Trading Symbol: PIH
NELSON, BC, Feb. 13, 2015 /CNW/ - Pacific Insight Electronics Corp. (the "Company" or "PI") is pleased to report its financial results for the second quarter and six-month period ended December 31, 2014.
Revenues for the six months ended December 31, 2014 were $32.3 million, an increase of 8% from $29.8 million recorded in the previous period. Revenues for the three months ended December 31, 2014 were $16.3 million, an increase of 4% from $15.7 million for the previous fiscal quarter. The increase in revenues was driven by new LED lighting products and systems launched to various customers as well as a positive impact from foreign exchange.
Results for the three and six months ended December 31, 2014 was a net loss of $0.3 million and a net loss of $0.2 million, or 5¢ and 4¢ loss per diluted share, respectively, compared to net income of $0.6 million and $0.9 million or 10¢ and 15¢ income per diluted share for the three and six months ended December 31, 2013. The reduction in net income was the result of significant automotive program launch-related costs and additional investments in human capital to support anticipated revenue growth and new opportunities within the transportation industry.
PI is a global solutions provider offering design, development, manufacturing and delivery of electronic products and full service solutions to the automotive and commercial vehicle markets. The Company provides OEM and Tier 2 customers with a range of cost competitive products including LED Lighting Products and Systems, Electronic Modules and Wire Harnesses.
The information in this news release was prepared in accordance with International Financial Reporting Standards ("IFRS"). To view the full June 30, 2014 Audited Consolidated Financial Statements and Management Discussion & Analysis please visit www.sedar.com. Email enquiries may be sent directly to [email protected] or via telephone: 1-800-995-1155. PI is listed on the Toronto Stock Exchange and its trading symbol is PIH.
SOURCE Pacific Insight Electronics Corp.
For further information: www.pacificinsight.com