pacific insight electronics (PISEF) Key Developments
Pacific Insight Electronics Corp. Reports Earnings Results for the Second Quarter and Six Months Ended December 31, 2014
Feb 13 15
Pacific Insight Electronics Corp. reported earnings results for the second quarter and six months ended December 31, 2014. For the quarter, the company’s revenues were $16.3 million, an increase of 4% from $15.7 million for the previous fiscal quarter. The increase in Revenue was driven by new LED lighting products and systems launched to various customers as well as a positive impact from foreign exchange. Net loss was $0.3 million or 5 cents per diluted share compared to net income of $0.6 million or 10 cents per diluted share a year ago.
For the six months, the company’s revenues were $32.3 million, an increase of 8% from $29.8 million recorded in the previous period. Net loss was $0.2 million, or 4 cents loss per diluted share compared to net income of $0.9 million or 15 cents income per diluted share a year ago. The reduction in net income was the result of significant automotive program launch-related costs and additional investments in human capital to support anticipated revenue growth and new opportunities within the transportation industry.
Pacific Insight Electronics Corp. Announces Earnings Results for the First Quarter Ended September 30, 2014
Nov 12 14
Pacific Insight Electronics Corp. announced earnings results for the first quarter ended September 30, 2014. Revenues for the first fiscal quarter ended September 30, 2014 were $15.9 million, an increase of 13% from $14.1 million for the comparative quarter. The increase in Revenue was driven by new LED lighting products and electronic control modules launched to various automotive customers during the last twelve months. Net income for the first fiscal quarter was $0.1 million or 1 cent per diluted share compared with a $0.3 million or 5 cents per diluted share in the comparative fiscal quarter. The decrease in net income was a result of higher operating expenses from strategic personnel hires and other operational improvements in preparation for new program launches, which offset the increased level of revenues.
Pacific Insight Electronics Corp. Reports Earnings Results for the Fourth Quarter and Year Ended June 30, 2014
Sep 19 14
Pacific Insight Electronics Corp. reported earnings results for the fourth quarter and year ended June 30, 2014. For the fourth quarter, the company’s revenues were $15.7 million, an increase of 2% from $15.4 million for the comparative quarter. The increase in Revenue was driven by new LED lighting products and systems launched to various customers during the year. Net income of $0.3 million or 6c per share compared with $0.3 million or 6c per share in the comparative fiscal period.
For the year ended June 30, 2014, the company’s revenues were $59.2 million, an increase of 10% from $53.6 million for the previous fiscal year. Net income was $1.9 million or 31c per diluted share compared with a net loss of $0.3 million or 5c per diluted share in the previous fiscal year. The improvement in net income in fiscal 2014 resulted from higher revenues, improved gross profit percentage as a result of production efficiencies, and improved operational performance.
Pacific Insight Electronics Corp., Annual General Meeting, Nov 10, 2014
Sep 5 14
Pacific Insight Electronics Corp., Annual General Meeting, Nov 10, 2014., at 10:00 Pacific Standard Time. Location: 2600 Oceanic Plaza. Agenda: To elect directors for the ensuing year; to appoint Davidson & Company LLP, Chartered Accountants, as auditor of the company for the ensuing year and authorize the directors to determine the remuneration to be paid to the auditor; and to transact such other business as may properly be put before the meeting.
Pacific Insight Electronics Corp. Agrees to Credit Facilities of $22 Million
Sep 2 14
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.