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IMI posts 39% YoY growth for 1H11

Posted: 15 Aug 2011 ?? ?Print Version ?Bookmark and Share

Keywords:revenue? electronics manufacturing service? semiconductor assembly?

Integrated Micro-Electronics Inc. (IMI), a global electronics manufacturing services and power semiconductor assembly and test services provider, has reported $262.5 million sales revenue for the first half of the year. This represents a 39 percent increase YoY resulting from a robust performance of its China operations and additional revenues from PSi Technologies Inc.

"We managed to grow our revenues and stay profitable despite a still fragile global economy. The vibrant and challenging times compel us to give more focus on operational excellence to increase productivity and reduce costs," said Arthur Tan, IMI president and CEO. Our diversification strategy across different markets and regions will help cushion the impact of any isolated downturn on our future performance. With our expanded footprint in Europe and Mexico, we have vital access to more markets, allowing us to participate actively in providing solutions for original equipment manufacturers catering for regional and international demands."

The company's operations in China and Singapore posted $143.3 million in revenues in the six-month period, a 23 percent YoY growth due mainly to new turnkey programs for major customers. The China and Singapore operations contributed 55 percent to IMI's total revenues. The Philippine operations generated $76.9 million in revenues, bolstered by increased turnkey manufacturing programs.

Sequentially, IMI's 2Q11 revenues of $139.5 million increased by 13 percent from $123 million in the previous quarter as the global electronics end-markets posted a modest increase in demand.

IMI continues to be financially healthy. It ended the six-month period with a cash balance of $32.7 million and strong levels of current ratio and debt-to-equity ratio at 1.24:1 and 0.31:1, respectively.

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