Pacific Insight Electronics Corp. Continues Strong Revenue Growth From Recent Program Launches

Trading Symbol: PIH

NELSON, BC, May 8, 2015 /CNW/ - Pacific Insight Electronics Corp. (the "Company" or "PI") is pleased to report its financial results for the third quarter and nine-month period ended March 31, 2015.

Revenues for the three-month period ended March 31, 2015 were $22.9 million, an increase of 66.5% from $13.8 million for the comparative period ended March 31, 2014. For the nine-months ended March 31, 2015 revenues were $55.2 million compared to $43.5 million in the prior year period, an increase of $11.7 million, or 26.7%. The increase in revenues resulted primarily from timing of new product launches as well as positive impacts from foreign exchange.

For the quarter ended March 31, 2015, net income was $0.9 million or 15¢ per diluted share compared with net income of $0.6 million or 10¢ per diluted share in the comparative quarter. The improvement in net income in fiscal 2015 over the comparative quarter was a result of higher revenue from new program launches and favourable foreign exchange impacts. This increase was partly offset by higher selling, general and administrative expenses and a series of adjustments to the provision for inventory obsolescence.

Net income for the nine months ended March 31, 2015 was $0.7 million, or 12¢ per diluted share, compared to $1.5 million, or 25¢ net income per diluted share for the nine months ended March 31, 2014. The decrease in net income was the result of launch-related costs incurred in the second quarter, an increase in selling, general and administrative expenses and the adjustment for inventory obsolescence in the current quarter. These costs were offset by higher revenues from new programs and favourable foreign exchange impacts.

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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