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Integrated Management Information (IMI Global) Reports Profitable Q2 Growth
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CASTLE ROCK, CO--(Marketwire - 08/04/09) - Integrated Management Information, Inc. (IMI Global) (OTC.BB:INMG - News), a leading provider of verification and Internet solutions for the agricultural/livestock industry, today announced financial results for its second quarter and six-month period ended June 30, 2009.
"We are pleased to report a return to profitability in the second quarter -- a reflection of consistent revenue growth in combination with careful management of our cost structure during an economic downturn that has severely impacted the food industry," said John Saunders, CEO of IMI Global. "We continued to add new customers for our core USVerified solutions during the second quarter, with a strong export market for US beef and pork, while at the same time rolling out innovative new services that address growing industry and consumer demands for improved food safety and environmentally sustainable production processes. Moving forward we believe our new programs such as VerifiedGreen(TM) and Food Systems Verified(TM) will meet these growing demands in the US and we expect to augment our traditional revenue streams and reinforce IMI Global's reputation for innovation and industry leadership."
New offerings introduced recently include:
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-- FoodSystemsVerified(TM), which helps food processors comply with the
Safe Quality Food (SQF) Institute's best practices standards, one of the
five recognized standards under the Global Food Safety Initiative (GFSI).
PM Beef, a leading domestic and international supplier of top-quality, corn-
fed beef, became IMI Global's first customer for FoodSystemsVerified and as
a result was named a Safe Quality Food (SQF) 2000 Level 3 Certified
Supplier by the SQF Institute, a division of the Food Marketing Institute
(FMI). PM Beef was the first U.S. beef harvest facility to receive such
certification, which requires producers to meet and maintain the most
rigorous food quality and safety standards.
-- VerifiedGreen(TM), an innovative new verification system that caters
to ranchers, retailers and consumers who are committed to reducing their
carbon footprint. Under the VerifiedGreen program, farmers and ranchers
who employ environmentally sustainable production processes can have their
operations verified "green" by IMI Global's auditors, making them eligible
to market their animals with carbon credits attached. In July the first
auction featuring cattle with carbon credits attached was successfully
completed by Superior Livestock's (http://www.superiorlivestock.com/) Video
Royale XVII sale in Winnemucca, Nevada.
Second quarter revenue increased to $645,900 from $633,700 in the same quarter last year as growth in hardware sales related to cattle identification programs offset a slight decline in verification revenue. Revenue related to our USVerified Solutions, program development and web-based services decreased slightly to $542,400 from $570,800 year over year. However, the year-ago second quarter included approximately $97,000 in revenue related to a special USDA grant funded project for premise registrations. Excluding this non-recurring revenue stream, verification revenue for the second quarter of this year improved 14.5% over the same quarter a year ago. The Company reported net income of $49,300, or less than one cent per basic and diluted share, in the second quarter, up from $42,700, or less than one cent per basic and diluted share, in the same quarter last year. Despite the economic downturn, the Company has been profitable in four of the past five quarters.
For the six-month period the Company reported sales of $1,123,200 versus $1,171,000 in the same period a year ago. The slight decline in year-over-year revenue was attributable to a spike in revenue in the first quarter of 2008 related to an influx of new customers due to the delisting by the USDA of a competitor's verification services as well as to a special USDA grant-funded project that was not repeated in the first quarter of this year. Excluding these two non-recurring revenue streams, verification revenue for the year-to-date period increased 18.4% over the first six months of 2008. Net loss through six months was $112,700, or $0.01 per basic and less than one cent per diluted share, versus $17,800, or less than one cent per basic and diluted share, in the same period last year.
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.usabornandraised.com, www.USVerified.com, and www.PetSupplyVerified.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 demand for, and 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.
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Integrated Management Information, Inc.
Statements of Operations
(Unaudited)
Three months ended Six months ended
June 30, June 30,
2009 2008 2009 2008
----------- ----------- ----------- -----------
Revenues $ 645,880 $ 633,716 $ 1,123,205 $ 1,171,046
Costs of revenue 294,393 221,277 573,489 427,603
----------- ----------- ----------- -----------
Gross profit 351,487 412,439 549,716 743,443
Selling, general
and administrative
expenses 293,168 340,724 649,475 730,385
Gain on sale of
equipment - - (4,000) -
----------- ----------- ----------- -----------
Income from operations 58,319 71,715 (95,759) 13,058
Other expense (income):
Interest expense 9,187 8,959 17,348 17,472
Other income, net (133) (115) (394) (1,260)
----------- ----------- ----------- -----------
Income (loss) before
income taxes 49,265 62,871 (112,713) (3,154)
Income taxes - - - -
----------- ----------- ----------- -----------
Income (loss) from
continuing operations 49,265 62,871 (112,713) (3,154)
Loss from discontinued
operations - (20,137) - (14,662)
----------- ----------- ----------- -----------
Net income (loss) $ 49,265 $ 42,734 $ (112,713) $ (17,816)
=========== =========== =========== ===========
Net income (loss) per
share from continuing
operations:
Basic $ - $ - $ (0.01) $ -
=========== =========== =========== ===========
Diluted $ - $ - $ (0.01) $ -
=========== =========== =========== ===========
Loss per share from
discontinued
operations:
Basic $ - $ - $ - $ -
=========== =========== =========== ===========
Diluted $ - $ - $ - $ -
=========== =========== =========== ===========
Weighted average shares
outstanding:
Basic 20,868,481 19,984,506 20,869,050 19,988,797
=========== =========== =========== ===========
Diluted 20,956,251 20,047,389 20,869,050 19,988,797
=========== =========== =========== ===========
Integrated Management Information, Inc.
Balance Sheets
(Unaudited)
June 30, December 31,
2009 2008
----------- -----------
ASSETS
Current Assets:
Cash and cash equivalents $ 128,548 $ 154,044
Accounts receivable, net 378,014 458,715
Inventories - 14,350
Prepaid expenses and other current assets 24,412 33,073
----------- -----------
Total current assets 530,974 660,182
Property and equipment, net 111,266 78,275
Intangible assets, net 874 1,093
----------- -----------
Total assets $ 643,114 $ 739,550
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 125,536 $ 218,843
Accrued expenses and other current liabilities 53,496 53,438
Current portion of notes payable 8,154 -
----------- -----------
Total current liabilities 187,186 272,281
Notes payable and other long-term debt 375,209 300,000
Stockholders' equity:
Preferred stock - -
Common stock 20,929 20,929
Additional paid-in capital 3,386,308 3,359,380
Treasury stock (16,889) (16,124)
Accumulated deficit (3,309,629) (3,196,916)
----------- -----------
Total stockholders' equity 80,719 167,269
----------- -----------
Total liabilities and stockholders' equity $ 643,114 $ 739,550
=========== ===========
Contact:
Company Contacts:
John Saunders
Chief Executive Officer
303-895-3002
Jay Pfeiffer
Pfeiffer High Investor Relations, Inc.
303-393-7044
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