Trading Symbol: PIH
NELSON, BC, May 13, 2014 /CNW/ - Pacific Insight Electronics Corp. (the
"Company" or "PI") (TSX: PIH) announced today the results for the third
quarter and nine months ended March 31, 2014.
Revenues for the nine months ended March 31, 2014 were $43.5 million, an
increase of 14% from $38.2 million for the comparative fiscal year. The
increase in revenue for the year to date was driven by new LED lighting
product launches. In addition, PI experienced growth from its existing
book of business with LED lighting products and systems and electronic
module customers. Revenues for the third quarter ended March 31, 2014
were $13.8 million, a decrease of 5% from $14.5 million for the
comparative quarter ended March 31, 2013. The quarterly decrease was
driven mainly by timing of product launches and customer orders.
Net income for the nine months ended March 31, 2014 was $1.5 million, or
25¢ per diluted share, compared to a $0.6 million net loss, or 10¢ net
loss per diluted share for the nine months ended March 31, 2013. The
increase in net income was the result of higher revenues and improved
gross profit percentage partially offset by higher selling general and
administrative expenses and amortization of intangible assets as a
result of expansion of customer support and engineering costs to
support new programs.
For the quarter ended March 31, 2014, net income was $0.6 million or 10¢
per diluted-share compared to a net loss of $0.5 million or 8¢ per
diluted-share in the comparative quarter. The improvement in net income
in fiscal 2014 over the comparative quarter was a result of improved
gross profit percentage on LED products and a decrease in selling,
general and administrative costs as a result of launch costs in the
Pacific Insight Electronics Corp. (PI) designs, manufactures and
delivers electronic products and full service solutions to the heavy
truck, automotive and specialty markets. PI designs and distributes its
products and services to original equipment manufacturers and
distributors in the United States and Canada.
During the three-month period ended March 31, 2014, the Company
appointed Mr. Jonathan Fogg, (CPA, CA) as Chief Financial Officer
(CFO), succeeding Mr. Tom Mamic (CPA, CA). Mr. Fogg brings a wealth of
experience to PI, most recently as Senior Director, Finance with
Westport Innovations Inc.
The Board of directors wishes to thank Tom Mamic for his years of
service to PI as the CFO and for his advice and counsel during the CFO
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.
THE TSX HAS NOT REVIEWED AND DOES NOT ACCEPT THE RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE. MANAGEMENT ACCEPTS FULL
RESPONSIBILITY FOR THE INFORMATION CONTAINED HEREIN.
SOURCE: Pacific Insight Electronics Corp.
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