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Newsroom - Clients - INMG
The following news and investment research items reflect some of the recent business activity for selected clients of Empire Relations Group, Inc. Additional information for investment research can be found in the featured clients section. News and investment research are for informational purposes only.
Integrated Management Information, Inc.
Integrated Management Information (IMI Global) Reports Profitable Second Quarter and Strong Revenue Growth
CASTLE ROCK, CO--(MARKET WIRE)-- 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(TM) 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) (OTC BB:INMG.OB - News), a 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(TM) 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 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.
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
============ ============
John Saunders
Chief Executive Officer
303-895-3002
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About Integrated Management Information
Integrated Management Information, Inc. can provide
ranchers, feed yards,
processors, packers and
retailers with complete
verification and identification
services which are
necessary for many of the
product certifications in
the United States and
abroad.
To link to this corporate profile in our members area click here (You must be a registered member to see profile).
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