Integrated Micro-Electronics Inc. said Tuesday first-quarter net loss narrowed to $749,000 from the $2 million loss in the year-earlier period as gross margin and revenues rise.
First-quarter revenues increased 4 percent to $347 million while gross margin improved to 8.5 percent from 6.5 percent. Gross income in the quarter stood at $29.4 million.
IMI said the manufacturing industry is still feeling the effects of the component shortage even with some modest improvements in lead times and purchase price variance. Selling prices, however, were higher.
It added that VIA Optronics and STI Limited continue to face significant headwinds in their market segments but still manage to reduce their net loss to $3.4 million from $5.3 million in 2022.
“By adjusting our selling prices in collaboration with our customer partners, as well as continued cost reduction initiatives, we are gradually improving the financial performance of the company,” said IMI president Jerome Tan in a statement.
He said cost-cutting efforts have been implemented while higher raw material costs and competitive labor markets are being addressed.
“We will be launching the production of multiple Electric Vehicle-related projects over the next two years and we continue to look for opportunities to secure market share in the EV space through our robust sales pipeline. We believe that our partnership with Zero Motorcycles, a market leader in electric motorcycles based in California, will solidify our position as a partner of choice in this emerging technology,” Tan said.
