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.