Trading Symbol: PIH-T
VANCOUVER, Sept. 24 /CNW/ - Pacific Insight Electronics Corp. announces
its financial results for the fourth quarter and the year ending June 30,
Fiscal 2008 was a year of contrasts; full of progress and challenges, in
particular the continued depressed state of the heavy truck industry and the
adverse swings in foreign exchange.
Although sales and profitability improved in the fourth quarter, sales
were down 14% overall and PI incurred a net loss of $589,000 during the year.
Despite reporting an annual loss for the first time in 20 years, several
advancements were made in fiscal 2008.
Pacific Insight is driven by our customers' needs for electronic product
solutions. To focus our efforts in the transportation industry while
diversifying revenue streams, PI initiated an aggressive strategy to expand
its footprint in the automotive sector. We enhanced our engineering capacity
and focused our resources on developing Tier 1 and new Tier 2 relationships.
These marketing strategies are now producing results. Operationally,
management re-examined our business structures and processes, and made the
necessary adjustments, including the rationalization of positions and
processes. Management continued to make the necessary investments into
productive assets, which are better aligned with our core competence and
brand. The increase in sales and earnings for the fourth quarter in 2008 is an
indication that our efforts are working. The strength of the Company coming
out of this year shows the ability of staff and management to weather the
storm and remain solid.
Management is confident PI is now positioned to capitalize on its core
strength as an electronic solutions provider to the transportation industries.
As a result, we expect financial improvement in our performance for 2009 and
Please visit www.SEDAR.com to view the Audited Financial Statements,
Notes, Managements Discussion & Analysis, and Annual Information Form.
For additional information about PI, its products and services, please
visit www.pacificinsight.com .
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