IMI Q4 Profits, Sales on Rise PDF Print E-mail
Written by Mike Buetow   
Wednesday, 07 March 2012 09:27

LAGUNA, PHILIPPINES – Integrated Micro-Electronics Inc. reported record 2011 revenues on demand from traditional end-markets and acquisitions.

Fourth-quarter revenues fell 1% sequentially to $155.4 million, but income rose 460% to $2.8 million on the EPIQ acquisitions and investment gains. Sales were up 30.4% year-over-year, boosted by acquisitions. The contract printed circuit board assembler swung to a profit after losing about $300,000 in the fourth quarter last year.

For 2011, the Top 30 electronics manufacturing services provider reported sales rose 40% year-over-year to $575.5 million on increased turnkey businesses in China, strong growth in automotive and industrial, and new revenues from PSi Technologies (acquired in October 2010) and acquisitions in Europe and Mexico. Net income fell 31% to $3.3 million on higher material and direct labor costs. IMI ended December with $54.1 million in cash and a debt-to-equity ratio of 0.42.

The EMS company’s operations in China and Singapore posted $279.7 million in combined revenues in 2011, up 12% year-over-year growth on new turnkey programs for major customers. The Philippine operations generated $154.2 million revenues, up 8% on automotive and industrial demand. Toward the end of the year, storage device assembly also increased, as hard disk drive manufacturers in flood-plagued Thailand transferred production to the Philippines.

PSi contributed $74 million revenues for the year. The Aug. 1 acquisition of EPIQ's operations in in Bulgaria, Czech Republic and Mexico added $66.2 million in revenues from August to December.

IMI president and chief executive Arthur Tan said, “Despite a global economy saddled with Eurozone struggles and US weaknesses, we grew our revenues. IMI remained profitable in spite of a very volatile marketplace.”

Tan said IMI remains "cautiously optimistic" for 2012, and will focus on automotive, industrial and the “promising” photovoltaics or solar energy industry, for which it has a three-year deal with a North American PV customer to build at least 35 MW of solar panels to serve PV markets in China, India and Australia. The manufacturing program commenced in February in IMI’s plant in Jiaxing, China.

 

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