CASTLE ROCK, CO--(Marketwire - November 13, 2008) - Integrated Management Information, Inc.
(IMI Global) (
OTCBB:
INMG)
Selected Highlights:
-- Second consecutive profitable quarter with net income of $161,000
-- Q3 revenue increases 36% to $597,000 from $438,000
-- SG&A expenses decline by 17% in Q3 to $391,000 from $472,000
-- 9-month net income grows to $143,000 versus loss of $688,000 a year ago
-- 9-month revenue increases 56% to $1.8 million from $1.1 million
-- IMI Global named to Livestock Digest Top 25 list
Integrated Management Information, Inc. (IMI Global) (
OTCBB:
INMG), a
leading provider of verification and Internet solutions for the
agricultural/livestock industry, today announced increased profitability on
strong revenue growth for its third quarter and nine-month period ended
September 30, 2008.
The Company reported net income of $161,000, or $0.01 per basic and diluted
share, in the third quarter, compared with a net loss of $188,000, or $0.01
per basic and diluted share, in the same quarter last year. It was IMI
Global's second consecutive profitable quarter.
Revenue in the third quarter increased 36% to $597,000 from $438,000 in the
same quarter last year. The Company continued to experience strong demand
for its USVerified solutions, which contributed $442,000 to revenue in the
third quarter, up 40% from $317,000 in the same quarter last year.
Hardware revenue -- primarily sales of cattle identification ear tags --
increased 36% to $148,000 in the quarter from $109,000 in the year-ago
third quarter.
Selling, general and administrative expense in the third quarter declined
by 17% from the third quarter a year ago due to right sizing activities in
light of the Company's July 2008 sale of CattleNetwork and two other online
businesses to Vance Publishing. Among other cost savings measures, the
Company closed its Platte City office, which had focused almost exclusively
on CattleNetwork operations, and consolidated its remaining web development
operations at its headquarters in Castle Rock, Colorado. The divestiture
of its online businesses during the third quarter resulted in a gain on
sale of $367,000.
Continued momentum in the third quarter raised year-to-date sales and
earnings to record levels. Revenue increased 56% through nine months to
$1.8 million from $1.1 million in the same period last year. Once again,
revenue from the Company's industry-leading USVerified solutions led the
way, increasing 57% to $1.5 million from $933,000 in the same period a year
ago. Year-over-year hardware sales grew by 35% to $253,000 from $188,000.
Sales, general and administrative expense through nine months declined by
24% to $1.1 million from $1.5 million, again the result of cost containment
efforts coupled with lower overhead stemming from the divestiture of online
businesses.
The $367,000 gain on sale of online businesses contributed to an $830,000
positive swing on the Company's bottom line through the first nine months
of 2008. Net income at the nine-month mark was $143,000, or $0.01 per
basic and diluted share, compared with a net loss of $688,000, or $0.03 per
basic and diluted share, in the same period last year.
"We are pleased with our continued strong revenue growth, particularly in
light of the difficult economic environment," said John Saunders, CEO of
IMI Global. "Demand for our core verification solutions remains robust as
we continue to add new customers and enhance our solutions offerings. Our
industry leadership position was reinforced in the third quarter when we
were named to Livestock Market Digest's Top 25 List for companies and
individuals making a difference in the American Livestock Industry. We
think we are well positioned to expand our leadership position and continue
our profitable growth."
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 800-366-7640 for domestic
toll free or 303-262-2141 for local and international. The conference ID
is 11122313. A telephone replay will be available through November 27,
2008, at 800-405-2236 or 303-590-3000, passcode 11122313#.
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 November 27, 2008.
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. Additional IMI
web sites include
www.USVerified.com,
www.MyEquineNetwork.com, and
www.AgTraderIndex.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
twelve-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.
Statements of Operations
(Unaudited)
Three months ended Nine months ended
September 30, September 30,
2008 2007 2008 2007
----------- ----------- ----------- -----------
Revenues $ 597,262 $ 437,691 $ 1,768,308 $ 1,133,141
Costs of revenue 352,152 145,472 779,754 311,260
----------- ----------- ----------- -----------
Gross profit 245,110 292,219 988,554 821,881
Selling, general and
administrative expenses 391,312 471,782 1,121,697 1,480,325
Gain on sale of
online business (366,991) - (366,991) -
----------- ----------- ----------- -----------
Income (loss) from
operations 220,789 (179,563) 233,848 (658,444)
Other expense (income):
Interest expense 7,603 4,712 25,075 10,825
Other income, net (875) (3,335) (2,135) (6,114)
Income (loss) before
income taxes 214,061 (180,940) 210,908 (663,155)
Income taxes - - - -
----------- ----------- ----------- -----------
Income (loss) from
continuing operations 214,061 (180,940) 210,908 (663,155)
Loss from discontinued
operations (53,071) (6,984) (67,733) (25,007)
----------- ----------- ----------- -----------
Net income (loss) $ 160,990 $ (187,924) $ 143,175 $ (688,162)
=========== =========== =========== ===========
Net income (loss)
per share from
continuing operations:
Basic $ 0.01 $ (0.01) $ 0.01 $ (0.03)
=========== =========== =========== ===========
Diluted $ 0.01 $ (0.01) $ 0.01 $ (0.03)
=========== =========== =========== ===========
Loss per share from
discontinued
operations:
Basic $ - $ - $ - $ -
=========== =========== =========== ===========
Diluted $ - $ - $ - $ -
=========== =========== =========== ===========
Weighted average shares
outstanding:
Basic 20,856,009 19,662,172 20,583,331 19,347,357
=========== =========== =========== ===========
Diluted 21,372,672 19,662,172 20,646,214 19,347,357
=========== =========== =========== ===========
Integrated Management Information, Inc.
Balance Sheets
(Unaudited)
September 30, December 31,
2008 2007
------------- -------------
ASSETS
Current Assets:
Cash and cash equivalents $ 102,228 $ 170,882
Accounts receivable, net 539,422 193,737
Inventories 12,593 18,759
Prepaid expenses and other current assets 57,282 43,495
------------- -------------
Total current assets 711,525 426,873
Property and equipment, net 63,459 54,134
Goodwill - 418,208
Intangible assets, net 1,202 28,395
------------- -------------
Total assets $ 776,186 $ 927,610
============= =============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 270,708 $ 259,103
Accrued expenses and other current liabilities 42,926 40,406
Deferred revenues - 5,750
Short-term debt and current portion of
notes payable - 420,000
------------- -------------
Total current liabilities 313,634 725,259
Notes payable and other long-term debt 300,000 300,000
Stockholders' equity:
Preferred stock - -
Common stock 20,911 28,246
Additional paid-in capital 3,358,730 4,705,679
Treasury stock (13,690) (1,485,000)
Accumulated deficit (3,203,399) (3,346,574)
------------- -------------
Total stockholders' equity 162,552 (97,649)
------------- -------------
Total liabilities and stockholders' equity $ 776,186 $ 927,610
============= =============
Contact Information: Company Contacts:
John Saunders
Chief Executive Officer
303-895-3002
Jay Pfeiffer
Pfeiffer High Investor Relations, Inc.
303-393-7044