STOCKHOLM, Sweden, March 05, 2002 (PRIMEZONE) -- Industri-Matematik International Corp. (Nasdaq:IMIC), - The Order Company - today announced results for its third fiscal quarter ended January 31, 2002.
Revenues for the third quarter of fiscal 2002 were $13.8 million, compared to $15.4 million for the same period in fiscal 2001. License revenue was $1.5 million versus $2.0 million a year earlier, and service and maintenance revenue was $11.8 million versus $12.6 million in the prior year. The net loss for the three months ended January 31, 2002 was $1.4 million or $0.04 per share. A year earlier the Company had a net loss of $4.3 million or $0.13 per share.
The Company had cash and cash equivalents of $18.8 million as of January 31, 2002, compared to $19.3 million at the end of the previous quarter.
Stig Durlow, President and Chief Executive Officer of Industri-Matematik, said, "Industri-Matematik made significant progress this quarter in generating increased market awareness and sales activity as the result of the recently announced go-to-market branding strategy. Fiscal 2002 has been about focus and execution of a strategy of tailoring our business process solutions to specific industries within each of our target geographic markets. I am pleased to report that the hard work and effort in every area of the business is showing results."
Mr. Durlow continued, "Recently, Industri-Matematik launched its Retail Value Chain initiative, generating strong backing among industry influencers, customers and prospects. Through this initiative, we enable distribution-intensive companies to optimize their order and replenishment business processes. Increasingly, industry experts believe the best way to improve supply chain performance is by focusing on actual demand - the order - and this positioning plays to our strengths and heritage.
"Industri-Matematik is the Order Company. We are unmatched in helping organizations manage the customer order life cycle and replenishment orders across the retail value chain, which extends from manufacturers to logistics and business service providers to wholesalers and retailers. This initiative is strategic in demonstrating our company's unique supply chain capabilities and ability to work with back-office business systems such as SAP, Oracle, legacy and others.
"Industri-Matematik has also stepped up its marketing and sales activities to support our retail value chain initiative. For example, in the United States, we launched a new web site: www.imiamericas.com to support our Americas go-to-market efforts. Also, IMI Americas has launched multiple marketing activities including selective advertising, trade show participation and creative direct mail campaigns. We are encouraged by the early results of these activities and they have increased our lead flow in the United States. Additionally, the Company has continued its marketing programs in Europe. As an example, in the Netherlands we have invested in advertising campaigns to strengthen awareness of Industri-Matematik among business executives, focusing on high travel areas such as Schiphol Airport in Amsterdam. Also, we are leveraging our strong partnerships with IBM and other integration solutions providers in marketing programs."
Mr. Durlow concluded, "We have streamlined our global organization to manage costs more effectively. The Company has a solid financial foundation with no debt, a clean balance sheet and approximately $19 million in cash on hand. Additionally, we are generating momentum among key market influencers and customers with a sharpened brand focus centered on our retail value chain initiative, which is building demand in our sales pipeline. We expect to produce results from this initiative and move to profitability."
About Industri-Matematik
Industri-Matematik International - The Order Company - is a provider of high-performance supply chain solutions for the retail value chain and turns supply chain friction into smooth order flows. Its software enables companies to manage order and replenishment business processes based on actual customer demand to enable best-in-class, pull-driven supply chain practices. The Company's software includes collaborative order management, fulfillment, customer relationship management (CRM), distribution center and store replenishment, supply chain analytics, visibility and event management capabilities.
Industri-Matematik customers cover the entire retail value chain from manufacturers to logistics and business service providers to wholesalers and retailers. They include some of the world's leading brands such as AstraZeneca, British Airways, Campbell Soup, Canadian Tire, Foster's, Kellogg's, Price Chopper, Royal Ahold, Schenker-BTL, Sherwin Williams, Starbucks, Telia, TNT Express and Warner/Elektra/Atlantic.
The statements contained in this release that are not historical facts contain forward-looking information with respect to plans, projections or future performance of Industri-Matematik and further versions of its software products, the achievements of which involve certain risks and uncertainties, including, but not limited to, the success of its reorganization, product demand and market acceptance risks, the effect of economic conditions particularly in its target markets, the impact of competitive products and pricing, product development, commercialization and technological difficulties and other uncertainties detailed in Industri-Matematik's filings with the Securities and Exchange Commission, particularly its Annual Report on Form 10-K filed in July 2001.
Editors: For Industri-Matematik company and product information and press releases, access the Industri-Matematik site on the World Wide Web at http://www.im.se
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The full text report along with financial tables can be found at the following URL: www.waymaker.net/bitonline/2002/03/05/20020305BIT00520/wkr0001.doc