LAGUNA, PHILIPPINES — Integrated Micro-Electronics Inc. today announced that fourth-quarter revenues rose 19.1% to $198 million. Net income for the period was $745,000, up from $400,000 a year ago.

The revenues set a quarterly mark, edging out the third quarter's totals.

For the year ended Dec. 31, revenues grew 12.6% to $745 million. Net income nearly doubled to $10.5 million from $5.6 million on expansion in Europe and the Philippines. At the end of 2013, the company’s cash balance was $49 million.

In a press release, IMI president and chief executive Arthur Tan said, “Our diversification strategy has afforded us extensive global footprint, amplified technical capabilities, and wide-ranging customers, so that despite several challenges we realized higher revenues with corresponding profitability.”

IMI’s China and Singapore operations contributed 37% of the EMS company's 2013 revenues, posting $277 million, flat with the previous year. Improvements in China’s telecommunications market in the fourth quarter proved favorable to IMI’s assembly operations of communication infrastructure devices.

The company's Europe and Mexico operations revenue rose 28.9% year-over-year to $235 million on continued expansion of the automotive business.

IMI’s Philippine operations recorded $189 million in revenues, or 20.9% year-on-year growth, primarily due to increased business in the storage device market following consolidation of outsourced production of storage technology products from Japan.

PSi Technologies, a subsidiary of IMI, generated $43 million revenues, down 5.5% due to the shutdown of nonprofitable businesses.

IMI’s automotive electronics business now accounts for 37% of IMI’s total revenues, from 32% in 2012.

"Over the next few years things are looking up for manufacturing in general and IMI in particular,” said Tan. “The global market is coming back, and will present comprehensive and complex challenges in which electronics will play a vital role in the path to an economic recovery.

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