EX-99.1 2 a08-25846_2ex99d1.htm EX-99.1

Exhibit 99.1

 

FOR IMMEDIATE RELEASE

NEWS

November 13, 2008

OTCBB: INMG

 

Integrated Management Information (IMI Global) Reports Profitable Growth
in Third Quarter and Nine-Month Period

 

Selected Highlights:

 

·                  Second consecutive profitable quarter with net income of $161,000

 

·                  Q3 revenue increases 36% to $597,000 from $438,000

 

·                  S,G&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 list

 

CASTLE ROCK, Colo. – Integrated Management Information, Inc. (IMI Global) (OTCBB: INMG), a leading provider of verification and Internet solutions for the agricultural/livestock industry, today announced increased profitability on strong revenue growth for its third quarter and nine-month period ended September 30, 2008.

 

The Company reported net income of $161,000, or $0.01 per basic and diluted share, in the third quarter compared with a net loss of $188,000, or $0.01 per basic and diluted share, in the same quarter last year.  It was IMI Global’s second consecutive profitable quarter.

 

Revenue in the third quarter increased 36% to $597,000 from $438,000 in the same quarter last year.  The Company continued to experience strong demand for its USVerified solutions, which contributed $442,000 to revenue in the third quarter, up 40% from $317,000 in the same quarter last year.  Hardware revenue – primarily sales of cattle identification ear tags – increased 36% to $148,000 in the quarter from $109,000 in the year-ago third quarter.

 

Selling, general and administrative expense in the third quarter declined by 17% from the third quarter a year ago due to right sizing activities in light of the Company’s July 2008 sale of CattleNetwork and two other online businesses to Vance Publishing.  Among other cost savings measures, the Company closed its Platte City office, which had focused almost exclusively on CattleNetwork operations, and consolidated its remaining web development operations at its headquarters in Castle Rock, Colorado.  The divestiture of its online businesses during the third quarter resulted in a gain on sale of $367,000.

 

Continued momentum in the third quarter raised year-to-date sales and earnings to record levels.  Revenue increased 56% through nine months to $1.8 million from $1.1 million in the same period last year.  Once again, revenue from the Company’s industry-leading USVerified solutions led the way, increasing 57% to $1.5 million from $933,000 in the same period a year ago.  Year-over-year hardware sales grew by 35% to $253,000 from $188,000.

 

Sales, general and administrative expense through nine months declined by 24% to $1.1 million from $1.5 million, again the result of cost containment efforts coupled with lower overhead stemming from the divestiture of online businesses.

 


 

The $367,000 gain on sale of online businesses contributed to an $830,000 positive swing on the Company’s bottom line through the first nine months of 2008.  Net income at the nine-month mark was $143,000, or $0.01 per basic and diluted share, compared with a net loss of $688,000, or $0.03 per basic and diluted share, in the same period last year.

 

“We are pleased with our continued strong revenue growth, particularly in light of difficult economic environment,” said John Saunders, CEO of IMI Global.  “Demand for our core verification solutions remains robust as we continue to add new customers and enhance our solutions offerings.  Our industry leadership position was reinforced in the third quarter when we were named to Livestock Market Digest’s Top 25 List for companies and individuals making a difference in the American Livestock Industry. We think we are well positioned to expand our leadership position and continue our profitable growth.”

 

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 800-366-7640 for domestic toll free or 303-262-2141 for local and international.  The conference ID is 11122313.  A telephone replay will be available through November 27, 2008, at 800-405-2236 or 303-590-3000, passcode 11122313#.

 

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 November 27, 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 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 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.

 


 

Company Contacts:

 

John Saunders

Chief Executive Officer

303-895-3002

 

Jay Pfeiffer

Pfeiffer High Investor Relations, Inc.

303-393-7044

 


 

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