Pacific Insight Electronics Corp. announces first quarter results

Trading Symbol: PIH

NELSON, BC, Nov. 13 /CNW/ - Sales for the first quarter ended September 30, 2009 reached $5.65 million as compared to $7.34 million for the comparative quarter in 2008. When compared to last fiscal year's fourth quarter, PI experienced a 15% rise in sales or $730,000. The first quarter loss was $132,000 or 2 cents per share compared with net income of $155,000 or 3cents per share in the prior year. Although the marketplace is showing signs of recovery, PI's first quarter sales and overall performance continue to be impacted by the economic downturn.

Conservative growth and capital management strategies have provided the Company a solid and debt-free balance sheet. The steps taken over the past 18 months have prepared the Company to continue on a strong financial footing.

    
    The following chart provides an overview of key financial results:
    ------------------------------------------------------------------

    -------------------------------------------------------------------------
                                            For the three months ended
    All figures in Canadian dollars  ----------------------------------------
                                           September   September        June
                                            30, 2009    30, 2008    30, 2009
    -------------------------------------------------------------------------
    Sales                                 $5,651,318  $7,340,880  $4,923,565
    -------------------------------------------------------------------------
    Net earnings (loss)                    ($132,229)   $154,938    ($30,063)
    -------------------------------------------------------------------------
    EPS fully diluted                        (2cents)     3cents      (1cent)
    -------------------------------------------------------------------------
    

Pacific Insight provides leadership, planning, design and manufacture of innovative electronic solutions for the transportation industry. PI designs and distributes its products and services to original equipment manufacturers and distributors in the United States and Canada.

To view the September 30, 2009 Financial Statements and Management Discussion & Analysis please visit www.pacificinsight.com or 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: For further information: Email enquiries may be sent directly to investor@pacificinsight.com or via telephone: 1-800-995-1155

Organization Profile

Pacific Insight Electronics Corp.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890