* Record first quarter revenue increases 38% to $471,300 vs.
$340,500 CASTLE ROCK, Colo., May 14 /PRNewswire-FirstCall/ --
Integrated Management Information, Inc. (IMI Global) (OTC:INMG)
(BULLETIN BOARD: INMG) , a leading provider of verification and
Internet solutions for the agricultural/livestock industry, today
announced its financial results for first quarter ended March 31,
2007. First Quarter Results Revenue increased to $471,300 in the
first quarter of 2007, up 38% from revenue of $340,500 in the same
quarter last year. It was the Company's strongest revenue quarter
since inception. The revenue growth was attributed to strength in
the Company's USVerified verification and identification solutions
as well as higher advertising sales associated with
CattleNetwork.com. Specifically, USVerified revenue increased 45%
to $309,600 from $213,500 while CattleNetwork advertising revenue
grew 81% to $96,400 from $53,200. The growth in verification and
CattleNetwork advertising revenue more than offset more modest
declines in hardware and other product sales. Gross profit in the
first quarter increased to $272,600, or 58% of revenue, up from
$189,000, or 56% of revenue, in the same quarter last year. The
higher gross profit and associated increase in percentage profit
margin was generally attributed to higher overall revenue. In
addition, because CattleNetwork's operating costs are relatively
fixed, additional incremental advertising revenue on the site
typically translates directly into improved margins. Selling,
general and administrative expenses decreased 5% to $557,900 in the
first quarter from $586,700 in the same quarter of 2006. The lower
cost base combined with a significant increase in revenue enabled
the Company to reduce its net loss to $290,700, or $0.02 per share,
in the first quarter versus a net loss of $401,400, or $0.02 per
share, in the same quarter last year. "We are pleased with our
first quarter results," said John Saunders, president and CEO. "We
achieved solid revenue growth, improved gross margins and reduced
expenses while we continued to expand our customer base and our
influence in the cattle/agricultural community. Our verification
and identification business continues to grow steadily, and our
ability to leverage a relatively fixed cost structure in our
Internet business gives us strong potential to increase our
profitability as we add new advertisers. With our recent
introduction of AgNetwork.com, a unique source of news and
information for the worldwide agricultural community, our revenue
and profit potential becomes even more attractive. We believe we
have a solid growth strategy and are optimistic about continued
expansion and success." First Quarter Highlights * IMI Global
assisted the Arkansas Department of Agriculture in developing a
USDA approved Quality System Assessment (QSA) program. The program,
which addresses the age and source verification needs of Arkansas
cattle producers, will help cattle ranchers qualify their beef for
export and receive premium prices for their cattle at auction.
Arkansas becomes the second state (Missouri was the first) to use
IMI Global's processes to gain USDA approval for a QSA program. *
Farmers & Ranchers Livestock Commission, the largest "live"
cattle auction in Kansas, selected IMI Global to help develop and
launch the nation's first independent QSA verification program
offered by a livestock market. The new program resulted in auction
premiums of $3 to $5 per hundredweight for the first consignment of
QSA source and age verified cattle to pass through the barn.
Conference Call The Company will conduct an investor conference
call and Webcast on May 14th at 10:30 a.m. Mountain Time. The
call-in numbers for the conference call are 1-800-219-6110 for
domestic toll free, and 303-262-2131 for local and international.
The conference ID and passcode is 11089753. A telephone replay will
be available through May 28, 2007, and can be accessed by calling
1-800-405-2236 or 303-590-3000, passcode 11089753. To access a live
Webcast of the call, please visit IMI Global's website at
http://www.imiglobal.com/ and click the Webcast link on the home
page. A replay of the Webcast will be available at that website
through June 14, 2007. About IMI Global Founded in 1995, IMI Global
is a leading provider of verification and Internet solutions for
the agricultural/livestock industry. Go to
http://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. IMI operations include
CattleNetwork.com, an online service offering market information
and industry news to the cattle industry, and CattleStore.com, an
online source for livestock supplies, such as animal
identification, medical equipment and veterinarian supplies.
Additional IMI web sites include USVerified.com,
SupplyVerified.com, and AgNetwork.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,
and leveraging the USVerified brand, 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
nine-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
http://www.sec.gov/. Integrated Management Information, Inc.
Condensed Statements of Operations (Unaudited) Three months ended
March 31, 2007 2006 Revenues $471,315 $340,460 Cost of sales
198,715 151,507 Gross profit 272,600 188,953 Selling, general and
administrative expense 557,852 586,738 Loss from operations
(285,252) (397,785) Other income (expense): Interest income 1,694
2,251 Interest expense (7,123) (5,848) Net other expense (5,429)
(3,597) Loss before income taxes (290,681) (401,382) Income taxes
-- -- Net loss $(290,681) $(401,382) Loss per share $(0.02) $(0.02)
Average shares outstanding 19,051,061 21,636,265 Integrated
Management Information, Inc. Condensed Balance Sheets (Unaudited)
March 31, December 31, 2007 2006 ASSETS Current Assets: Cash and
cash equivalents $204,566 $230,539 Accounts receivable, net 175,562
178,159 Inventory 15,041 14,185 Prepaid expenses 23,236 33,435
Total current assets 418,405 456,318 Restricted cash: Cash
restricted for payment of line of credit 50,000 50,000 Property and
equipment: Equipment and furniture 122,630 115,409 Accumulated
depreciation (86,697) (83,792) Property and equipment, net 35,933
31,617 Other assets: Intangible assets, net 41,073 46,633 Goodwill
418,208 418,208 Total other assets 459,281 464,841 Total assets
$963,619 $1,002,776 LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
Current liabilities: Notes payable $156,622 $156,622 Accounts
payable 196,149 206,466 Accrued expenses 8,000 8,287 Deferred
revenues 2,160 10,820 Total current liabilities 362,931 382,195
Notes payable 350,000 350,000 Stockholders' equity (deficit):
Common stock 27,579 27,024 Additional paid-in capital 4,585,804
4,315,571 Treasury stock (1,485,000) (1,485,000) Retained (deficit)
(2,877,695) (2,587,014) Total shareholders' equity 250,688 270,581
Total liabilities and shareholders' equity $963,619 $1,002,776
DATASOURCE: Integrated Management Information, Inc. CONTACT: John
Saunders, Chief Executive Officer of Integrated Management
Information, Inc., +1-303-895-3002; or Jay Pfeiffer of Pfeiffer
High Investor Relations, Inc., +1-303-393-7044, for Integrated
Management Information, Inc. Web site: http://www.imiglobal.com/
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