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    FTG   CA3180931014

FIRAN TECHNOLOGY GROUP CORPORATION

(FTG)
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Firan Technology Group Corporation (“FTG”) Announces Second Quarter 2021 Financial Results

07/14/2021 | 05:12pm EDT

TORONTO, July 14, 2021 (GLOBE NEWSWIRE) -- Firan Technology Group Corporation (TSX: FTG) today announced financial results for the second quarter 2021.

  • FTG achieved a second sequential quarter of increased bookings as the aerospace industry recovers from the COVID-19 pandemic.
  • Second quarter bookings are up 8% over Q1 2021 and up 20% over Q4 2020.
  • Gross margins rebounded 7.2 percentage points over Q1 2021 to 26.8% with increased revenues and stronger operating performance, demonstrating the operating leverage that results from increased sales.
  • FTG increased net cash on the balance sheet to $14.8M, an increase of $1.4M in Q2 2021 again showing the cash generating nature of the business. Over the past 18 months, during the pandemic, FTG has generated $13M in Free Cash Flow, after investments in R&D and capital equipment.
  • FTG was approved for an additional $1.2M 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.

Second Quarter Results: (three months ended June 4, 2021 compared with three months ended May 29, 2020)

 Q2 2021Q2 2020
Sales$20,330,000$26,822,000
   
Gross Margin 5,454,000 8,674,000
Gross Margin (%) 26.8% 32.3%
   
Operating Earnings (1): 2,544,000 4,313,000
   
• Net R&D Investment 1,531,000 1,583,000
• R&D Tax Credits (179,000) (203,000)
• Foreign Exchange (Gain) Loss 544,000 (464,000)
• Amortization of Intangibles 70,000 97,000
   
   
Net Earnings before Tax 578,000 3,300,000
   
• Income Tax 589,000 1,302,000
• Non-controlling Interests (21,000) (36,000)
   
Net Earnings After Tax$10,000$2,034,000
   
Earnings per share  
- basic$0.00$0.08
- diluted$0.00$0.08
   
Year-to-Date: (six months ended June 4, 2021 compared with six months ended May 29, 2020)
 
 YTD 2021YTD 2020
Sales$39,300,0000$51,360,0000
   
Gross Margin 9,116,000 12,634,000
Gross Margin (%) 23.2% 24.6%
   
Operating Earnings (1): 3,230,000 4,555,000
   
• R&D Investment 2,913,000 2,664,000
• R&D Tax Credits (306,000) (375,000)
• Foreign Exchange (Gain) Loss 1,162,000 (415,000)
• Amortization of Intangibles 159,000 396,000
• Impairment of Intangibles - 1,145,000
• Forgiveness of debt (1,336,000) -
   
Net Earnings before Tax 638,000 1,140,000
   
• Income Tax 1,076,000 1,771,000
• Non-controlling Interests (48,000) (68,000)
   
Net Loss After Tax($390,000)($563,000)
   
Loss per share  
- basic($0.02)($0.02)
- diluted($0.02)($0.02)
   

(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 Q2 2021 that continue to improve the Corporation and position it for the future, including:

  • Achieved a 0.97:1 book-to-bill ratio for Q2 2021. Increased bookings by 8% compared to Q1 2021, and by 20% compared to Q4 2020 as the Commercial aerospace industry begins to recover.
  • Was approved for an additional $1.2M in Canada Emergency Wage Subsidy (CEWS) which we used to help maintain our workforce in the face of revenue reductions due to COVID-19.
  • Subsequent to the end of Q2, FTG received forgiveness of USD 1.3M, being the residual of US Paycheck Protection Program funds received by our U.S. operations as a result of FTG maintaining our workforce for the required period of time. This amount will be included in income for Q3 2021.
  • 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 2021 and move the function to the Chatsworth site in California reducing the site’s facility costs in 2022 and beyond.
  • Received significant new bid and qualification opportunities for both businesses that are expected to benefit FTG revenues and market share in the coming quarters;
    • Repatriation efforts to re-shore some circuits board sourcing to North America.
    • New Aerospace opportunities for circuit board sourcing from low cost countries (China).
    • Opportunities to participate in the new US trainer aircraft cockpit.
    • Increased awards for circuit boards on a contract renewal from a US Tier 1 avionics manufacturer.
    • New qualification opportunities for circuit boards for a major US headquartered EMS provider.
    • New opportunities for space applications for circuit boards and shipped first flight cockpit panels for manned-space vehicle within the quarter.
    • Large new circuit board and assembly opportunity from a large US Defense contractor.
    • A number of new US military aftermarket assembly opportunities for multi-year procurements.
  • The Averatek semi-additive circuit board manufacturing equipment in our Circuits Fredericksburg facility completed installation and was operational in Q2. Activities have been initiated with over 10 customers to develop this process to address future industry demands.

Overall for FTG, sales decreased by $6.5M or 24% from $26.8M in Q2 2020 to $20.3M in Q2 2021.   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 Q2 2021 was $1.24 as compared to $1.40 for Q2 2020, which is a decline of 11%. This represents approximately a $2.5M negative impact on sales in the quarter compared to Q2 last year. On a year-to-date basis, sales were $39.3M as compared to $51.4M in 2020. The decrease is due to the COVID-19 pandemic impact on commercial aerospace activity as well as the currency impact. The average exchange rate for the year-to-date period in 2021 was $1.26 as compared to $1.36 in the comparable prior year period.

On a sequential basis, sales increased from $19.0M in Q1 2021 to $20.3M in Q2 2021, with the gradual recovery of commercial aerospace shipments taking hold, as well as fewer COVID-19 issues within our operating sites.

The Circuits Segment net sales in Q2 2021 were down $6.6M, or 35% in Q2 2021 versus Q2 2020. 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 $25.0 as compared to $36.1M for the prior year period.

For the Aerospace Segment, net sales in Q2 2021 were $7.3M compared to $7.2M in Q2 last year, an increase of $0.1M or 2%. Increased shipments to military customers from our Chatsworth, CA site exceeded the combined impact of the downturn in the commercial aerospace market, reduced Simulator related sales and the currency impact. The Aerospace Tianjin site was down as it is exclusively focused on commercial aerospace. On a year-to-date basis, net sales were $14.3M as compared to $15.3M for the prior year period.

Gross margins in Q2 2021 were $5.5M or 26.8% compared to $8.7M or 32.3% in Q2 2020. The lower sales impacted the overall margin. The CEWS added $1.2M to gross margin or 5.8 percentage points (Q2 2020 - $0.8M or 3.0 percentage points). On a year-to-date basis, gross margin was $9.1M or 23.2% as compared to $12.6M or 24.6% for the comparable prior year period. The decline in gross margin is due to the lower level of sales, partially offset by CEWS of $2.2M in 2021 as compared to $0.8M in 2020.

Trailing Twelve Month (TTM) Earnings before interest, tax, depreciation and amortization (EBITDA) for FTG was $11.5M.   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 EBITDA(2) to the net earnings for the trailing 12 months as at June 4, 2021.

 Trailing 12 Months
  
     
Net earnings to equity holders of FTG 1,563,000  
Add: 
Interest, accretion 706,000  
Income taxes 2,689,000  
Depreciation/Amortization &Stock Comp 6,523,000  
     
EBITDA$11,481,000  

(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 Q2 2021 was $0.0M or $0.00 per diluted share compared to $2.0M or $0.08 per diluted share in Q2 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 Q2 2021, the average FX rate was 1.24 as compared to 1.40 in Q2 2020. For the year-to-date period, FTG incurred a net loss of $0.4M or $0.02 per share as compared to a net loss of $0.6M or $0.02 per share for the comparable period of 2020. Apart from the reduction in sales, the 2021 year-to-date period included $1.3M 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 $1.1M in Q2 2021 compared to $3.8M in Q2 2020.   The lower sales was the most significant impact on the segment profitability. The stronger Canadian dollar also hurt results as did some operational challenges such as the Circuits Toronto site being designated a COVID hotspot in the quarter, the impact of paid sick days being introduced in Ontario and some ongoing production challenges in the Chatsworth site.

The Aerospace net earnings before corporate and interest and other costs decreased to $0.4M in Q2 2021 from $0.6M in Q2 2020. Segment profitability was negatively impacted by the weaker US dollar.

As at June 4, 2021, the Corporation’s net working capital was $41.3M, compared to $39.4M at year-end in 2020.

FTG ended Q2 2021 with $14.8M in net cash as compared to $12.6M at the end of 2020, and $13.4M at the end of the first quarter 2021.

Subsequent to Q2 2021, the Corporation reached an agreement with its primary lender to extend the Corporation’s credit facilities to July 2026.

The Corporation will host a live conference call on Thursday, July 15, 2021 at 8:30am (Eastern) to discuss the results of the second quarter 2021.

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 August 15, 2021 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 1169927.        
        

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
bradbourne@ftgcorp.com

Jamie Crichton, Vice President and CFO                                                
Firan Technology Group Corporation
Tel:(416) 299-4000 x264
jamiecrichton@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) June 4,November 30, 
(in thousands of Canadian dollars)20212020 
ASSETS    
Current assets   
Cash and cash equivalents$ 19,059$19,032 
Accounts receivable 12,364 16,795 
Contract assets 1,055 985 
Inventories  18,179 19,304 
Prepaid expenses and other 7,494 3,363 
   58,151 59,479 
Non-current assets   
Plant and equipment, net 11,046 12,640 
Right-of-use assets 11,003 12,130 
Investment tax credits recoverable 427 1,359 
Intangible and other assets, net 860 1,068 
Total assets $ 81,487$86,676 
LIABILITIES AND EQUITY   
Current liabilities   
Accounts payable and accrued liabilities$ 11,043$13,904 
Provisions  558 885 
Contract liabilities 342 388 
Current portion of bank debt 2,472 2,931 
Current portion of lease liabilities 1,714 1,810 
Income tax payable 730 155 
   16,859 20,073 
Non-current liabilities   
Bank debt  1,780 3,464 
Lease liabilities 9,756 10,659 
Deferred tax payable 870 1,192 
Total liabilities 29,265 35,388 
Equity    
Retained earnings$ 18,745$19,135 
Accumulated other comprehensive income 2,350 958 
   21,095 20,093 
Share capital   
Common Shares  21,881 21,881 
Contributed surplus 8,365 8,303 
Total equity attributable to FTG's shareholders 51,341 50,277 
Non-controlling interest 881 1,011 
Total equity 52,222 51,288 
Total liabilities and equity$ 81,487$86,676 
     



FIRAN TECHNOLOGY GROUP CORPORATION
Interim Condensed Consolidated Statements of Earnings (Loss)
         
  Three months ended Six months ended
(Unaudited)June 4, May 29, June 4, May 29,
(in thousands of Canadian dollars, except per share amounts)2021  2020  2021  2020 
         
Sales $ 20,330  $26,822  $ 39,300  $51,360 
         
Cost of sales       
Cost of sales 13,467   16,678   27,332   35,877 
Depreciation of plant and equipment 1,037   1,069   2,114   2,063 
Depreciation of right-of-use assets 372   401   738   786 
Total cost of sales 14,876   18,148   30,184   38,726 
Gross margin 5,454   8,674   9,116   12,634 
         
Expenses       
Selling, general and administrative 2,659   4,056   5,350   7,487 
Research and development costs 1,531   1,583   2,913   2,664 
Recovery of investment tax credits (179)  (203)  (306)  (375)
Depreciation of plant and equipment 62   54   125   100 
Depreciation of right-of-use assets 17   13   34   25 
Amortization of intangible assets 70   97   159   396 
Interest expense on bank debt, net 28   57   67   98 
Accretion on lease liabilities 122   141   248   278 
Stock based compensation 22   40   62   91 
Foreign exchange (gain) loss 544   (464)  1,162   (415)
Forgiveness of debt -   -   (1,336)  - 
Impairment of intangible assets -   -   -   1,145 
Total expenses 4,876   5,374   8,478   11,494 
         
Earnings before income taxes 578   3,300   638   1,140 
         
Current income tax expense 554   1,261   1,015   1,695 
Deferred income tax expense 35   41   61   76 
Total income tax expense 589   1,302   1,076   1,771 
         
Net earnings (loss)$ (11) $1,998  $ (438) $(631)
         
Attributable to:       
Non-controlling interest$ (21) $(36) $ (48) $(68)
Equity holders of FTG$ 10  $2,034  $ (390) $(563)
         
Earnings (loss) per share, attributable to the equity holders of FTG       
Basic$ 0.00  $0.08  $ (0.02) $(0.02)
Diluted$ 0.00  $0.08  $ (0.02) $(0.02)
         



FIRAN TECHNOLOGY GROUP CORPORATION 
Interim Condensed Consolidated Statements of Comprehensive Income (Loss) 
         
 Three months ended Six months ended
(Unaudited)June 4, May 29, June 4, May 29, 
(in thousands of Canadian dollars) 2021   2020   2021   2020  
         
Net earnings (loss)$ (11) $1,998  $ (438) $(631) 
         
Other comprehensive earnings (loss) to be reclassified to        
net earnings (loss) in subsequent periods:        
         
Change in foreign currency translation adjustments (1,079)  518   (1,507)  766  
Net gain (loss) on valuation of derivative financial instruments        
designated as cash flow hedges 2,697   (478)  3,757   (860) 
Deferred income taxes on net gain (loss) on valuation of        
derivative financial instruments designated as cash flow hedges (675)  120   (940)  216  
         
  943   160   1,310   122  
         
Total comprehensive income (loss)$ 932  $2,158  $ 872  $(509) 
         
Attributable to:        
Equity holders of FTG$ 1,024  $2,187  $ 1,002  $(466) 
Non-controlling interest$ (92) $(29) $ (130) $(43) 
         



FIRAN TECHNOLOGY GROUP CORPORATION 
Interim Condensed Consolidated Statements of Changes in Equity 
          
Six months ended June 4, 2021  Attributed to the equity holders of FTG    
(Unaudited)
(in thousands of Canadian dollars)
Common
shares
Preferred
shares
Retained
earnings
Contributed
surplus
Accumulated
other
comprehensive
income
TotalNon-
controlling
interest
Total
equity
 
Balance, November 30, 2020$ 21,881 $ -$ 19,135 $ 8,303 $ 958 $ 50,277 $ 1,011 $ 51,288  
Net loss -  - (390) -  -  (390) (48) (438) 
Stock-based compensation -  - -  62  -  62  -  62  
Other comprehensive income (loss) -  - -  -  1,392  1,392  (82) 1,310  
Balance, June 4, 2021$ 21,881 $ -$ 18,745 $ 8,365 $ 2,350 $ 51,341 $ 881 $ 52,222  
          
          
Six months ended May 29, 2020  Attributed to the equity holders of FTG    
(Unaudited)
(in thousands of Canadian dollars)
Common
shares
Preferred
shares
Retained
earnings
Contributed
surplus
Accumulated
other
comprehensive
loss
TotalNon-
controlling
interest
Total
equity
 
Balance, November 30, 2019$19,323 $2,218$17,745 $8,933 $(1,554)$46,665 $1,094 $47,759  
Net (loss) -  - (563) -  -  (563) (68) (631) 
Stock-based compensation -  - -  91  -  91  -  91  
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) -  - -  -  97  97  25  122  
Balance, May 29, 2020$19,663 $2,218$17,182 $8,264 $(1,457)$45,870 $1,051 $46,921  
                         



FIRAN TECHNOLOGY GROUP CORPORATION 
Interim Condensed Consolidated Statements of Cash Flows
 
          
  Three months ended Six months ended
(Unaudited)June 4, May 29, June 4, May 29, 
(in thousands of Canadian dollars) 2021   2020   2021   2020  
Net inflow (outflow) of cash related to the following:        
Operating activities        
Net loss $ (11) $1,998  $ (438) $(631) 
Items not affecting cash and cash equivalents:        
Stock-based compensation 22   40   62   91  
Loss on disposal of plant and equipment -   -   1   6  
Effect of exchange rates on U.S. dollar bank debt (95)  145   (284)  198  
Depreciation of plant and equipment 1,099   1,123   2,239   2,163  
Depreciation of right-of-use assets 389   414   772   811  
Amortization of intangible assets 70   97   159   396  
Amortization, other 13   8   25   11  
Impairment of intangible assets -   -   -   1,145  
Investment tax credits/deferred income taxes (26)  518   46   605  
Accretion on lease liabilities 122   141   248   278  
Forgiveness of debt -   -   (1,336)  -  
Net change in non-cash operating working capital 1,381   (70)  1,870   3,666  
   2,964   4,414   3,364   8,739  
Investing activities        
Additions to plant and equipment (617)  (1,439)  (995)  (2,485) 
Recovery of contract and other costs 12   43   22   49  
Additions to deferred financing costs -   -   (8)  -  
   (605)  (1,396)  (981)  (2,436) 
Net cash flow from operating and investing activities 2,359   3,018   2,383   6,303  
Financing activities        
Proceeds from bank debt -   3,309   -   3,309  
Repayments of bank debt (226)  (535)  (458)  (1,038) 
Lease liability payments (447)  (466)  (899)  (912) 
Repurchase of common shares on exercise of PSU's -   (420)  -   (420) 
   (673)  1,888   (1,357)  939  
Effects of foreign exchange rate changes on cash flow (700)  (800)  (999)  (631) 
Net increase in cash flow 986   4,106   27   6,611  
Cash and cash equivalents, beginning of the period 18,073   10,152   19,032   7,647  
Cash and cash equivalents, end of period$ 19,059  $14,258  $ 19,059  $14,258  
          
Disclosure of cash payments        
Payment for interest$ 29  $54  $ 71  $109  
Payments for income taxes$ 397  $138  $ 594  $1,117  
          


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Financials
Sales 2021 85,3 M 66,5 M 66,5 M
Net income 2021 1,20 M 0,94 M 0,94 M
Net cash 2021 18,3 M 14,3 M 14,3 M
P/E ratio 2021 53,0x
Yield 2021 -
Capitalization 64,9 M 50,7 M 50,6 M
EV / Sales 2021 0,55x
EV / Sales 2022 0,35x
Nbr of Employees 486
Free-Float 69,7%
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Number of Analysts 1
Last Close Price 2,65 CAD
Average target price 3,50 CAD
Spread / Average Target 32,1%
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Managers and Directors
Bradley C. Bourne President, Chief Executive Officer & Director
Jamie Crichton Chief Financial Officer, Secretary & VP
Hardeep Singh Heer Chief Technology Officer & VP-Engineering
Edward C. Hanna Independent Director
David F. Masotti Independent Director