Firan Technology Group (TSX:FTG) hasn’t participated in the broad-based tech rally taking place on the TSX, but the company’s boss thinks the stock is a bargain.
On Friday, Firan CEO Brad Bourne bought 50,000 shares of the company in the open market at $.35. The purchase is an average down on a buy he made August 2nd, when he picked up the same amount at $.44.
Bourne struck a practical tone after the company’s recent third quarter, in which the company lost $577,000 on revenue of $$13.3-million.
He said the period showed some positives for the aerospace and defense subcontractor, but that it faced challenges in its circuits facility, where sales were lower than expected. Firan says it hopes to address that issue and put it on the same course as its aerospace business, which is seeing double-digit growth.
Founded in 1983, Toronto-based Firan supplies aerospace and defense electronic products, specializing in quick turn around production runs. The company’s clients include Bombardier, Rockwell Collins and Bell Helicopter.
At press time, shares of Firan Technology Group were down 1.5% to $.335.