Integrated Micro-Electronics Inc. (IMI) has announced that revenues for the full year 2017 hit a record high of $1.09 billion, rising 29% from 2016. Revenue growth was accelerated by recent acquisitions and continued growth in automotive and industrial markets. Net income reached $34.0 million, up 21% year-on-year.
Arthur Tan, IMI chief executive officer, says, "We are eager to build on this success and will ensure that our diverse capability as an organization will sustain our competitive advantage and stronghold in the global market. As a cohesive global company with a shared vision, we aim to design competitive positions and strategies that capitalize on corporate strengths."
Revenues from Europe operations grew 14% year-on-year to $276.5 million, benefiting from lighting, controllers and driver assistance systems of its automotive segment. In Mexico, revenues expanded 29% to $84.2 million, as numerous projects for North America customers entered new product introduction phase throughout the year.
China operations posted $271.1 million in revenues, up 4% year-on-year despite the delay in new technology roll-out in the telecom infrastructure business. The broadened product mix including electric vehicle charging solutions provided demand growth and differentiation to China facilities.
Philippine operations increased 4% to $263.7 million strengthened by new industrial applications and automotive camera business. This positive trend offsets the drop in demand in the security and medical device business.
Revenues from acquired businesses amounted to $193.9 million in 2017. VIA Optronics, a Germany-based optical bonding and display solutions provider, contributed $148.4 million—the highest revenues in its 12-year history. This compares to the three months revenue contribution of $19.4 million recognized in 2016. STI Enterprise, a United Kingdom-based electronics manufacturer specializing in aerospace and defense markets, added $45.5 million to IMI’s revenues representing seven months contribution.
"The flexibility of our operations and seasoned expertise is a manifestation of our readiness to face the challenges in a competitive environment," IMI President and Chief Operating Officer Gilles Bernard said in a statement. "As we undergo major technological disruptive changes, our industrial excellence will help tailor our offerings more precisely while also preserving our margins."
IMI continues to improve its strategic position and enable market share growth by investing in automation and high capacity equipment that would impact productivity and add value to economic performance. For 2017, IMI spent $65.3 million in capital expenditures to support innovative growth platforms.
The company's capital structure remains stable with a current ratio of 1.28:1 and debt-to-equity ratio of 1.08:1.
Integrated Micro-Electronics Inc. (IMI), the manufacturing portfolio of AC Industrial Technology Holdings, Inc., a wholly-owned subsidiary of Ayala Corporation is among the leading global manufacturing solutions providers in the world. IMI ranks 20th in the list of top 30 EMS providers in the world by the Manufacturing Market Insider, based on 2016 revenues. In the automotive segment, it is the sixth largest EMS provider in the world per New Venture Research.