2009-11-11 17:49:02 -
CASTLE ROCK, CO -- (Marketwire) -- 11/11/09 -- Integrated Management Information, Inc.
(IMI Global) (OTCBB: INMG), a leading provider of verification and Internet solutions for the agricultural/livestock industry, today reported strong revenue growth and its second consecutive profitable quarter for its third quarter ended September 30, 2009.
The Company reported revenue of $778,700 in the third quarter, a 30% increase over revenue of $597,300 in the third quarter a year ago. The increase was due to continued strong demand in the Company's two primary revenue categories -- third party verification solutions and related hardware sales. Verification revenue increased 32% in the third quarter to $581,000 from $441,600 in the same quarter last year. Sales of hardware -- primarily cattle identification tags -- increased 29% year over year to $191,300 from $148,200.
In its second straight profitable quarter, IMI Global reported net income of $70,400, or less than one cent per basic and diluted share, as compared with net income of $161,000, or $0.01 per basic and diluted share, in the same quarter last year. The year-ago third quarter included a $367,000 gain on sale of assets.
Revenue for the nine-month period increased 8% to $1,901,900 from $1,768,300 in the same period a year ago. Revenue mix included $1,536,100 in verification revenue, up 23% from $1,248,200, and $347,300 in hardware sales, up 37% over $253,300 in the first nine months of 2008.
The Company reported a net loss of $42,300, or less than one cent per basic and diluted share, in the nine-month period ended September 30, 2009, as compared with net income of $143,200, or $0.01 per basic and diluted share in the same period a year ago when the Company benefited from the impact of the $367,000 gain on sale of assets.
At September 30, 2009, IMI Global had cash and cash equivalents of $245,400, up from $154,000 at the December 31, 2008 year-end. The Company generated $112,200 in cash from operations year-to-date, a $627,400 positive swing year-over-year. The Company's current ratio was 2.5 to 1.
"We are pleased with our 30% revenue growth and second straight profitable quarter, particularly in light of the continued economic downturn," said John Sanders, CEO of IMI Global. "Despite the challenging year in our industry, we have been able to succeed based on our strong core product offerings and a commitment to excellent customer service. At the same time, we are laying the groundwork for continued growth through the development of new solutions focused on improving food safety and advancing environmentally sustainable production processes. During the third quarter IMI Global achieved another industry first when Hidalgo Ranch of Mayfield, New Mexico, in conjunction with Superior Livestock, became the nation's first producer to auction cattle with carbon credits attached."
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 :
and www.PetSupplyVerified.com :
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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 effectiveness 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 nine-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 :
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Integrated Management Information, Inc.
Statements of Operations
(Unaudited)
Three months ended Nine months ended
September 30, September 30,
2009 2008 2009 2008
---------- ---------- ---------- ----------
Revenues $ 778,736 $ 597,262 $1,901,941 $1,768,308
Costs of revenue 391,446 352,152 964,935 779,754
---------- ---------- ---------- ----------
Gross profit 387,290 245,110 937,006 988,554
Selling, general and
administrative expenses 308,030 391,312 957,505 1,121,697
Gain on sale of equipment - (366,991) (4,000) (366,991)
---------- ---------- ---------- ----------
Income from operations 79,260 220,789 (16,499) 233,848
Other expense (income):
Interest expense 9,114 7,603 26,462 25,075
Other income, net (250) (875) (644) (2,135)
---------- ---------- ---------- ----------
Income (loss) before income
taxes 70,396 214,061 (42,317) 210,908
Income taxes - - - -
---------- ---------- ---------- ----------
Income (loss) from continuing
operations 70,396 214,061 (42,317) 210,908
Loss from discontinued
operations - (53,071) - (67,733)
---------- ---------- ---------- ----------
Net income (loss) $ 70,396 $ 160,990 $ (42,317) $ 143,175
========== ========== ========== ==========
Net income (loss) per share
from continuing operations:
Basic $ - $ 0.01 $ - $ 0.01
========== ========== ========== ==========
Diluted $ - $ 0.01 $ - $ 0.01
========== ========== ========== ==========
Loss per share from
discontinued operations:
Basic $ - $ - $ - $ -
========== ========== ========== ==========
Diluted $ - $ - $ - $ -
========== ========== ========== ==========
Weighted average shares
outstanding:
Basic 20,868,481 20,856,009 20,868,859 20,583,331
========== ========== ========== ==========
Diluted 20,996,910 21,372,672 20,868,859 20,646,214
========== ========== ========== ==========
Integrated Management Information, Inc.
Balance Sheets
(Unaudited) September 30, December 31,
2009 2008
------------ ------------
ASSETS
Current Assets:
Cash and cash equivalents $ 245,352 $ 154,044
Accounts receivable, net 374,907 458,715
Inventories - 14,350
Prepaid expenses and other current assets 8,864 33,073
------------ ------------
Total current assets 629,123 660,182
Property and equipment, net 134,550 78,275
Intangible assets, net 764 1,093
------------ ------------
Total assets $ 764,437 $ 739,550
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 203,283 $ 218,843
Accrued expenses and other current
liabilities 38,030 53,438
Current portion of notes payable 8,309 -
------------ ------------
Total current liabilities 249,622 272,281
Notes payable and other long-term debt 363,060 300,000
Stockholders' equity:
Preferred stock - -
Common stock 20,929 20,929
Additional paid-in capital 3,386,948 3,359,380
Treasury stock (16,889) (16,124)
Accumulated deficit (3,239,233) (3,196,916)
------------ ------------
Total stockholders' equity 151,755 167,269
------------ ------------
Total liabilities and stockholders'
equity $ 764,437 $ 739,550
============ ============
Company Contacts:
John Saunders
Chief Executive Officer
303-895-3002
Jay Pfeiffer
Pfeiffer High Investor Relations, Inc.
303-393-7044
