Trading Symbol: PIH
NELSON, BC, Nov. 14, 2013 /CNW/ - Pacific Insight Electronics Corp. (the
"Company" or "PI") (TSX: PIH) announced today the results for the first
quarter ended September 30, 2013.
Sales for the quarter ended September 30, 2013 were $14.12 million, an
increase of 23% from $11.48 million for the comparative quarter ended
September 30, 2012. 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.
First quarter results reported net income of $285,000 or 5¢ per share
compared with net income of $56,000 or 1¢ per share in the prior year
first quarter. The net income results in the first 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
September 30, 2013 Condensed Interim 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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