Pacific Insight Electronics Corp. announces annual results

Trading Symbol: PIH

NELSON, BC, Sept. 28 /CNW/ - Sales for the year ended June 30, 2009 were $24.2 million, down from $29.3 million or 17% for the comparative 2008 year. The annual loss for fiscal year 2009 was $497,000 (8cents per share) compared with $590,000 (10cents per share) in the prior year.

Pacific Insight's 2009 fiscal year was not immune from the current global economic downturn. However, conservative growth and capital management strategies have provided the Company a solid and debt-free balance sheet. The steps taken over the past 18 months have prepared the Company to continue on a strong financial footing.

The following chart provides an overview of key financial results:

    
    -------------------------------------------------------------------------
                               For the three months         For the year
    All figures in                 ended June 30           ended June 30
     Canadian dollars      --------------------------------------------------
                                  2009      2008         2009         2008
    -------------------------------------------------------------------------
    Sales                    $4,923,565 $8,400,358  $24,240,455  $29,338,532
    -------------------------------------------------------------------------
    Net earnings (loss)        ($30,063)  $121,380    ($496,568)   ($589,717)
    -------------------------------------------------------------------------
    EPS fully diluted           (1cents)    2cents      (8cents)    (10cents)
    -------------------------------------------------------------------------
    

Pacific Insight provides leadership, planning, design and manufacture of innovative electronic solutions for the transportation industry. PI designs and distributes its products and services to original equipment manufacturers and distributors in the United States and Canada.

To view the full 2009 Annual Audited Financial Statements and Management Discussion & Analysis please visit www.pacificinsight.com or www.SEDAR.com. Email enquiries may be sent directly to investor@pacificinsight.com or via telephone: 1-800-995-1155.

    
    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.

For further information: For further information: Email enquiries may be sent directly to investor@pacificinsight.com or via telephone: 1-800-995-1155


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