An anonymous director reports

PACIFIC INSIGHT ELECTRONICS CORP. ANNOUNCES THIRD QUARTER RESULTS

Pacific Insight Electronics Corp. has released results for the third quarter ended March 31, 2013.

Sales for the third quarter ended March 31, 2013, were $14,523,000, an increase of 45 per cent from $10,039,000 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 $38.24-million, an increase of 38 per cent over $27,709,000, the sales achieved in the comparative nine-month period.

Third-quarter results reported a net loss of $459,000 or eight cents per share compared with net earnings of $81,000 or one cent 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 cents per share compared with a loss of $358,000 or six cents 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.