Trading Symbol: PIH
NELSON, BC, Nov. 14, 2013 /CNW/ - Pacific Insight Electronics Corp. (the "Company" or "PI") (TSX: PIH) announced today the results for the first quarter ended September 30, 2013.
Sales for the quarter ended September 30, 2013 were $14.12 million, an increase of 23% from $11.48 million for the comparative quarter ended September 30, 2012. 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.
First quarter results reported net income of $285,000 or 5¢ per share compared with net income of $56,000 or 1¢ per share in the prior year first quarter. The net income results in the first 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 September 30, 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.
For further information:
Enquiries may be sent via email to [email protected] or directly by telephone to 1-800-995-1155.