Trading Symbol: PIH
NELSON, BC, Sept. 19, 2014 /CNW/ - Pacific Insight Electronics Corp. (the "Company" or "PI") is pleased to report its financial results for the fourth quarter and year ended June 30, 2014.
Revenues for the year ended June 30, 2014 were $59.2 million, an increase of 10% from $53.6 million for the previous fiscal year. Revenues for the fourth quarter ended June 30, 2014 were $15.7 million, an increase of 2% from $15.4 million for the comparative quarter. The increase in revenues was driven by new LED lighting products and systems launched to various customers during the year.
Net income for the year ended June 30, 2014 was $1.9 million or 31¢ per diluted share compared with a net loss of $0.3 million or 5¢ per diluted share in the previous fiscal year. The improvement in net income in fiscal 2014 resulted from higher revenues, improved gross profit percentage as a result of production efficiencies, and improved operational performance. Fourth quarter results reported a net income of $0.3 million or 6¢ per share compared with $0.3 million or 6¢ per share in the comparative fiscal period.
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. PI is listed on the Toronto Stock Exchange and its trading symbol is PIH.
SOURCE: Pacific Insight Electronics Corp.
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