IMI's Q1 Sales Up, Expansion Imminent
LAGUNA, PHILIPPINES -- Integrated Micro-Electronics Inc. reported net income of $377,000, down from $3.2 million a year ago, on higher material and shipping costs and currency fluctuations. The EMS firm plans to expand to Mexico and Europe soon, the company's top executive said.
The electronics manufacturing services provider reported revenue rose 36% year-on-year to $123 million in the first quarter of 2011, as its China operations sustained strong growth and its subsidiary PSi Technologies Inc (PSi) contributed additional revenues.
At quarter's end, the EMS firm had $35.9 million in cash and a debt-to-equity ratio of 0.34:1.
The company's China and Singapore operations, which include Speedy-Tech, had sales of S$65.2 million in the quarter, up 23% year-on-year. The company's power semiconductor unit, PSi, contributed $20.6 million in revenues.
"In an environment marked by improving yet fragile economies in Europe and North America and an uncertain Japanese economy, our revenues continued to grow, leveraging the robust consumer demand for electronics in China and other emerging economies," said IMI president and chief executive Arthur Tan. "The increase in our turnkey business coupled with increasing costs of doing business, however, had some negative impact on our bottom line. Our businesses in the emerging markets of automotive and industrial electronics will be driving our performance moving forward."
IMI will be establishing a manufacturing presence in Eastern Europe and Mexico soon, he added.
