CASTLE ROCK, CO--(Marketwire - May 15, 2009) - Integrated Management Information, Inc.
(IMI Global) (
OTCBB:
INMG), a leading provider of verification and Internet
solutions for the agricultural/livestock industry, today announced
financial results for its first quarter ended March 31, 2009.
The Company reported a net loss of $162,000, or $0.01 per basic and diluted
share, on revenue of $477,300 in the first quarter versus a net loss of
$60,600, or less than one cent per basic and diluted share, on revenue of
$537,300 in the same quarter a year ago. The year-ago first quarter
included $110,000 in revenue related to a special USDA grant-funded project
that was not repeated in 2009. In addition, the year-ago first quarter's
revenue total benefited from a spike in new customers due to the delisting
by the USDA of a competitor's verification services.
"We remain bullish about long-term growth prospects for our core
USVerified™ solutions, which we believe are the most advanced and
effective in the industry," said John Saunders. "We continue to add new
customers, enhance our offerings and expand the scope of our services. In
addition, export markets are strengthening, while domestically the National
Animal Identification System movement is gaining momentum -- both leading
indicators of growth for IMI.
"We are also excited about our new VerifiedGreen™ program, which
dovetails with our core auditing services and gives our traditional
customers the option of having their operations certified as consistent
with environmentally sustainable production processes. As with all of our
USVerified solutions, this service is a value-add for customers seeking
price premiums and a marketing edge."
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,
www.PetSupplyVerified.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 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.
Integrated Management Information, Inc.
Condensed Statements of Operations
(Unaudited)
Three months ended
March 31,
2009 2008
----------- -----------
Revenues $ 477,324 $ 537,330
Costs of revenue 279,096 206,326
----------- -----------
Gross profit 198,228 331,004
Selling, general and administrative expenses 356,307 389,661
Gain on sale of equipment (4,000) -
----------- -----------
Loss from operations (154,079) (58,657)
Other expense (income):
Interest expense 8,162 8,513
Other income, net (263) (1,145)
----------- -----------
Loss before income taxes (161,978) (66,025)
Income taxes - -
----------- -----------
Loss from continuing operations (161,978) (66,025)
Income (loss) from discontinued operations - 5,475
----------- -----------
Net loss $ (161,978) $ (60,550)
=========== ===========
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 and diluted 20,869,626 19,993,088
=========== ===========
Integrated Management Information, Inc.
Condensed Balance Sheets
March 31, December 31,
2009 2008
----------- -----------
ASSETS
Current Assets:
Cash and cash equivalents $ 30,647 $ 154,044
Accounts receivable, net 415,539 458,715
Inventories 5,887 14,350
Prepaid expenses and other current assets 32,894 33,073
----------- -----------
Total current assets 484,967 660,182
Property and equipment, net 123,911 78,275
Intangible assets, net 983 1,093
----------- -----------
Total assets $ 609,861 $ 739,550
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts payable $ 188,837 $ 218,843
Accrued expenses and other current liabilities 70,030 53,438
Current portion of notes payable 8,002 -
----------- -----------
Total current liabilities 266,869 272,281
Notes payable and other long-term debt 327,318 300,000
Stockholders' equity:
Preferred stock - -
Common stock 20,929 20,929
Additional paid-in capital 3,370,528 3,359,380
Treasury stock (16,889) (16,124)
Accumulated deficit (3,358,894) (3,196,916)
----------- -----------
Total stockholders' equity (15,674) 167,269
----------- -----------
Total liabilities and stockholders' deficit $ 609,861 $ 739,550
=========== ===========
Contact Information: Company Contacts:
John Saunders
Chief Executive Officer
303-895-3002
Jay Pfeiffer
Pfeiffer High Investor Relations, Inc.
303-393-7044