IMI’s Q1 Revenues Up 8.5%
May 10, 2013, Laguna, Philippines – Integrated Micro-Electronics Inc. (IMI), a leading worldwide provider of electronics manufacturing services (EMS) and power semiconductor assembly and test services, recorded US$164.8 million in consolidated revenues in the first three months of 2013, or an 8.5 percent year-on-year growth due mainly to the company’s business expansion in Europe and the Philippines.
The company generated US$253.1 thousand in net income in the first quarter of fiscal year 2013, down from US$853.9 thousand in the same period last year due primarily to lower capacity utilization in its China facilities.
Arthur Tan, IMI president and chief executive officer, said, “We managed to grow our business and remain profitable in the face of a persistent global economic crisis.”
“Worldwide demand for electronic products remains challenged as the Eurozone, the US, Japan, and China tread uncertain economic waters. But at IMI we are experiencing improved performance at our European, North American and Philippine operations, an indication of a healthy recovery in 2013 albeit not across all markets.”
IMI’s China and Singapore operations contributed US$56.7 million in combined revenues in the first quarter of 2013, a decline of 8.1 percent year-on-year due primarily to reduced sales to a customer in the telecommunication infrastructure market.
Operations in Europe and Mexico posted US$54.9 million in combined revenues, up 34.2 percent year-over-year on the back of the expansion of its automotive business.
IMI’s operations in the Philippines posted US$42.6 million in revenues, an 11.5 percent year-on-year growth because of strong programs in the computing, consumer, and industrial segments.
PSi Technologies, Inc., a subsidiary of IMI, recorded US$10.4 million in revenues, down from last year by 4.8 percent.
The company remains financially stable with a cash balance of US$56.8 million at the end of the first quarter of 2013. Its current ratio and debt-to-equity ratio are 1.5:1 and 0.5:1, respectively.
Tan said, “Semiconductor sales worldwide has been gradually growing through the first quarter of 2013 compared to last year. With signs that semiconductor companies are replenishing their inventories, their sales will likely continue to grow in the months ahead. This trend augurs well for the electronics manufacturing sector since the semiconductor sector’s performance is a harbinger of what’s in store for makers of electronic products.”
“On top of that, market analysts are predicting that the world economy will experience an upswing in the second half of 2013. Thus we are optimistic that our company will continue to grow and maximize profitability from existing and new programs for the rest of the year.”
IMI will always be relevant, if not on the leading edge of the next big thing."
Arthur R. Tan, Vice Chairman and CEO
CONTACT US TODAY.