LAGUNA, PHILLIPPINES – Electronics manufacturing services provider Integrated Microelectronics Inc. posted 2010 income of $4.7 million, down 53% compared to 2009.

The firm recorded $412.3 million in 2010 consolidated revenues, up 4% year-over-year.

The company attributes revenue growth to its China operations and incremental revenues from its acquisition of PSi Technologies.

The combined China and Singapore operations generated $248.8 million in revenues, accounting for 60.4% of the firm’s total, up 25% year-over-year, due mainly to larger orders from customers in the telecommunication infrastructure, industrial, and consumer electronics markets.

IMI’s acquisition of 56% shares of PSi Technologies in October 2010 generated additional sales of $19.3 million in the fourth quarter.

“Despite unusual levels of uncertainty in the supply and demand situations for raw materials and electronic end-products, IMI sustained its profitability through intensified cost-cutting and operational streamlining initiatives. We were considerably impacted by the declining consignment or captive business with some of our Japanese original equipment manufacturer customers, the rising costs of materials and labor in China, and the appreciation of the Philippine peso,” said Arthur Tan, IMI president and CEO.

“IMI remains financially robust, ending the year with a cash balance of $38 million. Our debt-to-equity ratio stays healthy at 0.33:1.0. Moreover, we have sufficient credit facilities to support funding requirements of our expansion program.”

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