Pacific Insight Electronics Corp. Announces Fourth Quarter and Year-End Results
Trading Symbol: PIH
NELSON, BC, Sept. 30, 2013 /CNW/ - Pacific Insight Electronics Corp. (the "Company" or "PI") (TSX:PIH) announced today the results for the fourth quarter and year ended June 30, 2013.
Sales for the year ended June 30, 2013 were $53.61 million, an increase of 39% from $38.57 million for the comparative 2012 year. Sales for the fourth quarter ended June 30, 2013 were $15.37 million, an increase of 42% from $10.86 million for the comparative quarter ended June 30, 2012. Both the quarterly and the annual sales and were the highest level of sales for the respective period in the Company's history. The overall improvement in sales resulted from new interior LED lighting product launches, growth in new business with existing LED and wire harness customers, and increased option take rates in the automotive and heavy truck markets.
Fourth quarter results reported a net profit of $329,000 or 6¢ per share compared with a net loss of $124,000 or 2¢ per share in the prior year fourth quarter. The net loss for fiscal year 2013 was $281,000 or 5¢ per share compared with net loss of $482,000 or 8¢ per share in the prior year. The net profit experienced in the fourth quarter when compared to the fiscal 2012 comparative quarter was a result of the large increase in sales combined with a decrease in the cost of sales resulting in improved margins as production volumes have increased on recently launched and mature programs. The loss experienced in the fiscal year reflects higher than projected launch and ramp up costs associated with new automotive programs in the year with these programs ramping up to full production levels by the fourth quarter.
Pacific Insight Electronics Corp. (PI) designs, manufactures and delivers electronic products and full service solutions to the automotive, heavy truck, and specialty markets. PI designs and distributes its products and services to original equipment manufacturers and distributors in the United States and Canada.
The information in this news release was prepared in accordance with International Financial Reporting Standards ("IFRS"). To view the full June 30, 2013 Audited Consolidated Financial Statements and Management Discussion & Analysis please visit www.sedar.com.
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