Pacific Insight Electronics announces annual results17 September 2006
Pacific Insight Electronics, an electronic solutions provider for the commercial and specialty vehicle markets, achieved annual sales of $39.3 million, a 31% increase over last year's sales. The sales increase can be attributed to continued growth in product offerings for new and existing customers particularly for those within the heavy truck industry.
Earnings for the year ended June 30, 2006 were $2.90 million, 44 cents per share, 105% above last year's figure of $1.41 million, 18 cents per share. The improved profitability is evidence that our efficiency and productivity enhancements have benefited our financial performance.
Revenue during the fourth quarter was a record $10.55 million, a 15% increase over the same quarter of last year. PI also achieved record levels of production during the month of June, resulting in record sales of $3.85 million.
The 2006 fourth quarter earnings of $870,000, 14 cents per share were consistent with Q4 fiscal 2005 earnings of $828,000, 11 cents per share. The reduction of common outstanding shares during the year improved the earnings per share value for the current quarter.
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For further information: on the Company, please contact investor@pacificinsight.com or 1-800-995-1155; An overview of the Company and its products and services can be viewed at www.pacificinsight.com
Source: newswire
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