Pacific Insight Electronics Corp. announces second quarter results
Trading Symbol: PIH
NELSON, BC, Feb. 13, 2014 /CNW/ - Pacific Insight Electronics Corp. (the "Company" or "PI") (TSX:PIH) announced today the results for the second quarter ended December 31, 2013.
Sales for the quarter ended December 31, 2013 were $15.66 million, an increase of 28% from $12.23 million for the comparative quarter ended December 31, 2012. Sales for the six months ended December 31, 2013 were $29.77 million, an increase of 26% over $23.72 million, the sales achieved in the comparative six month period. The overall improvement in sales resulted from new interior LED lighting product launches, growth in new business with existing LED lighting customers, and increased option take rates in the automotive and heavy truck markets.
Second quarter results reported net income of $608,000 or 10¢ per share compared with a net loss of $207,000 or 3¢ per share in the prior year second quarter. Year to date results for the six months ending December 31, 2013 reported net income of $893,000 or 15¢ per share compared with a loss of $151,000 or 3¢ per share in the prior year six month period ending December 31, 2012. The net income results in the second quarter when compared to the fiscal 2013 comparative quarter were positive as the new automotive programs launched previously moved into full production and the economies of scale improved profitability as launch costs subsided and operational efficiencies improved.
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 December 31, 2013 Condensed Interim Consolidated Financial Statements and Management Discussion & Analysis please visit www.sedar.com.
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