Trading Symbol: PIH
NELSON, BC, Feb. 13, 2014 /CNW/ - Pacific Insight Electronics Corp. (the
"Company" or "PI") (TSX:PIH) announced today the results for the second
quarter ended December 31, 2013.
Sales for the quarter ended December 31, 2013 were $15.66 million, an
increase of 28% from $12.23 million for the comparative quarter ended
December 31, 2012. Sales for the six months ended December 31, 2013
were $29.77 million, an increase of 26% over $23.72 million, the sales
achieved in the comparative six month period. 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.
Second quarter results reported net income of $608,000 or 10¢ per share
compared with a net loss of $207,000 or 3¢ per share in the prior year
second quarter. Year to date results for the six months ending December
31, 2013 reported net income of $893,000 or 15¢ per share compared with
a loss of $151,000 or 3¢ per share in the prior year six month period
ending December 31, 2012. The net income results in the second 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
December 31, 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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