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pacific insight electronics (PISEF) Snapshot

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pacific insight electronics (PISEF) Details

Pacific Insight Electronics Corp. designs, manufactures, and supplies electronic modules and complete system/service solutions to the transportation industries in Canada and the United States. The company provides electronic modules, including daytime running lights, signal and brake lamp controls, windshield wiper/washer controls, fan and blower motor controls, seat belt chimes, interior climate control products, Pass Tag RFID theft deterrent systems, signal indicator turnstalk controls, and interior lighting products. It also offers LED lighting products, such as clearance/side marker lamps, PC rated marker lamps, round and oval stop lamps, turn and tail lamps, LED rear trailer lamp kits, white LED utility and license lamps, multifunction strobing LED lamps, and LED strobe warning lamps; wire harness and assemblies; and a range of data bus instruments comprising gauges, tell-tale light bars, displays, gateway modules, and analog input modules. Pacific Insight Electronics Corp. serves original equipment manufacturers in the automotive, commercial vehicle, marine, and off-road markets, as well as aftermarket distribution companies. The company was formerly known as Shanell International Energy Corporation and changed its name to Pacific Insight Electronics Corp. in June 1989. Pacific Insight Electronics Corp. was founded in 1979 and is headquartered in Nelson, Canada.

700 Employees
Last Reported Date: 09/30/13
Founded in 1979

pacific insight electronics (PISEF) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: C$270.0K
Chief Financial Officer
Total Annual Compensation: C$160.0K
Chief Operating Officer
Total Annual Compensation: C$216.0K
Vice President of New Business Development
Total Annual Compensation: C$192.0K
Vice President of Automotive Business
Total Annual Compensation: C$179.0K
Compensation as of Fiscal Year 2013.

pacific insight electronics (PISEF) Key Developments

Pacific Insight Electronics Corp. Agrees to Credit Facilities of $22 Million

Pacific Insight Electronics Corp. announced that it has obtained credit facilities from two North American banks, for a total of $22,000,000. The proceeds will be used to finance working capital, new equipment purchases, anticipated future growth, and to repay certain existing debt. The credit facilities are summarized as: a new facility from the Bank of Montreal (the "BMO Facility") with an aggregate borrowing base of $14,000,000; and a facility from Roynat Inc. for the principal amount of $8,000,000. The BMO Facility, which will replace an existing facility the Company has in place with BMO, is comprised of a $12,000,000 committed revolving asset based lending facility (the "BMO Revolver") and a $2,000,000 term loan (the "BMO Term Loan"). The revolving facility matures three years from the date of closing. The BMO Term Loan is available in a single drawdown at the Company's option, and must be repaid in full by the earlier of 30 months from drawdown and the maturity date of the BMO Revolver. The Company drew upon the $2,000,000 BMO Term Loan at closing. The Roynat Facility is a revolving term loan and advances there under can be made until July 31, 2015 unless otherwise extended by the Company and Roynat. Advances on the Roynat Facility are based on an eight year (96 month) amortization schedule. The purpose of the Roynat Facility is to finance equipment. The Company drew approximately $5,800,000 on the Roynat Facility at closing. The Facilities bear interest at favourable rates which are customary for facilities of this nature.

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.


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