IMI Revenues Up 4%
Electronics manufacturing services (EMS) provider Integrated Micro-Electronics Inc. (PSE: IMI), and a member of the Ayala (PSE: AC) group of companies, recorded $412.3 million in consolidated revenues for the 12 months ended December 31, 2010. This represents a year-on-year growth of 4% due to the sustained strong performance of IMI’s China operations and incremental revenues from its acquisition of PSi Technologies Inc.
IMI posted a positive income of $4.7 million with a 3% return of equity and earnings-before-interest-taxes-depreciation-and-amortization (EBITDA) of $28.4 million, or an EBITDA margin of 7%.
“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 (OEM) 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 US$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.”
The combined China and Singapore operations generated $248.8 million in revenues, accounting for 60.4% of total IMI revenues. This represents a 25% year-on-year growth due mainly to larger orders from major 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 of the year. This placed IMI at the forefront of the growing convergence of power semiconductor assembly and test services (SATS) and EMS, allowing the company to offer its customers optimized power solutions in multichip modules (MCMs), and serve emerging markets like electric vehicle, smart power, and smart sensor technologies.
About IMI
Integrated Micro-Electronics Inc. (IMI) is a leading provider of electronics manufacturing services (EMS) and power semiconductor assembly and tests services. It serves diversified markets that include those in the automotive, industrial, medical, solar energy, telecommunications infrastructure, storage device, and consumer electronics industries. Committed to cost-effective and top-quality customized solutions, IMI’s comprehensive capabilities and global manufacturing presence allow it to take on specific outsourcing needs. IMI’s flexible solutions encompass design and product development, manufacturing, and order fulfillment. IMI is consistently ranked among the top 30 EMS providers in the world. For more information, visit www.global-imi.com.
