| Firan Reports 24% Q4 Sales Drop | | Print | |
| Written by Mike Buetow | |||
| Thursday, 04 February 2010 14:23 | |||
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TORONTO – Firan Technology Group reported fourth-quarter sales of $13.1 million, down 24.4% from last year.
The net loss was $218,000, down from a profit of $443,000 a year ago. Gross margin fell to 20.9% from 28.9% last year. During the period, Firan reduced accounts receivable from 84 days to 62 days outstanding. Inventory turns rose from 5.2 to 5.6 times. The printed circuit board fabricator also reduced bank debt by $2.1 million during the quarter. For the year, sales fell to $55.4 million from $63.2 million in 2007.“We experienced significant market challenges as the demand for aerospace products dropped dramatically in the year. I am very proud of the way FTG reacted,” said Brad Bourne, president and chief executive.
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| Last Updated on Thursday, 04 February 2010 14:33 |
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Can high-mix, low-volume production succeed in China? You bet. In the 1970s, if you set up a contract manufacturing shop in a good location, customers eventually would walk through the doors. In the real world, things quickly changed for American companies, as OEMs, driven by maximizing shareholder value, searched for cheaper sources offshore. The first options were Hong Kong, Malaysia and Singapore. After prices increased in these countries, greener pastures were found in China....
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