Pacific Insight Electronics Corp. announces third quarter results

Trading Symbol: PIH

NELSON, BC, May 15, 2013 /CNW/ - Pacific Insight Electronics Corp. (the "Company" or "PI") (TSX: PIH) announced today the results for the third quarter ended March 31, 2013.

Sales for the third quarter ended March 31, 2013 were $14.523 million, an increase of 45% from $10.039 million for the comparative quarter ended March 31, 2012, and was the highest level of sales by quarter in the Company's history. Sales for the nine months ended March 31, 2013 were $38.240 million, an increase of 38% over $27.709 million, the sales achieved in the comparative nine month period.

Third quarter results reported a net loss of $459,000 or 8¢ per share compared with net earnings of $81,000 or 1¢ per share in the prior year third quarter. Year to date results for the nine months ending March 31, 2013 reported a loss of $610,000 or 10¢ per share compared with a loss of $358,000 or 6¢ per share in the prior year nine month period ending March 31, 2012. The third quarter results reflect challenges in operational efficiencies due to rapidly increasing production requirements. The launch and ramp up of production for new automotive programs in the third quarter, resulted in increased levels of launch costs and launch-related operational expenses, which more than offset the substantial revenue growth.

Pacific Insight Electronics Corp. (PI) designs, manufactures and delivers electronic products and full service solutions to the automotive, heavy truck, 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 March 31, 2013 Condensed Interim Consolidated Financial Statements and Management Discussion & Analysis please visit www.sedar.com.

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SOURCE: Pacific Insight Electronics Corp.