-- 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 listIntegrated Management Information, Inc. (IMI Global) (
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