NELSON, BC, May 13 /CNW/ - Pacific Insight Electronics Corp. reported
sales of $19.32 million for the nine-month period ending March 31, 2009, as
compared to $20.94 million for the same period last year, a decrease of 8
percent. PI reported a net loss of $.08 EPS for the nine-month period, as
compared to a net loss of $.12 EPS for the same period last year.
The current economic downturn directly impacted sales and overall
performance in the quarter under review. The majority of customers advised PI
of their changing order patterns that included reductions or delays in product
supply. This abrupt shift in the order book resulted in sales for the third
quarter of $4.57 million versus $6.90 million for the comparative quarter last
year. The sales decline, along with the added burden of reorganization costs
and fixed costs that could not be reduced quickly, resulted in a $.11 EPS loss
for the quarter ended March 31, 2009.
PI is debt free, responsive, and nimble. Fundamentally, our business
strategies remain unchanged. We believe that the proactive measures we have
implemented will ensure that PI is well positioned when economic times and
customer demand improves.
For further information, please refer to the March 31, 2009 MD&A and
interim financial statements on SEDAR at www.sedar.com. An overview of PI and
its products and services can be viewed at: www.pacificinsight.com.
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For further information: on Pacific Insight, please contact:
email@example.com or 1-800-995-1155