Trading Symbol: "PIH"
NELSON, BC, Nov. 12, 2014 /CNW/ - Pacific Insight Electronics Corp. (the "Company" or "PI") is pleased to report its financial results for the first quarter ended September 30, 2014.
Revenues for the first fiscal quarter ended September 30, 2014 were $15.9 million, an increase of 13% from $14.1 million for the comparative quarter. The increase in revenues was driven by new LED lighting products and electronic control modules launched to various automotive customers during the last twelve months.
Net income for the first fiscal quarter was $0.1 million or 1¢ per diluted share compared with a $0.3 million or 5¢ per diluted share in the comparative fiscal quarter. The decrease in net income was a result of higher operating expenses from strategic personnel hires and other operational improvements in preparation for new program launches, which offset the increased level of revenues.
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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