Trading Symbol: PIH
NELSON, BC, May 13, 2014 /CNW/ - Pacific Insight Electronics Corp. (the "Company" or "PI") (TSX: PIH) announced today the results for the third quarter and nine months ended March 31, 2014.
Revenues for the nine months ended March 31, 2014 were $43.5 million, an increase of 14% from $38.2 million for the comparative fiscal year. The increase in revenue for the year to date was driven by new LED lighting product launches. In addition, PI experienced growth from its existing book of business with LED lighting products and systems and electronic module customers. Revenues for the third quarter ended March 31, 2014 were $13.8 million, a decrease of 5% from $14.5 million for the comparative quarter ended March 31, 2013. The quarterly decrease was driven mainly by timing of product launches and customer orders.
Net income for the nine months ended March 31, 2014 was $1.5 million, or 25¢ per diluted share, compared to a $0.6 million net loss, or 10¢ net loss per diluted share for the nine months ended March 31, 2013. The increase in net income was the result of higher revenues and improved gross profit percentage partially offset by higher selling general and administrative expenses and amortization of intangible assets as a result of expansion of customer support and engineering costs to support new programs.
For the quarter ended March 31, 2014, net income was $0.6 million or 10¢ per diluted-share compared to a net loss of $0.5 million or 8¢ per diluted-share in the comparative quarter. The improvement in net income in fiscal 2014 over the comparative quarter was a result of improved gross profit percentage on LED products and a decrease in selling, general and administrative costs as a result of launch costs in the comparative quarter.
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.
During the three-month period ended March 31, 2014, the Company appointed Mr. Jonathan Fogg, (CPA, CA) as Chief Financial Officer (CFO), succeeding Mr. Tom Mamic (CPA, CA). Mr. Fogg brings a wealth of experience to PI, most recently as Senior Director, Finance with Westport Innovations Inc.
The Board of directors wishes to thank Tom Mamic for his years of service to PI as the CFO and for his advice and counsel during the CFO transition.
The information in this news release was prepared in accordance with International Financial Reporting Standards ("IFRS"). To view the full June 30, 2013 Audited 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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