VANCOUVER, Sept, 18, 2015 /CNW/ - Pacific Insight Electronics Corp. ("Pacific Insight") (TSX: PIH), a world-class electronics and full service solutions provider to the transportation industry, today announced its financial results for the fourth quarter and year ended June 30, 2015. All figures are in Canadian dollars unless otherwise stated.
Financial Highlights
| For the 3 months ended |
For the year ended |
|||||||
| In thousands of dollars (except EPS) |
June 30, 2015 |
June 30, 2014 |
June 30, 2015 |
June 30, 2014 |
||||
| Revenues |
$ |
27,323 |
$ |
15,652 |
$ |
82,487 |
$ |
59,189 |
| Net income for the period |
1,739 |
348 |
2,445 |
1,860 |
||||
| Earnings per fully diluted share |
0.29 |
0.06 |
0.40 |
0.31 |
||||
Revenues for the year ended June 30, 2015 were $82.5 million, an increase of 39 percent from $59.2 million for the year ended June 30, 2014. Revenues for the three months ended June 30, 2015 were $27.3 million, an increase of 75 percent from $15.7 million for the comparative quarter ended June 30, 2014. The increase in revenues for the fiscal year and the quarter was driven by new LED lighting products and systems and electronic modules launched on various automotive platforms during the fiscal year as well as favourable foreign exchange impacts.
Net income for the year ended June 30, 2015 was $2.4 million or 40¢ per diluted share compared with net income of $1.9 million or 31¢ per diluted share in the prior year. Net income for the three months ended June 30, 2015 was $1.7 million or 29¢ per diluted share compared with $0.3 million or 6¢ per diluted share in the prior year period. The improvement in net income in fiscal 2015 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 program launch costs as a significant number of programs were launched during fiscal 2015.
Financial Statements and Management's Discussion & Analysis
This news release should be read in conjunction with Pacific Insight's full financials for the quarter and year ended June 30, 2015 and related Management's Discussion and Analysis, which can be found on sedar.com.
About Pacific Insight Electronics Corp.
Pacific Insight 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 as well as Tier 1 and 2 customers with a range of cost competitive products including LED lighting products and systems, electronic modules and wire harnesses. For more information, visit pacificinsight.com.
The information in this news release was prepared in accordance with International Financial Reporting Standards ("IFRS"). To view the full June 30, 2015 Audited Consolidated Financial Statements and Management's Discussion & Analysis please visit www.sedar.com. Email enquiries may be sent directly to [email protected] or via telephone: 1-800-995-1155. Pacific Insight is listed on the Toronto Stock Exchange and its trading symbol is PIH.
SOURCE Pacific Insight Electronics Corp.
Image with caption: "Pacific Insight Electronics Corp. (CNW Group/Pacific Insight Electronics Corp.)". Image available at: http://photos.newswire.ca/images/download/20150918_C6697_PHOTO_EN_500976.jpg
Contact Information: Investor Relations, [email protected], 1.800.995.1155
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