-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, CXBq00Nn7Qa6NwTYQ5Ko5KwLvnrkjnHo3UM/QZl5wnc+59QdGTo8/GbmA9J8iFPz pcm2sduYaOJQqfwCtOU7hw== 0000931763-96-000991.txt : 19961125 0000931763-96-000991.hdr.sgml : 19961125 ACCESSION NUMBER: 0000931763-96-000991 CONFORMED SUBMISSION TYPE: 424B3 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19961122 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: INFORMATION MANAGEMENT RESOURCES INC CENTRAL INDEX KEY: 0001021772 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROGRAMMING SERVICES [7371] IRS NUMBER: 592911475 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 424B3 SEC ACT: 1933 Act SEC FILE NUMBER: 333-12037 FILM NUMBER: 96671366 BUSINESS ADDRESS: STREET 1: 26750 U.S. HIGHWAY 19 NORTH, SUITE 500 CITY: CLEARWATER STATE: FL ZIP: 34621 BUSINESS PHONE: 8137977080 424B3 1 PROSPECTUS SUPPLEMENT Filed Pursuant to Rule 424(b)(3) Registration No. 333-12037 PROSPECTUS SUPPLEMENT, DATED NOVEMBER 22, 1996 TO PROSPECTUS DATED NOVEMBER 7, 1996 LOGO QUARTERLY RESULTS OF OPERATIONS--QUARTER ENDED SEPTEMBER 30, 1996 The Company's sales for the quarter ended September 30, 1996 were $7.0 million, a 20.4% increase over sales of $5.9 million for the comparable quarter in 1995. Operating income for the third quarter of 1996 was $1.1 million, a 42.4% increase over the same quarter in 1995 of $790,000. For the nine months ended September 30, 1996, sales increased 18.4% to $19.4 million from $16.4 million for the comparable period in 1995. Operating income for the nine months ended September 30, 1996 was $3.2 million, compared to $2.1 million for the comparable period in 1995, a 49.6% increase. Third quarter revenues from the Company's Year 2000 services increased to $2.2 million, a 128.6% increase over the previous quarter. Revenues from the Company's transitional outsourcing services (software development, application maintenance and migration, and re-engineering services) were $3.5 million for the third quarter of 1996. Professional services revenues for the third quarter of 1996 were $815,000 or 53.9% less than professional services revenues of $1.8 million for the third quarter of 1995 as the Company's resources were reallocated from short- term, time-and-materials contract programming projects to multi-year, turnkey Year 2000 and application maintenance engagements. During November 1996, the Company acquired an additional 18.4% of IMR-India, increasing its ownership of IMR-India to 63.1%. Subject to approval of the Reserve Bank of India, the Company has an agreement to acquire an additional 35.1% of IMR-india, which will increase the Company's total ownership of IMR- India to 98.2%. INFORMATION MANAGEMENT RESOURCES, INC. AND SUBSIDIARY CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED) (IN THOUSANDS)
SEPTEMBER 30, DECEMBER 31, 1996 1995 ------------- ------------ (UNAUDITED) ASSETS Current Assets: Cash and cash equivalents..................... $ 352 $1,621 Accounts receivable........................... 4,550 2,906 Costs and estimated earnings in excess of billings on uncompleted contracts............ 831 708 Other current assets.......................... 798 460 ------- ------ Total current assets........................ 6,531 5,695 Property and equipment, net of accumulated de- preciation..................................... 3,224 1,699 Capitalized software costs, net of accumulated amortization................................... 664 549 Deposits and other assets....................... 836 264 Goodwill, net of accumulated amortization....... 1,653 451 ------- ------ Total assets................................. $12,908 $8,658 ======= ====== LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Revolving credit loans........................ $ 1,659 $ 655 Current portion of long-term debt............. 899 460 Notes payable--shareholder.................... -- 242 Accounts payable.............................. 1,356 490 Deferred revenue.............................. 1,146 17 Accrued expenses.............................. 1,769 1,485 ------- ------ Total current liabilities.................... 6,829 3,349 Long-term debt.................................. 660 1,132 Notes payable--shareholder.................... -- 107 Deferred income taxes......................... 72 38 Other liabilities............................. 79 83 ------- ------ Total liabilities............................ 7,640 4,709 ------- ------ Minority interest............................... 1,728 1,241 ------- ------ SHAREHOLDERS' EQUITY: Preferred Stock............................... -- -- Common stock.................................. 640 906 Additional paid-in capital.................... -- 1,167 Retained earnings............................. 3,017 706 Cumulative foreign currency translation ad- justments.................................... (117) (62) ------- ------ 3,540 2,717 Less Treasury stock........................... -- (9) ------- ------ Total shareholders' equity................... 3,540 2,708 ------- ------ Total liabilities and shareholders' equity... $12,908 $8,658 ======= ======
INFORMATION MANAGEMENT RESOURCES, INC. AND SUBSIDIARY CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) ( IN THOUSANDS, EXCEPT PER SHARE DATA)
THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, -------------------- ------------------ 1996 1995 1996 1995 --------- --------- -------- -------- Revenues............................. $ 7,048 $ 5,853 $ 19,445 $ 16,428 Cost of revenues..................... 4,106 3,607 11,328 10,360 --------- --------- -------- -------- Gross Profit......................... 2,942 2,246 8,117 6,068 Selling, general and administrative expenses............................ 1,817 1,456 4,909 3,924 --------- --------- -------- -------- Income from operations............... 1,125 790 3,208 2,144 Other (expense) income............... (36) (105) (164) 75 --------- --------- -------- -------- Income before provision for income taxes and minority interest......... 1,089 685 3,044 2,219 Provision (benefit) for income taxes. 42 (22) 157 176 --------- --------- -------- -------- Income before minority interest...... 1,047 707 2,887 2,043 Minority interest in net (income) loss................................ (166) 89 (497) (266) --------- --------- -------- -------- Net income........................... $ 881 $ 796 $ 2,390 $ 1,777 ========= ========= ======== ======== PRO FORMA INCOME DATA: Income before provision for income taxes and minority interest....... $ 1,089 $ 685 $ 3,044 $ 2,219 Pro forma provision for income tax- es................................ 332 253 1,012 796 --------- --------- -------- -------- Pro forma net income before minor- ity interest...................... 757 432 2,032 1,423 Pro forma minority interest in net (income) loss..................... (166) 89 (497) (266) --------- --------- -------- -------- Pro forma net income............... $ 591 $ 521 $ 1,535 $ 1,157 ========= ========= ======== ======== Pro forma net income per share..... $ .05 $ .04 $ .14 $ .08 ========= ========= ======== ======== Weighted average common and common stock equivalent shares outstanding....................... 11,255 1 4,202 11,336 14,175 ========= ========= ======== ========
-----END PRIVACY-ENHANCED MESSAGE-----