CASTLE ROCK, CO--(Marketwire - November 1, 2007) - Integrated Management Information, Inc.
(IMI Global) (
OTCBB:
INMG)
Selected Highlights:
-- Third quarter revenue up 48% to $618,100 from $418,800
-- Highest revenue quarter in Company's history
-- Nine-month revenue up 50% to $1,619,400 from $1,079,800
-- Company reduces expense base in quarter, YTD periods
-- Gross margin increases in both third quarter and nine-month period
-- USVerified™ solutions revenue up 54% in third quarter and YTD
-- Hardware sales up 21% in third quarter, 19% YTD
-- CattleNetwork.com and CattleStore.com combine for 65% increase in Q2,
59% YTD
Integrated Management Information, Inc. (IMI Global) (
OTCBB:
INMG), a
leading provider of verification and Internet solutions for the
agricultural/livestock industry, today announced continued strong revenue
growth and improving bottom line results for its third quarter and
nine-month period ended September 30, 2007.
Third Quarter Results
Revenue in the third quarter increased 48% to $618,100 from $418,800 in the
third quarter of 2006. On a sequential basis, revenue grew 17% over second
quarter revenue of $530,000. All three of the Company's revenue streams
generated year-over-year growth in the third quarter. USVerified solutions
revenue was $328,900, up 54%; related hardware sales (primarily cattle ID
tags) was $108,800, up 21%; and advertising and product revenue from the
Company's online businesses (CattleNetwork.com and CattleStore.com)
increased 65% to $180,400. CattleNetwork.com achieved the strongest
percentage growth, with advertising revenue increasing 96% to $117,900 from
$60,100.
Gross profit in the third quarter increased 90% to $328,500, or 53% of
revenue, from $173,300, or 41% of revenue, in the same quarter last year.
This increase resulted from strong growth in the Company's higher-margin
USVerified solutions and the CattleNetwork advertising business.
The Company continued to focus on managing its cost base, and as a result,
selling, general and administrative expense declined by 10% in the third
quarter, to $510,600 from $569,600 in the same quarter last year. The
combination of higher revenue and lower expenses resulted in a reduced net
loss of $187,900, or $0.01 per share, versus a net loss of $401,000, or
$0.02 per share, in the same quarter last year.
Nine-Month Results
Nine-month revenue increased 50% to $1,619,400 from $1,079,800 in the same
period last year. As in the third quarter, the increased year-to-date
revenue was attributable to strong growth in the Company's USVerified
solutions and CattleNetwork advertising businesses, which grew by 54% and
80%, respectively, over the nine-month period of 2006. Total revenue from
online businesses (CattleNetwork and CattleStore) was up 59% to $486,200,
while hardware revenue was up 19% to $188,200.
Strong growth in USVerified and CattleNetwork revenue drove higher gross
margins for the nine-month period. Gross profit increased 72% to $916,000,
or 57% of revenue, for the nine-month period as compared with 49% for the
same period last year. This increase was attributable to higher overall
revenue, including a growing contribution by the higher-margin USVerified
solutions and CattleNetwork advertising businesses.
Selling, general and administrative expense through nine months declined 3%
to $1,586,300 from $1,637,300 in the same period last year. The Company
reduced its nine-month net loss to $688,200, or $0.04 per share, from
$1,117,200, or $0.06 per share, in the same period a year ago.
"We continued to effectively execute our business strategy in the third
quarter and are very pleased with our year-to-date results," said John
Saunders, president and CEO. "In addition to increasing revenue in all
three focus areas and improving bottom line results, we enhanced our
product portfolio, grew our customer base and continued to strengthen our
reputation as the market leader in providing diversified, technology-based
services to the agricultural/livestock community. Moving forward we are
focused on building market share, achieving consistent revenue growth and
transitioning to sustainable profitability. We believe that meeting these
objectives is the best way to build short-term and long-term shareholder
value."
Conference Call
IMI Global will conduct a conference call and Webcast today at 9:30 a.m.
Mountain Time (11:30 a.m. Eastern Time). Dial 800-218-4007 for domestic
toll free or 303-262-2142 for local and international. Conference ID
#11100327. A telephone replay will be available through November 15, 2007.
Call 800-405-2236 or 303-590-3000, passcode 11100327#.
To access a live Webcast of the call, please visit IMI Global's website at
www.imiglobal.com and click the Webcast link. A replay of the Webcast will
be available at that website through December 1, 2007.
About IMI Global
Founded in 1995, IMI Global is a leading provider of verification and
Internet solutions for the agriculture industry. Go to
www.IMIGlobal.com
for additional information. IMI has worked with some of the largest
agricultural organizations in the United States, providing web-based
applications for verification and identification as well as a range of
consulting services tailored to meet each customer's needs. IMI operations
include CattleNetwork.com, an online service offering market information
and industry news to the cattle industry, and CattleStore.com, an online
source for livestock supplies, such as animal identification, medical
equipment and veterinarian supplies. Additional IMI websites include
USVerified.com, AgNetwork.com and PetSupplyVerified.com.
CAUTIONARY STATEMENT
This news release contains "forward-looking statements" within the meaning
of the U.S. Private Securities Litigation Reform Act of 1995, based on
current expectations, estimates and projections that are subject to risk.
Forward-looking statements are inherently uncertain, and actual events
could differ materially from the Company's predictions. Important factors
that could cause actual events to vary from predictions include those
discussed in our SEC filings. Specifically, statements in this news
release about growth, profitability, potential, leadership, the impact and
efficacy of the Company's products and services on the marketplace are
forward-looking statements that are subject to a variety of factors,
including availability of capital, personnel and other resources;
competition, governmental regulation of the beef industry, the market for
beef and other factors. In addition, financial results for the three and
nine-month periods are not necessarily indicative of future results.
Readers should not place undue reliance on these forward-looking
statements. The Company assumes no obligation to update its
forward-looking statements to reflect new information or developments. For
a more extensive discussion of the Company's business, please refer to the
Company's SEC filings at
www.sec.gov.
Integrated Management Information, Inc.
Condensed Statements of Operations
(Unaudited)
Three months ended Nine months ended
September 30, September 30,
2007 2006 2007 2006
----------- ----------- ----------- -----------
Revenues $ 618,084 $ 418,805 $ 1,619,351 $ 1,079,833
Cost of sales 289,637 245,517 703,398 548,739
----------- ----------- ----------- -----------
Gross profit 328,447 173,288 915,953 531,094
Selling, general and
administrative
expenses 510,619 569,572 1,586,279 1,637,284
----------- ----------- ----------- -----------
Loss from operations (182,172) (396,284) (670,326) (1,106,190)
Other income (expense):
Interest income 3,335 930 6,114 6,207
Interest expense (9,087) (5,690) (23,950) (17,257)
----------- ----------- ----------- -----------
Net other expense (5,752) (4,760) (17,836) (11,050)
----------- ----------- ----------- -----------
Loss before income
taxes (187,924) (401,044) (688,162) (1,117,240)
Income taxes - - - -
----------- ----------- ----------- -----------
Net loss $ (187,924) $ (401,044) $ (688,162) $(1,117,240)
=========== =========== =========== ===========
Loss per share $ (0.01) $ (0.02) $ (0.04) $ (0.06)
=========== =========== =========== ===========
Average shares
outstanding 19,662,172 17,867,515 19,347,357 19,123,765
=========== =========== =========== ===========
Integrated Management Information, Inc.
Condensed Balance Sheets
September 30, December 31,
2007 2006
(Unaudited)
----------- -----------
ASSETS
Current Assets:
Cash and cash equivalents $ 223,204 $ 230,539
Accounts receivable, net 226,820 178,159
Inventory 20,628 14,185
Prepaid expenses 31,313 33,435
----------- -----------
Total current assets 501,965 456,318
Restricted cash:
Cash restricted for payment of
line of credit - 50,000
Property and equipment:
Equipment, furniture and software 141,303 115,409
Accumulated depreciation (93,553) (83,792)
----------- -----------
Property, equipment and software, net 47,750 31,617
Other assets:
Intangible assets, net 32,453 46,633
Goodwill 418,208 418,208
----------- -----------
Total other assets 450,661 464,841
----------- -----------
Total assets $ 1,000,376 $ 1,002,776
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Notes payable $ 70,000 $ 156,622
Note payable to Cattlefeeding.com, Inc. 350,000 -
Accounts payable 273,191 206,466
Accrued expenses 18,856 8,287
Deferred revenues 18,962 10,820
----------- -----------
Total current liabilities 731,009 382,195
Note payable to Cattlefeeding.com, Inc. - 350,000
Note payable 300,000 -
Stockholders' equity (deficit):
Common stock 28,245 27,024
Additional paid-in capital 4,701,298 4,315,571
Treasury stock (1,485,000) (1,485,000)
Retained (deficit) (3,275,176) (2,587,014)
----------- -----------
Total shareholders' equity (30,633) 270,581
----------- -----------
Total liabilities and shareholders'
equity (deficit) $ 1,000,376 $ 1,002,776
=========== ===========
Contact Information: Company Contacts:
John Saunders
Chief Executive Officer
303-895-3002
Jay Pfeiffer
Pfeiffer High Investor Relations, Inc.
303-393-7044