IMI Swings to 2009 Profit
The electronics manufacturing services providerreported 2009 net income of $10 million, up 160% year-over-year, on sales of $395.5 million. However, the company saw a gradual increase in revenues starting in the second half.
Arthur Tan, IMI president and chief executive officer, said, “The EMS sector experienced lower volume requirements of the OEMs. In addition, there was a severe supply shortage of electronics components, as suppliers were cautious of excess inventory brought about by the market’s uncertain outlook.”
IMI’s consolidated cash balance at the end of 2009 was $53.9 million, flat with 2008. During the year, the firm paid down $22.8 million in debt.
IMI’s operations in China and Singapore contributed 51% of total revenues in 2009, on demand from a leading Chinese OEM for 3G network deployments. In the Philippines, IMI remained strong in the storage device, automotive, and consumer electronics markets.
Tan said, “With the global economy expected to improve gradually in 2010, we expect the demand for electronic products to increase even at a moderate rate. As their inventories stabilize, OEMs will be increasing their volume orders from EMS companies like IMI.”
IMI ranked 23d on the 2009 CIRCUITS ASSEMBLY Top 50, up five spots from 2008.
