Integrated Management Information (IMI Global) Reports Record First Quarter Revenue and Net Income
(firmenpresse) - CASTLE ROCK, CO -- (Marketwire) -- 05/15/12 --
Integrated Management Information, Inc. (IMI Global) (OTCBB: INMG), a leading provider of verification and Internet solutions for the agricultural/livestock industry under the Where Food Comes From® brand, today announced record revenue and net income for its first quarter ended March 31, 2012. The Company's first quarter financial statements reflect the Company's acquisition of controlling interest in International Certification Services, Inc. (ICS)* on February 29, 2012.
"We continued to deliver solid growth with our core verification business and our Where Food Comes From solution in the first quarter," said John Saunders, chairman and CEO. "Revenue grew by 25% while net income increased by 368% -- both first quarter records. We have now achieved nine consecutive quarters of year-over-year revenue and earnings growth and, based on current trends in our business, we are optimistic about our prospects for long-term success.
"In April we added our first regional restaurant chain to our Where Food Comes From program -- Anderson's Frozen Custard in western New York -- giving us a strong anchor customer in the restaurant sector to complement our flagship grocery customer -- Heinen's of northern Ohio," Saunders added. "The addressable market for Where Food Comes From is very large and we are being selective in our rollout to ensure high quality standards and to establish solid reference customers. We believe our Where Food Comes From offering will be a long-term growth driver for IMI Global. We're also happy to report that our partnership with ICS is progressing according to plan," Saunders added. "We are collaborating on product training and cross-selling initiatives that are expected to increase revenue and profitability for both businesses."
First quarter revenue increased 25% to a record $1.0 million from revenue of $821,800 in the first quarter last year. Revenue from verification services, led by the Company's industry leading USVerified™ solutions, increased 24% to $845,800 from $682,000 in the first quarter last year. The increase is due to a combination of higher demand for the Company's core services and a $77,000 contribution to revenue from ICS' organic solutions. Hardware revenue consisting primarily of cattle identification tags increased 15% in the first quarter to $157,000 from $137,000 in the same quarter last year. Other revenue, primarily consisting of fees from the Where Food Comes From labeling program, grew by 823% to $26,500 from $2,900 in the same quarter a year ago.
Gross margin in the first quarter was $571,000 versus $452,100 in the first quarter last year. As a percent of revenue, first quarter gross margin increased slightly to 56% in the first quarter from 55% in the first quarter last year.
Selling, general and administrative (SG&A) expense in the first quarter increased 33% year over year to $488,100 from $367,000 in the same quarter last year due to increased headcount and investments associated with promoting Where Food Comes From, costs related to the ICS transaction, and to approximately $46,000 in SG&A expense from ICS.
IMI Global recognized an income tax benefit in the first quarter related to release of the valuation allowance on its deferred tax assets. Inclusive of the $282,100 income tax benefit, the Company reported record first quarter net income of $362,100, or $0.02 per share, a 368% increase over net income of $77,400, or less than one cent per share, in the first quarter of 2011**.
IMI Global generated $39,400 in net cash from operations in the first quarter, up from $4,400 in the first quarter a year ago. The Company closed the first quarter with cash and cash equivalents and short-term investments of $1,079,500, down from $1,252,500 at 2011 year-end due to a $350,000 cash payment in connection with its first quarter 2012 purchase of controlling interest in ICS.
*On February 29, 2012, IMI Global acquired 60% of the outstanding stock of International Certification Services, Inc. (ICS), a leading provider of organic and sustainable certification services to agricultural operations and the food industry. As a result, IMI Global's consolidated statements of operations for the first quarter include 100% of ICS revenue and expenses from February 29, 2012, the acquisition date, to March 31, 2012, with a net income adjustment for the 40% non-controlling interest in ICS. IMI Global's balance sheets reflect 100% of ICS' assets and liabilities as of March 31, 2012, including non-controlling interest below the stockholders' equity line item.
**References to net income in the text of this news release refer to net income attributable to IMI Global stockholders.
Integrated Management Information, Inc. (d.b.a. IMI Global) is America's leading provider of third-party identification, verification and traceability solutions for the livestock and agricultural industries. The Company supports more than 6,000 ranchers, feed yards, meatpackers, food retailers and restaurants with a wide range of solutions, including its USVerified™ brand -- the industry standard for USDA Process Verified (PVP) programs -- which annually verifies marketing claims for approximately one half of all U.S. beef exports; and Where Food Comes From®, a unique retail and restaurant labeling program that connects consumers directly to the source of the food they purchase. Go to and for additional information.
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 expectations for revenue and profitability growth for IMI Global and ICS; industry leadership; the size of the addressable market and growth prospects for Where Food Comes From; progress of the partnership with ICS; expectations for use of remaining deferred tax assets; and the demand for, and impact and efficacy of, the Company's and its partners' 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. Financial results for the fourth quarter and twelve-month period 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 .
Company Contacts:
John Saunders
Chief Executive Officer
303-895-3002
Jay Pfeiffer
Pfeiffer High Investor Relations, Inc.
303-393-7044
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Datum: 15.05.2012 - 05:00 Uhr
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