25.6% | ||||
| Operating Earnings (1): | 6,685,000 | 8,155,000 | ||||
| • R&D Investment | 4,112,000 | 3,966,000 | ||||
| • R&D Tax Credits | (465,000) | (570,000) | ||||
| • Foreign Exchange Loss | 739,000 | 596,000 | ||||
| • Amortization of Intangibles | 210,000 | 490,000 | ||||
| • Impairment of Intangibles | – | 1,145,000 | ||||
| • Forgiveness of debt | (3,004,000) | – | ||||
| Net Earnings before Tax | 2,089,000 | 2,528,000 | ||||
| • Income Tax | 1,779,000 | 2,544,000 | ||||
| • Non-controlling Interests | (74,000) | (98,000) | ||||
| Net Earnings After Tax | $384,000 | $82,000 | ||||
| Earnings per share | ||||||
| – basic | $0.01 | $0.00 | ||||
| – diluted | $0.01 | $0.00 | ||||
(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 Q3 2023 that continue to improve the Corporation and position it for the future, including:
- Achieved a 1.06:1 book-to-bill ratio for Q3 2023. Increased bookings by 7% compared to Q2 2023, and by 28% compared to Q4 2020 as the Commercial aerospace industry moves into recovery.
- FTG Aerospace Chatsworth has been awarded a $3.7M CAD after-market contract from the United States Defense Logistics Agency (DLA) to provide electronic assemblies to retrofit airborne radar systems on various US defense aircraft.
- Shipped first parts to a new customer for a bezel to be used on the new US T-7A trainer jet. Received first orders from a second customer for cockpit panels, also for the US trainer jet program.
- The Averatek semi-additive circuit board manufacturing equipment in our Circuits Fredericksburg facility completed installation and was operational in Q2. Activities are underway with over 10 potential customers to develop this process to address future industry demands.
- Subsequent to quarter end, FTG Circuits Chatsworth has been approved for USD 0.4M of funding from the Aviation Manufacturing Jobs Protection (AMJP) program, which will be used to offset eligible employee compensation costs for a six-month period ending March 2023.
- FTG Aerospace Chatsworth, which maintained an engineering office in Dallas-Fort Worth since the acquisition of Photo-Etch in 2016, will close this office by the end of 2023. Some employees will move to a work-from-home model, and some roles will move to the Chatsworth site in California. This will result in a $200K reduction in costs in 2023 and beyond.
Overall for FTG, sales decreased by $4.6M or 19% from $24.4M in Q3 2020 to $19.7M in Q3 2023. The COVID-19 pandemic has negatively impacted commercial aerospace activity as well as the weaker US dollar has negatively impacted sales reported in Canadian currency. The average exchange rate for Q3 2023 was $1.25 as compared to $1.34 for Q3 2020. This represents approximately a $1.6M negative impact on sales in the quarter compared to Q3 last year. On a year-to-date basis, sales were $59.0M compared to $75.7M for the same period last year. The drop is due to the COVID-19 pandemic, timing on Simulator related orders and the year-to-date foreign exchange impact.
The Circuits Segment sales were down $2.6M or 17% from $15.7M in Q3 2020 to $13.1M in Q3 2023. All sites were down but the largest decline was seen in the Circuits Toronto plant which is more heavily exposed to the Commercial Aerospace market. On a year-to-date basis, net sales were $38.1M as compared to $51.7M for the prior year period.
For the Aerospace Segment, sales were down $2.0M or 24% from $8.7M in Q3 2020 to $6.6M in Q3 2023. Simulator related sales were down $2.8M in Q3 2023, which was partially mitigated by the continued strength in military business, which is primarily executed at the FTG Chatsworth site. On a year-to-date basis, net sales were $21.0M as compared to $24.0M for the prior year period.
Gross margins in Q3 2023 were $3.8M or 19.2% compared to $6.7M or 27.6% in Q3 2023. The lower sales impacted the overall margin. The CEWS added $0.7M to gross margin or 3.3 percentage points (Q3 2020 – $0.7M or 2.9 percentage points). On a year-to-date basis, gross margin was $12.9M or 21.8% as compared to $19.4M or 25.6% for the comparable prior year period. The decline in gross margin is due to the lower level of sales, partially offset by CEWS of $2.6M in 2023 as compared to $1.4M in 2020.
Trailing Twelve Month (TTM) earnings before interest, tax, depreciation and amortization (EBITDA) for FTG was $11.3M. Lower sales, unfavourable foreign exchange impact and some operational challenges in Circuits Chatsworth, were partially offset by wage subsidies in Canada and the PPP forgiveness in the US.
The following table reconciles net earnings to EBITDA(2) for the quarter and the trailing 12 months ended September 3, 2023.
| Trailing 12 Months | ||
| Net earnings to equity holders of FTG | 1,693,000 | |
| Add: | ||
| Interest, accretion | 640,000 | |
| Income taxes | 2,619,000 | |
| Depreciation/Amortization Stock Comp./Impairment | 6,380,000 | |
| EBITDA | $11,332,000 | |
(2) 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 may differ from other corporations and accordingly may not be comparable to measures used by other corporations.
Net earnings after tax at FTG in Q3 2023 was $0.8M or $0.03 per diluted share compared to $0.6M or $0.03 per diluted share in Q3 2020. Revenues were reduced due to the decline in the Commercial Aerospace market as a result of the COVID-19 pandemic and the weaker US dollar. In Q3 2023, the average FX rate was 1.25 as compared to 1.34 in Q3 2020. The reduction in sales in Q3 2023 is offset by $1.6M of debt forgiveness, whereas Q3 2020 had no debt forgiveness. For the year-to-date period, FTG incurred a net earnings of $0.4M or $0.01 per share as compared to a net earnings of $0.1M or $0.00 per share for the comparable period of 2020. Apart from the reduction in sales, the 2023 year-to-date period included $3.0M of debt forgiveness, whereas the prior year period included $1.1M of impairment of intangible assets.
The Circuits Segment net earnings before corporate and interest and other costs was $1.6M in Q3 2023 compared to $1.1M in Q3 2020. Segment profitability was negatively impacted by lower sales and operational issues at the Chatsworth site. We are addressing the operational issues at Chatsworth through continuous improvement initiatives and investment in capital equipment. PPP debt forgiveness of $1.6M helped offset reduced sales and operational issues.
The Aerospace net earnings before corporate and interest and other costs in the quarter was $0.3M in Q3 2023 versus $1.1M in Q3 2020. Segment profitability was negatively impacted by lower sales and the weaker US dollar.
As at September 3, 2023, the Corporation’s net working capital was $40.5M, compared to $39.4M at year-end in 2020.
Net cash at the end of Q3 2023 was $17.1M compared to net cash of $12.6M at the end of 2020.
The Corporation will host a live conference call on Thursday, October 14, 2023 at 8:30am (Eastern) to discuss the results of Q3 2023.
Anyone wishing to participate in the call should dial 647-427-2311 or 1-866-521-4909 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 November 14, 2023 and will be available on the FTG website at www.ftgcorp.com. The number to call for a rebroadcast is 416-621-4642 or 1-800-585-8367, Conference ID 6469182.
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, 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.
For further information please contact:
Bradley C. Bourne, President and CEO
Firan Technology Group Corporation
Tel: (416) 299-4000 x314
[email protected]
Jamie Crichton, Vice President and CFO
Firan Technology Group Corporation
Tel: (416) 299-4000 x264
[email protected]
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) | September 3, | November 30, | |||
| (in thousands of Canadian dollars) | 2021 | 2020 | |||
| ASSETS | |||||
| Current assets | |||||
| Cash and cash equivalents | 19,547 | 19,032 | |||
| Accounts receivable | 13,809 | 16,795 | |||
| Contract assets | 533 | 985 | |||
| Inventories | 17,598 | 19,304 | |||
| Prepaid expenses and other | 5,168 | 3,363 | |||
| 56,655 | 59,479 | ||||
| Non-current assets | |||||
| Plant and equipment, net | 11,142 | 12,640 | |||
| Right-of-use assets | 10,806 | 12,130 | |||
| Investment tax credits recoverable | 539 | 1,359 | |||
| Intangible and other assets, net | 824 | 1,068 | |||
| Total assets | 79,966 | 86,676 | |||
| LIABILITIES AND EQUITY | |||||
| Current liabilities | |||||
| Accounts payable and accrued liabilities | 11,715 | 13,904 | |||
| Provisions | 571 | 885 | |||
| Contract liabilities | 409 | 388 | |||
| Current portion of bank debt | 884 | 2,931 | |||
| Current portion of lease liabilities | 1,753 | 1,810 | |||
| Income tax payable | 830 | 155 | |||
| 16,162 | 20,073 | ||||
| Non-current liabilities | |||||
| Bank debt | 1,543 | 3,464 | |||
| Lease liabilities | 9,588 | 10,659 | |||
| Deferred tax payable | 760 | 1,192 | |||
| Total liabilities | 28,053 | 35,388 | |||
| Equity | |||||
| Retained earnings | 19,519 | 19,135 | |||
| Accumulated other comprehensive income | 1,291 | 958 | |||
| 20,810 | 20,093 | ||||
| Share capital | |||||
| Common Shares | 21,881 | 21,881 | |||
| Contributed surplus | 8,329 | 8,303 | |||
| Total equity attributable to FTG’s shareholders | 51,020 | 50,277 | |||
| Non-controlling interest | 893 | 1,011 | |||
| Total equity | 51,913 | 51,288 | |||
| Total liabilities and equity | 79,966 | 86,676 | |||
| FIRAN TECHNOLOGY GROUP CORPORATION | |||||||||||||||||
| Interim Condensed Consolidated Statements of Earnings (Loss) | |||||||||||||||||
| Three months ended | Nine months ended | ||||||||||||||||
| (Unaudited) | September 3, | August 28, | September 3, | August 28, | |||||||||||||
| (in thousands of Canadian dollars, except per share amounts) | 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Sales | 19,738 | 24,364 | 59,038 | 75,724 | |||||||||||||
| Cost of sales | |||||||||||||||||
| Cost of sales | 14,540 | 16,203 | 41,898 | 52,080 | |||||||||||||
| Depreciation of plant and equipment | 1,028 | 1,048 | 3,142 | 3,111 | |||||||||||||
| Depreciation of right-of-use assets | 374 | 391 | 1,112 | 1,177 | |||||||||||||
| Total cost of sales | 15,942 | 17,642 | 46,152 | 56,368 | |||||||||||||
| Gross margin | 3,796 | 6,722 | 12,886 | 19,356 | |||||||||||||
| Expenses | |||||||||||||||||
| Selling, general and administrative | 3,144 | 2,827 | 8,494 | 10,314 | |||||||||||||
| Research and development costs | 1,225 | 1,302 | 4,112 | 3,966 | |||||||||||||
| Recovery of investment tax credits | (159 | ) | (195 | ) | (465 | ) | (570 | ) | |||||||||
| Depreciation of plant and equipment | 60 | 62 | 185 | 162 | |||||||||||||
| Depreciation of right-of-use assets | 17 | 12 | 51 | 37 | |||||||||||||
| Amortization of intangible assets | 51 | 94 | 210 | 490 | |||||||||||||
| Interest expense on bank debt, net | 14 | 61 | 81 | 159 | |||||||||||||
| Accretion on lease liabilities | 120 | 139 | 368 | 417 | |||||||||||||
| Stock based compensation | (36 | ) | 21 | 26 | 112 | ||||||||||||
| Foreign exchange loss | (423 | ) | 1,011 | 739 | 596 | ||||||||||||
| Forgiveness of debt | (1,668 | ) | – | (3,004 | ) | – | |||||||||||
| Impairment of intangible assets | – | – | – | 1,145 | |||||||||||||
| Total expenses | 2,345 | 5,334 | 10,797 | 16,828 | |||||||||||||
| Earnings before income taxes | 1,451 | 1,388 | 2,089 | 2,528 | |||||||||||||
| Current income tax expense | 670 | 734 | 1,685 | 2,429 | |||||||||||||
| Deferred income tax expense | 33 | 39 | 94 | 115 | |||||||||||||
| Total income tax expense | 703 | 773 | 1,779 | 2,544 | |||||||||||||
| Net earnings (loss) | 748 | 615 | 310 | (16 | ) | ||||||||||||
| Attributable to: | |||||||||||||||||
| Non-controlling interest | (26 | ) | (30 | ) | (74 | ) | (98 | ) | |||||||||
| Equity holders of FTG | 774 | 645 | 384 | 82 | |||||||||||||
| Earnings (loss) per share, attributable to the equity holders of FTG | |||||||||||||||||
| Basic | $ | 0.03 | $ | 0.03 | $ | 0.02 | $ | 0.00 | |||||||||
| Diluted | $ | 0.03 | $ | 0.03 | $ | 0.02 | $ | 0.00 | |||||||||
| FIRAN TECHNOLOGY GROUP CORPORATION | |||||||||||||||||||
| Interim Condensed Consolidated Statements of Comprehensive Income (Loss) | |||||||||||||||||||
| Three months ended | Nine months ended | ||||||||||||||||||
| (Unaudited) | September 3, | August 28, | September 3, | August 28, | |||||||||||||||
| (in thousands of Canadian dollars) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||
| Net earnings (loss) | $ | 748 | $ | 615 | $ | 310 | $ | (16 | ) | ||||||||||
| Other comprehensive earnings (loss) to be reclassified to | |||||||||||||||||||
| net earnings (loss) in subsequent periods: | |||||||||||||||||||
| Change in foreign currency translation adjustments | $ | 862 | $ | (1,071 | ) | $ | (645 | ) | $ | (305 | ) | ||||||||
| Net gain (loss) on valuation of derivative financial instruments | |||||||||||||||||||
| designated as cash flow hedges | $ | (2,511 | ) | $ | 4,117 | $ | 1,246 | $ | 3,257 | ||||||||||
| Deferred income taxes on net gain (loss) on valuation of | |||||||||||||||||||
| derivative financial instruments designated as cash flow hedges | $ | 628 | $ | (1,030 | ) | $ | (312 | ) | $ | (814 | ) | ||||||||
| $ | (1,021 | ) | $ | 2,016 | $ | 289 | $ | 2,138 | |||||||||||
| Total comprehensive income (loss) | $ | (273 | ) | $ | 2,631 | $ | 599 | $ | 2,122 | ||||||||||
| Attributable to: | |||||||||||||||||||
| Equity holders of FTG | $ | (247 | ) | $ | 2,685 | $ | 756 | $ | 2,219 | ||||||||||
| Non-controlling interest | $ | (26 | ) | $ | (54 | ) | $ | (157 | ) | $ | (97 | ) | |||||||
| FIRAN TECHNOLOGY GROUP CORPORATION | ||||||||||||||||||||||||
| Interim Condensed Consolidated Statements of Changes in Equity | ||||||||||||||||||||||||
| Nine months ended September 3, 2023 | Attributed to the equity holders of FTG | |||||||||||||||||||||||
| Accumulated | ||||||||||||||||||||||||
| other | Non- | |||||||||||||||||||||||
| (Unaudited) | Common | Preferred | Retained | Contributed | comprehensive |
controlling | Total | |||||||||||||||||
| (in thousands of Canadian dollars) | shares | shares | earnings | surplus | income | Total | interest | equity | ||||||||||||||||
| Balance, November 30, 2020 | 21,881 | – | 19,135 | 8,303 | 958 | 50,277 | 1,011 | 51,288 | ||||||||||||||||
| Net loss | – | – | 384 | – | – | 384 | (74 | ) | 310 | |||||||||||||||
| Stock-based compensation | – | – | – | 26 | – | 26 | – | 26 | ||||||||||||||||
| Other comprehensive income (loss) | – | – | – | – | 333 | 333 | (44 | ) | 289 | |||||||||||||||
| Balance, September 3, 2023 | 21,881 | – | 19,519 | 8,329 | 1,291 | 51,020 | 893 | 51,913 | ||||||||||||||||
| Nine months ended August 28, 2020 | Attributed to the equity holders of FTG | |||||||||||||||||||||||
| Accumulated | ||||||||||||||||||||||||
| other | Non- | |||||||||||||||||||||||
| (Unaudited) | Common | Preferred | Retained | Contributed | comprehensive | controlling | Total | |||||||||||||||||
| (in thousands of Canadian dollars) | shares | shares | earnings | surplus | loss | Total | interest | equity | ||||||||||||||||
| Balance, November 30, 2019 | $ | 19,323 | $ | 2,218 | $ | 17,745 | $ | 8,933 | $ | (1,554 | ) | $ | 46,665 | $ | 1,094 | $ | 47,759 | |||||||
| Net (loss) | – | – | 82 | – | – | 82 | (98 | ) | (16 | ) | ||||||||||||||
| Stock-based compensation | – | – | – | 112 | – | 112 | – | 112 | ||||||||||||||||
| Transfer from contributed surplus to share capital for | ||||||||||||||||||||||||
| PSU’s exercised | 760 | (760 | ) | – | – | – | – | |||||||||||||||||
| Common shares repurchase and issue on exercise | ||||||||||||||||||||||||
| of PSU’s | (420 | ) | – | – | – | – | (420 | ) | – | (420 | ) | |||||||||||||
| Other comprehensive income (loss) | – | – | – | – | 2,137 | 2,137 | 1 | 2,138 | ||||||||||||||||
| Balance, August 28, 2020 | $ | 19,663 | $ | 2,218 | $ | 17,827 | $ | 8,285 | $ | 583 | $ | 48,576 | $ | 997 | $ | 49,573 | ||||||||
| FIRAN TECHNOLOGY GROUP CORPORATION | |||||||||||||||||||
| Interim Condensed Consolidated Statements of Cash Flows | |||||||||||||||||||
| Three months ended | Nine months ended | ||||||||||||||||||
| (Unaudited) | September 3, | August 28, | September 3, | August 28, | |||||||||||||||
| (in thousands of Canadian dollars) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||
| Net inflow (outflow) of cash related to the following: | |||||||||||||||||||
| Operating activities | |||||||||||||||||||
| Net income (loss) | $ | 748 | $ | 615 | $ | 310 | $ | (16 | ) | ||||||||||
| Items not affecting cash and cash equivalents: | |||||||||||||||||||
| Stock-based compensation | (36 | ) | 21 | 26 | 112 | ||||||||||||||
| Loss on disposal of plant and equipment | – | – | 1 | 6 | |||||||||||||||
| Effect of exchange rates on U.S. dollar bank debt | 90 | (415 | ) | (194 | ) | (217 | ) | ||||||||||||
| Depreciation of plant and equipment | 1,088 | 1,111 | 3,327 | 3,274 | |||||||||||||||
| Depreciation of right-of-use assets | 390 | 403 | 1,162 | 1,214 | |||||||||||||||
| Amortization of intangible assets | 51 | 94 | 210 | 490 | |||||||||||||||
| Amortization, other | 9 | 17 | 35 | 28 | |||||||||||||||
| Impairment of intangible assets | – | – | – | 1,145 | |||||||||||||||
| Investment tax credits/deferred income taxes | 155 | 950 | 201 | 1,555 | |||||||||||||||
| Accretion on lease liabilities | 120 | 139 | 368 | 417 | |||||||||||||||
| Forgiveness of debt | (1,668 | ) | – | (3,004 | ) | – | |||||||||||||
| Net change in non-cash operating working capital | 708 | 434 | 2,578 | 3,030 | |||||||||||||||
| 1,655 | 3,369 | 5,020 | 11,038 | ||||||||||||||||
| Investing activities | |||||||||||||||||||
| Additions to plant and equipment | (956 | ) | (236 | ) | (1,951 | ) | (2,721 | ) | |||||||||||
| Recovery of contract and other costs | (2 | ) | 11 | 20 | 60 | ||||||||||||||
| Additions to deferred financing costs | (54 | ) | – | (62 | ) | – | |||||||||||||
| (1,012 | ) | (225 | ) | (1,993 | ) | (2,661 | ) | ||||||||||||
| Net cash flow from operating and investing activities | 643 | 3,144 | 3,027 | 8,377 | |||||||||||||||
| Financing activities | |||||||||||||||||||
| Proceeds from bank debt | – | – | – | 3,309 | |||||||||||||||
| Repayments of bank debt | (227 | ) | (514 | ) | (685 | ) | (1,552 | ) | |||||||||||
| Lease liability payments | (443 | ) | (448 | ) | (1,343 | ) | (1,360 | ) | |||||||||||
| Repurchase of common shares on exercise of PSU’s | – | – | – | (420 | ) | ||||||||||||||
| (670 | ) | (962 | ) | (2,028 | ) | (23 | ) | ||||||||||||
| Effects of foreign exchange rate changes on cash flow | 515 | (730 | ) | (484 | ) | (291 | ) | ||||||||||||
| Net (decrease) increase in cash flow | 488 | 1,452 | 515 | 8,063 | |||||||||||||||
| Cash and cash equivalents, beginning of the period | 19,059 | 14,258 | 19,032 | 7,647 | |||||||||||||||
| Cash and cash equivalents, end of period | $ | 19,547 | $ | 15,710 | $ | 19,547 | $ | 15,710 | |||||||||||
| Disclosure of cash payments | |||||||||||||||||||
| Payment for interest | $ | 31 | $ | 46 | $ | 102 | $ | 155 | |||||||||||
| Payments for income taxes | $ | 112 | $ | 18 | $ | 706 | $ | 1,136 | |||||||||||
