Trading Symbol: PIH
NELSON, BC, May 15, 2013 /CNW/ - Pacific Insight Electronics Corp. (the
"Company" or "PI") (TSX: PIH) announced today the results for the third
quarter ended March 31, 2013.
Sales for the third quarter ended March 31, 2013 were $14.523 million,
an increase of 45% from $10.039 million for the comparative quarter ended March 31, 2012, and was the
highest level of sales by quarter in the Company's history. Sales for
the nine months ended March 31, 2013 were $38.240 million, an increase
of 38% over $27.709 million, the sales achieved in the comparative nine
Third quarter results reported a net loss of $459,000 or 8¢ per share
compared with net earnings of $81,000 or 1¢ per share in the prior year
third quarter. Year to date results for the nine months ending March
31, 2013 reported a loss of $610,000 or 10¢ per share compared with a
loss of $358,000 or 6¢ per share in the prior year nine month period
ending March 31, 2012. The third quarter results reflect challenges in
operational efficiencies due to rapidly increasing production
requirements. The launch and ramp up of production for new automotive
programs in the third quarter, resulted in increased levels of launch
costs and launch-related operational expenses, which more than offset
the substantial revenue growth.
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
March 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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