Integrated Management Information (IMI Global) Reports Record Revenue and Net Income for 2011 Fourth Quarter and Full Year
(firmenpresse) - CASTLE ROCK, CO -- (Marketwire) -- 03/26/12 -- Integrated Management Information, Inc. (IMI Global) (OTCBB: INMG)
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 fourth quarter and full year ended December 31, 2011.
"We are pleased to report another year of record revenue and profitability," said John Saunders, CEO of IMI Global. "We have now achieved eight consecutive quarters of year-over-year revenue and earnings gains. In addition, we continue to generate strong cash flows and strengthen our balance sheet, closing the year with nearly $1.0 million in cash and cash equivalents and $1.5 million in working capital. We're confident that our strategy of steady, profitable growth and careful balance sheet management will contribute to long-term growth in shareholder value.
"On the operations side, demand for our core verification solutions continues to grow as our new and existing customers recognize the value of our solutions," Saunders added. "In addition to serving a traditional customer base of ranchers, feeders and packers, we have successfully introduced our products into the retail and restaurant channels, which hold potential for accelerated growth. The cornerstone of this effort is our highly scalable Where Food Comes From labeling program that connects consumers - from grocery shoppers to restaurant patrons - to the origins of the food they purchase."
In February of 2012 IMI Global acquired controlling interest in International Certification Services, Inc. (ICS), a leading provider of organic and sustainable certification services to agricultural operations and the food industry. On an unaudited basis, ICS was profitable on revenue of approximately $1.0 million in 2011. The acquisition strengthens IMI Global's solutions portfolio, and is expected to be accretive to earnings and contribute to another year of record revenue for IMI Global in 2012.
Fourth quarter revenue increased 19% to a record $1,035,400 from revenue of $871,600 in the fourth quarter last year. It was the Company's eighth consecutive quarter of year-over-year revenue growth. Revenue from verification services, which includes the Company's industry leading USVerified™ solutions, increased 20% to $817,000 from $681,700 in the fourth quarter last year. Hardware revenue consisting primarily of cattle identification tags increased 10% in the fourth quarter to $189,100 from $171,200 in the same quarter last year. Other revenue, primarily consisting of fees from the Where Food Comes From labeling program, grew by 57% to $29,300 from $18,700 in the same quarter a year ago.
Gross margin increased 5% to $547,900 from $520,500 in the fourth quarter a year ago. As a percent of revenue, fourth quarter gross margin declined to 53% from 60% year over year.
Selling, general and administrative expense in the fourth quarter increased 14% year over year to $451,000 from $396,900 in the same quarter last year due to increased investments in promoting the Company's Where Food Comes From program.
The Company reported fourth quarter net income of $306,100, or $0.01 per share, versus net income of $116,100, or $0.01 per share, in the same quarter last year. It was the Company's eighth consecutive quarter of record year-over-year profitability.
IMI Global recognized an income tax benefit of $224,400 in the fourth quarter related to the release of the valuation allowance on its deferred tax assets.
Revenue in 2011 increased 29% to a record $4,232,700 from $3,274,600 in 2010 based on strong market demand for the Company's core verification solutions as well as a growing contribution to revenue from Where Food Comes From.
Verification revenue grew by 28% to $3,329,600 from $2,592,200 in 2010. Hardware revenue grew 30% to $843,100 from $648,000 a year ago. Revenue from Where Food Comes From and other sources was up 75% to $60,000 from $34,400.
Gross margin in 2011 grew by 30% to $2,348,400, or 55% of revenue, from gross margin of $1,799,700, or 55% of revenue, in 2010.
Selling, general and administrative expense increased 16% for the year to $1,671,800 from $1,440,200 in 2010, primarily as a result of increased advertising, marketing and consulting costs associated with promoting Where Food Comes From.
Inclusive of the income tax benefit of $224,400 related to its deferred tax assets, the Company reported record 2011 net income of $864,500, or $0.04 per share, a 164% increase over net income of $327,800, or $0.02 per share, in 2010.
IMI Global generated strong cash flows throughout 2011, closing the year with $720,700 in cash generated from operations, up 67% over $430,900 in 2010. Cash and cash equivalents and short-term investments at year-end totaled $1.3 million, up 144% over $513,100 last year. Working capital also increased to $1.5 million, up 174% from $555,100 a year ago.
The Board of Directors of IMI Global instituted a stock buyback program in 2008 in order to purchase shares of the Company at what it believes to be attractive prices. In 2011 the Company bought back 247,691 shares of its common stock at an average price of $0.25. Since inception of the program, IMI Global has bought back 498,247 shares.
Founded in 1995, IMI Global is a USDA Process Verified (PVP) company and is a leading provider of verification and Internet solutions for the agriculture industry. Go to and 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.
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 revenue and profitability growth, ICS' revenue and profitability, accretive earnings, the Company's ability to generate strong cash flows, strengthen its balance sheet and build shareholder value; growth potential; leadership; the attractiveness of prices at which the company bought back shares; scalability of Where Food Comes From; and the demand for, and impact and efficacy of, the Company's and its subsidiaries' 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: 26.03.2012 - 18:56 Uhr
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