LAGUNA, PHILIPPINES – Integrated Micro-Electronics Inc. reported net income rose 128% year-over-year to $853,900 on regional improvements and lower operating expenses.

Sales for the period ended March 31 rose 24% year-over-year to $152 million, boosted by acquisitions and higher demand in Europe and Mexico. The contract electronics manufacturer's subsidiaries in Europe and Mexico contributed $40.9 million revenues in the quarter, while its Philippine operations generated $38.2 million (up 4% year-over-year on consumer and automotive demand. China and Singapore posted $61.7 million in combined revenues, down 5% year-over-year due primarily to a reduction in turnkey sales to a telecommunication infrastructure customer.

The company had cash on hand of $50.5 million at the end of the quarter.

In a press statement, IMI president and chief executive Arthur Tan said, “With our company’s implementation of a global geographic expansion, we have realized a diversity in markets and operations. A healthy mix of customers and programs has cushioned the effects on our financial performance of the global electronics industry slowdown.”

Added Tan, “In an environment of fragile global economic expansion, we are confident that we will grow our business for the rest of the year. We have a robust sales pipeline for the automotive, industrial, consumer, and renewable energy markets. We expect more business in Asia given the economists’ outlook of high growth rate for China and the rest of emerging Asia. Likewise, we will tap into our broader global footprint and expanded technical capability to take advantage of improving economies like Japan, the United States, Germany, and France.”

IMI ranked 25th in the latest CIRCUITS ASSEMBLY Top 50.

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