Nelson-based Pacific Insight Electronics Corp. (TSX:PIH) reported a 26% drop in sales leading to a net loss for its second quarter ending December 31, 2007.
Lower demand for heavy trucks in the U.S. and a significant strengthening of the Canadian dollar caused quarterly sales to fall to $7 million from $9.5 million in the same period a year ago.
As a result, the company reported a net loss of $406,943 versus a net profit of $781,886 in the same period a year earlier.
The company noted its performance is heavily influenced by swings in the heavy trucking industry and the exchange rate as more than 60% of its sales come from that sector and more than 73% of its sales are in U.S. dollars.
Pacific Insight's share price range during the past week: between $2.40 and $2.26; 52-week high: $5.20; 52-week low: $2.25.