Integrated Management Information (IMI Global) Reports Profitable Second Quarter and Strong Revenue Growth
2008-07-29 07:00:00
Integrated Management Information (IMI Global) Reports Profitable Second Quarter and Strong Revenue Growth
CASTLE ROCK, CO–(EMWNews – July 29, 2008) –
Selected Highlights:
-- Transition to profitability with $42,700 in net income in Q2 -- Q2 revenue up 53% to $808,200 from $530,000 -- Highest revenue quarter in Company's history -- Six-month revenue up 53% to $1,533,300 from $1,001,300 -- USVerified™ solutions revenue up 84% in Q2 -- IMI signs long term marketing agreement with Vance Publishing -- Born & Raised in the USA® uniquely solves the COOL issue for retailers
Integrated Management Information, Inc. (IMI Global) (
leading provider of verification and Internet solutions for the
agricultural/livestock industry, today announced it transitioned to
profitability in the second quarter on the strength of strong revenue
growth and a stable expense base.
“We are very pleased to report our first profitable quarter as a public
company,” said John Saunders, president and CEO. “Employees at all levels
of our organization have worked very hard to create a culture of profitable
growth, and our second quarter performance validates our strategy of
focusing on driving consistent top-line growth while maintaining a lean
operating environment. As always, our USVerified™ verification and
identification solutions led the way, both in terms of revenue growth and
profit contribution. With our new long-term strategic marketing agreement
with Vance Publishing, we are now more focused than ever on expanding our
USVerified and Born & Raised in the USA® offerings and increasing our
marketing efforts to support continued growth.”
The Company reported net income of $42,700, or less than one cent per basic
and diluted share, in the second quarter ended June 30, 2008, compared with
a net loss of $209,600, or $0.01 per basic and diluted share, in the same
quarter last year. It was IMI Global’s first profitable quarter as a
public company — the result of significantly higher revenue combined with
a stable cost structure.
Revenue in the second quarter increased 53% to $808,200 from $530,000 in
the second quarter a year ago. Demand for the Company’s USVerified
solutions remained strong in the period, resulting in a 84% increase in
revenue in that category — to $611,500, or 76% of total revenue, from
$333,000 in the second quarter last year. The Company continued to add new
customers for its third party food verification services during the second
quarter and believes prospects for continued growth are good in light of
the reopening of key export markets, the impending deadline for Country of
Origin Labeling (COOL) in September of 2008, and growing consumer sentiment
to better understand where food comes from.
Subsequent to the end of the second quarter the Company entered into a
long-term marketing and support agreement with Vance Publishing in which
IMI Global sold three of its online assets — CattleNetwork.com,
CattleStore.com and AgNetwork. Vance Publishing is a leader in
agriculture-related magazine publications, web offerings and newsletters,
including Drover’s, Pork, Bovine Veterinarian, and Dairy Herd Management.
While the now-divested online businesses contributed approximately
$197,000, or 24% of total revenue in the second quarter, these assets are
much better utilized by Vance and their divestiture will allow IMI Global
to sharpen its focus on its core solutions and a lean operating
environment. Additionally, the transaction enables IMI Global to
significantly strengthen its balance sheet, improve its working capital
balance, and collaborate with the industry leader, Vance Publishing, on an
aggressive advertising and promotion program in support of IMI Global’s
USVerified and Born & Raised in the USA® solution offerings. The Born &
Raised in the USA labeling solution, marketed exclusively by IMI Global,
gives retailers a proven, streamlined third-party verification program to
comply with the country of origin labeling (COOL) mandate under the 2002
Farm Bill, set to go into effect in the Fall of 2008.
Saunders added, “This new partnership has been structured to leverage the
respective strengths of Vance Publishing and IMI Global, and we are very
excited about our prospects for success. In addition to more effectively
delivering the IMI Global message to a broader potential customer base in
our traditional livestock markets, we have enhanced our ability to reach
out to new food sectors, including fruits and vegetables, where Vance also
has a strong presence. We couldn’t be more excited about the future.”
The Company’s strong second quarter performance contributed to a $518,000
positive swing on the bottom line through six months. Net loss for the
year-to-date period was just $18,000, or less than one cent per basic and
diluted share, compared with a net loss of $500,200, or $0.03 per basic and
diluted share, in the six-month period ended June 30, 2007.
Revenue through six months increased 53% to $1,533,300 from $1,001,300 in
the same period a year ago. Again, the key driver was the Company’s
fast-growing verification solutions offerings.
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 800-257-6566 for domestic
toll free or 303-262-2191 for local and international. The conference ID
is 11117695. A telephone replay will be available through August 13, 2008,
at 800-405-2236 or 303-590-3000, passcode 111117695#.
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 August 29, 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
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. Condensed Statements of Operations (Unaudited) Three months ended Six months ended June 30, June 30, 2008 2007 2008 2007 ----------- ----------- ------------ ----------- Revenues $ 808,168 $ 529,952 $1,533,343 $ 1,001,267 Costs of revenue 377,882 215,046 729,297 413,761 ----------- ----------- ------------ ----------- Gross profit 430,286 314,906 804,046 587,506 Selling, general and administrative expenses 374,333 517,808 796,900 1,075,660 ----------- ----------- ------------ ----------- Income (loss) from operations 55,953 (202,902) 7,146 (488,154) Other expense (income): Interest expense 13,334 7,740 26,222 14,863 Other income, net (115) (1,085) (1,260) (2,779) ----------- ----------- ------------ ----------- Income (loss) before income taxes 42,734 (209,557) (17,816) (500,238) Income taxes - - - - ----------- ----------- ------------ ----------- Net income (loss) $ 42,734 $ (209,557) $ (17,816) $ (500,238) =========== =========== ============ =========== Net income (loss) per share, basic and diluted $ 0.00 $ (0.01) $ (0.00) $ (0.03) =========== =========== ============ =========== Weighted average shares outstanding, basic and diluted 19,984,506 19,328,839 19,988,797 19,189,950 =========== =========== ============ =========== Integrated Management Information, Inc. Balance Sheets June 30, December 31, 2008 2007 ------------ ------------ ASSETS Current Assets: Cash and cash equivalents $ 63,859 $ 170,882 Accounts receivable, net 404,739 193,737 Inventories 15,062 18,759 Prepaid expenses and other current assets 19,961 43,495 ------------ ------------ Total current assets 503,621 426,873 Property and equipment, net 71,377 54,134 Goodwill 418,208 418,208 Intangible assets, net 21,113 28,395 ------------ ------------ Total assets $ 1,014,319 $ 927,610 ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable $ 319,140 $ 259,103 Accrued expenses and other current liabilities 64,655 40,406 Deferred revenues - 5,750 Short-term debt and current portion of notes payable 444,000 420,000 ------------ ------------ Total current liabilities 827,795 725,259 Notes payable and other long-term debt 300,000 300,000 Stockholders' equity (deficit): Preferred stock - - Common stock 28,246 28,246 Additional paid-in capital 4,709,396 4,705,679 Treasury stock (1,486,728) (1,485,000) Accumulated deficit (3,364,390) (3,346,574) ------------ ------------ Total stockholders' equity (113,476) (97,649) ------------ ------------ Total liabilities and stockholders' deficit $ 1,014,319 $ 927,610 ============ ============
Company Contacts:
John Saunders Jay Pfeiffer |
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