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As of 8:10 PM 07/2/14 All times are local (Market data is delayed by at least 15 minutes).

pacific insight electronics (PISEF) Key Developments

Pacific Insight Electronics Corp. Announces Earnings Results for the Third Quarter and Nine Months Ended March 31, 2014

Pacific Insight Electronics Corp. announced earnings results for the third quarter and nine months ended March 31, 2014. For the quarter, the company reported revenues of CAD 13.8 million, a decrease of 5% from CAD 14.5 million for the comparative quarter ended March 31, 2013. The quarterly decrease was driven mainly by timing of product launches and customer orders. Net income was CAD 0.6 million or 10 cents per diluted-share compared to a net loss of CAD 0.5 million or 8 cents per diluted-share in the comparative quarter. The improvement in net income in fiscal 2014 over the comparative quarter was a result of improved gross profit percentage on LED products and a decrease in selling, general and administrative costs as a result of launch costs in the comparative quarter. For the nine months, the company reported revenues of CAD 43.5 million, an increase of 14% from CAD 38.2 million for the comparative fiscal year. The increase in revenue for the year to date was driven by new LED lighting product launches. Net income was CAD 1.5 million, or 25 cents per diluted share, compared to a CAD 0.6 million net loss, or 10 cents net loss per diluted share for the nine months ended March 31, 2013. The increase in net income was the result of higher revenues and improved gross profit percentage partially offset by higher selling general and administrative expenses and amortization of intangible assets as a result of expansion of customer support and engineering costs to support new programs.

Pacific Insight Electronics Corp. Announces Earnings Results for the Second Quarter and Six Months Ended December 31, 2013

Pacific Insight Electronics Corp. announced earnings results for the second quarter and six months ended December 31, 2013. Sales for the quarter ended December 31, 2013 were $15.66 million, an increase of 28% from $12.23 million for the comparative quarter ended December 31, 2012. Second quarter results reported net income of $608,000 or 10 cents per share compared with a net loss of $207,000 or 3 cents per share in the prior year second quarter. The net income results in the second quarter when compared to the fiscal 2013 comparative quarter were positive as the new automotive programs launched previously moved into full production and the economies of scale improved profitability as launch costs subsided and operational efficiencies improved. Sales for the six months ended December 31, 2013 were $29.77 million, an increase of 26% over $23.72 million, the sales achieved in the comparative six month period. The overall improvement in sales resulted from new interior LED lighting product launches, growth in new business with existing LED lighting customers, and increased option take rates in the automotive and heavy truck markets. Year to date results for the six months ending December 31, 2013 reported net income of $893,000 or 15 cents per share compared with a loss of $151,000 or 3 cents per share in the prior year six month period ending December 31, 2012.

Pacific Insight Electronics Corp. Reports Consolidated Earnings Results for the First Quarter Ended September 30, 2013

Pacific Insight Electronics Corp. reported consolidated earnings results for the first quarter ended September 30, 2013. For the quarter, sales were $14.12 million, an increase of 23% from $11.48 million for the comparative quarter ended September 30, 2012. The overall improvement in sales resulted from new interior LED lighting product launches, growth in new business with existing LED lighting customers, and increased option take rates in the automotive and heavy truck markets. Net income was $285,000 or 5 cents per share compared with net income of $56,000 or 1 cent per share in the prior year first quarter. The net income results in the first quarter when compared to the fiscal 2013 comparative quarter were positive as the new automotive programs launched previously moved into full production and the economies of scale improved profitability as launch costs subsided and operational efficiencies improved.

Pacific Insight Electronics Corp. Proposes Amendments to the Articles

Pacific Insight Electronics Corp. at its annual general and special meeting to be held on November 8, 2013, will approve the amendment to the company's articles to delete the provision relating to the rotation of terms of office for directors and to amend the advance notice provisions.

Pacific Insight Electronics Corp. Announces Audited Consolidated Earnings Results for the Fourth Quarter and Year Ended June 30, 2013

Pacific Insight Electronics Corp. announced audited consolidated earnings results for the fourth quarter and year ended June 30, 2013. Sales for the fourth quarter ended June 30, 2013 were $15.37 million, an increase of 42% from $10.86 million for the comparative quarter ended June 30, 2012. Fourth quarter results reported a net profit of $329,000 or 6 cents per share compared with a net loss of $124,000 or 2 cents per share in the prior year fourth quarter. The net profit experienced in the fourth quarter when compared to the fiscal 2012 comparative quarter was a result of the large increase in sales combined with a decrease in the cost of sales resulting in improved margins as production volumes have increased on recently launched and mature programs. Sales for the year ended June 30, 2013 were $53.61 million, an increase of 39% from $38.57 million for the comparative 2012 year. Both the quarterly and the annual sales were the highest level of sales for the respective period in the company's history. The overall improvement in sales resulted from new interior LED lighting product launches, growth in new business with existing LED and wire harness customers, and increased option take rates in the automotive and heavy truck markets. The net loss for fiscal year 2013 was $281,000 or 5 cents per share compared with net loss of $482,000 or 8 cents per share in the prior year. The loss experienced in the fiscal year reflects higher than projected launch and ramp up costs associated with new automotive programs in the year with these programs ramping up to full production levels by the fourth quarter.

 

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Price/Earnings 14.5x
Price/Sales 0.5x
Price/Book 1.6x
Price/Cash Flow 5.3x
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