Trading Symbol: PIH
NELSON, BC, Sept. 28, 2012 /CNW/ - Pacific Insight Electronics Corp. (the "Company" or "PI") (TSX: PIH) announced today the results for the fourth quarter and year ended June 30, 2012.
Sales for the fourth quarter ended June 30, 2012 were $10.861 million, an increase of 28% from $8.465 million for the comparative quarter ended June 30, 2011. Sales for the year ended June 30, 2012 were $38.569 million, an increase of 18% from $32.783 million for the comparative period ending June 30, 2011.
During the year, PI increased its presence in the automotive industry by investing in new machinery and personnel thus enhancing the Company's production capacity and increasing resources focussed on developing new business. However, higher costs of manufacturing, continued foreign exchange pressures and PI's increased investment in the overall operations and development of the business affected this year's profitability. The Company overcame a 7¢ loss per share in the first quarter and recorded a net 1¢ loss per share over the remaining three quarters to post an 8¢ loss per share for the year.
Fourth quarter results reported a net loss of $124,000 or 2¢ per share compared with net loss of $19,000 or 0¢ per share in the prior year fourth quarter. The net loss for fiscal year 2012 was $482,000 or 8¢ per share compared with net income of $163,000 or 3¢ per share in the prior year.
The Company continues to actively pursue cost control measures and economies of scale to drive profitability. Despite the rapidly changing business climate, PI anticipates further growth in 2013.
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.
The information in this news release was prepared in accordance with International Financial Reporting Standards ("IFRS"). To view the full June 30, 2012 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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