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IMI posts 43% YoY revenue growth

Posted: 17 Nov 2011 ?? ?Print Version ?Bookmark and Share

Keywords:electronics manufacturing? power IC assembly? test services?

Integrated Micro-Electronics Inc. (IMI), a provider of electronics manufacturing services (EMS) and power semiconductor assembly and test services (SATS), has posted $420.1 million in consolidated sales revenues for the nine months ended September 30, 2011. This is a 43 percent increase year-on-year in revenues for the Philippine-based company.

IMI's healthy revenue growth was due to increased turnkey business in China, strong business in the automotive and industrial segments for the Philippine operations, and additional revenues from PSi Technologies Inc. and IMI's new entities in Eastern Europe and Mexico.

Higher material and direct labor costs, however, caused margins to decline during the first nine months. This resulted to a consolidated net income of $1.6 million, which is 67 percent lower than last year.

Arthur Tan, IMI president and CEO, said, "As we continue to expand, we come closer to the compelling realization that we operate in an uncertain and competitive global economy. Given a very challenging landscape, we manage to remain profitable."

"Our diversification strategy has given us access to more regions and markets. This flexibility helps in lessening the impact of business downturns on our performance," he added.

The company's operations in China and Singapore generated $213.8 million revenues in the nine-month period, a 16 percent year-on-year growth due mainly to new turnkey programs for major customers. The Philippine operations posted $118.2 million in revenues, up by 9 percent from the same period last year due to strong programs in the automotive and industrial sectors, which compensated for the shrinking storage device business.

PSI contributed $61.4 million revenues from January to September of this year. Sales posted by the entities in Bulgaria, The Czech Republic and Mexico totaled $25.7 million covering the months of August and September.

IMI's third quarter 2011 revenues of $157.6 million was up 13 percent from the previous quarter's $139.5 million. Compared to the same period last year, the third-quarter revenues climbed 51 percent.

"We remain financially robust with cash balance of US$44.1 million at the end of the nine-month period," said Tan. The current ratio and debt-to-equity ratio are 1.15:1 and 0.35:1, respectively.





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