Knocking Down the Bone Pile: Gold Mitigation for Class 2 Electronics
Punching Out: Your Financial Preparation for a Sale
Nolan's Notes: The Next Killer App in Component Manufacturing
IMI Reaches 9.6% Gross Margin for the 2nd Quarter of 2023
August 9, 2023 | IMIEstimated reading time: 1 minute
Integrated Micro-Electronics, Inc. (IMI) reported US$345 million of revenues in the second quarter of 2023, 3% lower than the same period of the previous year but on par when comparing first-half results. Gross margin improved from 8.1% to 9.6%, with the company posting US$ 33.0 million of gross profit for the quarter. Q2 Net loss is at US$ 82.9 million which includes US$ 84 million of one-off losses related to the divestment of STI Enterprises Limited. Net adjusted net income for the 2nd quarter is US$ 3.5 million.
Through aggressive cost rationalization efforts, and the gradual easing of the component shortage issues, wholly-owned subsidiaries still lead the company’s recovery with US$ 282 million of revenues, a 2.3% quarter-on-quarter growth, with gross margins improving by 33 basis points year-on-year. VIA Optronics and STI met reduced demand as customers depleted existing inventory and pushed out orders. These subsidiaries ended the quarter with US$ 62.8 million in revenues and an adjusted net loss of US$ 1.9 million.
“We have signed an agreement to sell our stake in STI Enterprises Limited to a private investment firm based in London. Geopolitical and industry-wide issues including Brexit, COVID-19 and the component shortage significantly hindered the company’s progress the past few years and we believe that the buyers, Rcapital, are well-equipped to support STI’s turnaround by providing additional funding and synergy opportunities within its portfolio of companies. This divestment will enable IMI to focus resource allocation and management efforts to drive our core businesses in the mobility, industrial, and smart energy markets,” said IMI President Jerome Tan.
“Meanwhile, we continue to push for increased manufacturing efficiency and revenue growth with the right customers. We recently inaugurated the Laguna manufacturing facilities for one of our new partners, Zero Motorcycles, a world-leading EV motorcycle company. We look forward to forging more new partnerships and continue to grow a more profitable IMI,” added IMI CEO, Arthur Tan.
Share on:
Suggested Items
Creative Electron Strengthens Leadership Team with Strategic Appointments in Marketing and SMT Business Unit
05/08/2025 | Creative ElectronCreative Electron, the largest U.S. manufacturer of X-ray inspection systems for the electronics industry, is proud to announce the addition of two seasoned leaders to its executive team: Wagner Lima as Marketing Director and Giancarlo De La Garza as SMT Business Unit Director.
Murata Manufacturing Vietnam Expands Ho Chi Minh Plant with New Production Building
05/08/2025 | MurataMurata Manufacturing Vietnam Co., Ltd. (Ho Chi Minh, Vietnam), a manufacturing subsidiary of Murata Manufacturing Co., Ltd., will begin construction on a new production building at its Ho Chi Minh plant in May 2025.
LG Electronics India Limited Begins Construction of Its Third Manufacturing Plant in India
05/08/2025 | BUSINESS WIRELG Electronics India Ltd. (LGEIL) announced the commencement of construction of its new manufacturing facility in Sri City, Andhra Pradesh today at a ceremony graced by the presence of Shri Nara Lokesh, Hon'ble Minister for Information Technology, Electronics and Communications.
Scanfil Boosts Investment in Electronics Manufacturing in the US
05/08/2025 | BUSINESS WIREScanfil is investing in a second electronics manufacturing line in Atlanta, Georgia, USA. The demand for manufacturing electronics in the USA has increased over the past two years and is expected to continue growing.
Nortech Systems Unveils Reimagined Brand Identity
05/08/2025 | Nortech SystemsNortech Systems Incorporated, a leading provider of engineering and manufacturing solutions for complex electromedical and electromechanical products serving the medical, industrial and defense markets, is proud to unveil its newly refreshed brand, "Connections Reimagined."