LAGUNA, PHILIPPINES – Top 25 electronics manufacturing services provider Integrated Micro-Electronics Inc. reported an 11% year-on-year first-quarter jump in revenues to $90.5 million.

The net income was $3.2 million, a swing from a net loss of $21 million last year.

In a press release, IMI president and chief executive Arthur Tan said, “Improvements in the global economy and rebounding markets for electronic products bode well for the entire electronics industry. IMI gained from increased volume orders from some of its major customers, which either enjoyed greater demand for their products or increased their share of the market.

At quarter's end, the company had a cash balance of $48.2 million and gross debt of $47.7 million, and thus sustaining our zero net debt status. It expects to reduce debt to $38 million by year end.

Operations in China and Singapore saw revenues rise 13% on demand for telecommunications and consumer electronics, and combined for up 58% of IMI’s total revenues in the quarter. Its Philippine operations saw a 9% increase in sales, mostly in storage device, automotive, and industrial electronics.

IMI ranked 24th last year in the CIRCUITS ASSEMBLY Top 50.