Trading Symbol: PIH
NELSON, BC, Nov. 14, 2012 /CNW/ - Pacific Insight Electronics Corp. (the
"Company" or "PI") (TSX:PIH) announced today the results for the first
quarter ended September 30, 2012.
Sales for the first quarter ended September 30, 2012 were $11.483
million, an increase of 37% from $8.407 million for the comparative
quarter ended September 30, 2011, and was the highest level of sales by
quarter in the Company's history. First quarter results reported net
income of $56,000 or 1¢ per share compared with net loss of $431,000 or
7¢ per share in the prior year first quarter. Financial results for the
quarter were break-even as a result of growing sales and lower costs of
manufacturing, however this was offset by increased depreciation and
amortization costs associated with PI's ongoing investment in the
overall operations to meet future growth.
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.
The information in this news release was prepared in accordance with
International Financial Reporting Standards ("IFRS"). To view the full
September 30, 2012 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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