Press release from CNW Group
Pacific Insight Electronics Corp. Announces First Quarter Results
Wednesday, November 14, 2012
Pacific Insight Electronics Corp. Announces First Quarter Results22:48 EST Wednesday, November 14, 2012Trading Symbol: PIHNELSON, BC, Nov. 14, 2012 /CNW/ - Pacific Insight Electronics Corp. (the "Company" or "PI") (TSX:PIH) announced today the results for the first quarter ended September 30, 2012.Sales for the first quarter ended September 30, 2012 were $11.483 million, an increase of 37% from $8.407 million for the comparative quarter ended September 30, 2011, and was the highest level of sales by quarter in the Company's history. First quarter results reported net income of $56,000 or 1¢ per share compared with net loss of $431,000 or 7¢ per share in the prior year first quarter. Financial results for the quarter were break-even as a result of growing sales and lower costs of manufacturing, however this was offset by increased depreciation and amortization costs associated with PI's ongoing investment in the overall operations to meet future growth.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 September 30, 2012 Condensed Interim 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.For further information: Email enquiries may be sent directly to email@example.com or via telephone: 1-800-995-1155.