CASTLE ROCK, CO--(Marketwire - March 31, 2009) -
Selected Highlights:
-- Third consecutive profitable quarter
-- First profitable year since going public
-- Revenue up 23% in fourth quarter and 46%for year
-- Demand remains strong for core offerings
-- New solutions coming on line in 2009
Integrated Management Information, Inc. (IMI Global) (
OTCBB:
INMG), a
leading provider of verification and Internet solutions for the
agricultural/livestock industry, today announced strong revenue growth and
profitability for its fourth quarter and year ended December 31, 2008.
"Despite the worldwide economic downturn, IMI Global posted record revenue
and achieved its first profitable year in 2008," said John Saunders, CEO of
IMI Global. "We attribute our success to a strong product and service
portfolio combined with a superb effort by our sales, support and
administrative personnel throughout the Company. Our steady revenue growth
reflects the success we are having in attracting new customers -- primarily
for our USVerified solutions -- while we continue to deliver value to, and
build loyalty with, existing customers. In addition, we continue to invest
in new product development, leveraging our proprietary USVerified systems
and our deep industry knowledge and customer base. These activities
resulted in IMI Global being named to Livestock Market Digest's Top 25 List
for companies and individuals making a difference in the American Livestock
Industry. We believe we are well positioned to build on our 2008
accomplishments."
Fourth quarter revenue increased 23% to $634,500 from $515,900 in the same
quarter last year based on continued strong demand during the period for
the Company's core USVerified™ and related hardware solutions. The
Company continued to carefully manage its cost structure, resulting in a
41% decrease in selling, general and administrative expenses -- to $318,800
from $448,200 in the same quarter a year ago.
The Company reported net income of $6,500, or less than one cent per basic
and diluted share, in the fourth quarter compared with a net loss of
$71,400, or less than one cent per basic and diluted share, in the same
quarter last year. It was the Company's third consecutive profitable
quarter.
For the full year IMI Global reported a 46% increase in revenue, to $2.4
million from $1.6 million in 2007. USVerified revenue grew by $44% to $1.9
million from $1.3 million while hardware and other revenue increased 52% to
$467,900 from $308,000 a year ago. Revenue totals in all categories
represented record highs for the Company.
Selling, general and administrative expense declined 25%, or $488,000, year
over year, to $1.4 million from $1.9 million due primarily to management's
efforts to streamline operations and control costs.
During the third quarter of 2008 the Company divested three of its online
businesses at a profit, realizing a $357,800 gain on sale. This gain
contributed to the Company's first profitable year since its going public
transaction in 2006. For 2008 the Company reported net income of $149,700,
or $0.01 per basic and diluted share, as compared with a net loss of
$759,600, or $0.04 per basic and diluted share, in 2007 -- a more than
$900,000 positive bottom line swing.
The Company closed 2008 with working capital of $387,900, which represented
a $686,000 positive swing over 2007's working capital deficit of $298,400.
Cash and cash equivalents at year-end were $154,000 versus $170,900 in the
prior year.
Saunders cited the Company's recently launched VerifiedGreen™ product as
an example of the Company's ability to leverage its verification platform
and infrastructure with new offerings. Using the VerifiedGreen program,
farmers and ranchers can have their operations certified "green" by IMI
Global's auditors, making them eligible to market their products as
consistent with environmentally sustainable production processes. The
program is aimed at producers and retailers who are environmentally
conscious and looking for a marketing edge as well as to consumers who want
to support producers practicing good environmental stewardship.
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.usabornandraised.com,
www.USVerified.com,
www.PetSupplyVerified.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 demand for,
and 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 Twelve months ended
December 31, December 31,
2008 2007 2008 2007
----------- ----------- ----------- -----------
Revenues $ 634,522 $ 515,937 $ 2,402,830 $ 1,649,078
Costs of revenue 293,573 118,443 1,073,328 429,703
----------- ----------- ----------- -----------
Gross profit 340,949 397,494 1,329,502 1,219,375
Selling, general and
administrative expenses 318,844 448,197 1,440,541 1,928,522
Gain on sale of online
business
9,189 - (357,802) -
----------- ----------- ----------- -----------
Income (loss) from
operations 12,916 (50,703) 246,763 (709,147)
Other expense (income):
Interest expense 8,023 8,119 33,098 18,944
Other income, net (1,591) (1,207) (3,726) (7,321)
----------- ----------- ----------- -----------
Income (loss) before
income taxes 6,484 (57,615) 217,391 (720,770)
Income taxes - - - -
----------- ----------- ----------- -----------
Income (loss) from
continuing operations 6,484 (57,615) 217,391 (720,770)
Income (loss) from
discontinued operations - (13,783) (67,733) (38,790)
----------- ----------- ----------- -----------
Net income (loss) $ 6,484 $ (71,398) $ 149,658 $ (759,560)
=========== =========== =========== ===========
Net income (loss) per
share from continuing
operations:
Basic $ - $ - $ 0.01 $ (0.04)
=========== =========== =========== ===========
Diluted $ - $ - $ 0.01 $ (0.04)
=========== =========== =========== ===========
Loss per share from
discontinued
operations:
Basic $ - $ - $ - $ -
=========== =========== =========== ===========
Diluted $ - $ - $ - $ -
=========== =========== =========== ===========
Weighted average
shares outstanding:
Basic 20,871,827 19,995,506 20,624,153 19,512,401
=========== =========== =========== ===========
Diluted 21,016,033 19,995,506 20,680,922 19,512,401
=========== =========== =========== ===========
Integrated Management Information, Inc.
Balance Sheets
(Unaudited) December 31, December 31,
2008 2007
------------ ------------
ASSETS
Current Assets:
Cash and cash equivalents $ 154,044 $ 170,882
Accounts receivable, net 458,715 193,737
Inventories 14,350 18,759
Prepaid expenses and other current assets 33,073 43,495
------------ ------------
Total current assets 660,182 426,873
Property and equipment, net 78,275 54,134
Goodwill - 418,208
Intangible assets, net 1,093 28,395
------------ ------------
Total assets $ 739,550 $ 927,610
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 218,843 $ 259,104
Accrued expenses and other current liabilities 53,438 40,406
Deferred revenues - 5,750
Short-term debt and current portion of
notes payable - 420,000
------------ ------------
Total current liabilities 272,281 725,260
Notes payable and other long-term debt 300,000 300,000
Stockholders' equity:
Preferred stock - -
Common stock 20,929 28,245
Additional paid-in capital 3,359,380 4,705,679
Treasury stock (16,124) (1,485,000)
Accumulated deficit (3,196,916) (3,346,574)
------------ ------------
Total stockholders' equity 167,269 (97,650)
------------ ------------
Total liabilities and stockholders' equity $ 739,550 $ 927,610
============ ============
Contact Information: Company Contacts:
John Saunders
Chief Executive Officer
303-895-3002
Jay Pfeiffer
Pfeiffer High Investor Relations, Inc.
303-393-7044