Selected Highlights: * Full year 2006 revenue increases 60.8% to
$1.5 million * Fourth quarter revenue up 14.9% to $460,100 * Gross
margin increases in both fourth quarter and full year *
USVerified(TM) solutions revenue up 21% for year *
CattleNetwork.com revenue up 146% for year on growth in all traffic
categories * CattleStore.com and ID tag sales up 186% for year
CASTLE ROCK, Colo., Feb. 20 /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
record revenue for its fourth quarter and full year ended December
31, 2006. Fourth Quarter Results Revenue increased nearly 15% to
$460,100 in the fourth quarter as compared with $400,559 in the
same quarter last year. The Company had sequential revenue growth
in each quarter of 2006. This continued revenue growth was
attributed to strength in the Company's three complementary revenue
streams, including USVerified verification and identification
services, advertising on CattleNetwork and product sales through
CattleStore and direct channels. Gross profit in the fourth quarter
increased to $227,345, up sequentially from $173,288 in the third
quarter and from $167,449 in the same quarter a year ago.
USVerified services and advertising revenue were the key drivers of
higher margins. Selling, general and administrative expense
increased 76.4% to $664,964 from $376,901 in the comparable fourth
quarter due to overall growth of the Company's infrastructure,
including significant investments in personnel, as well as legal,
accounting and other costs associated with "going public"
activities. Included in the SG&A category was $170,036 in
non-cash stock-based compensation charges. Net loss in the fourth
quarter was $441,802, or $0.02 per share, versus a net loss of
$213,947, or $0.01 per share, in the same quarter last year. "We
are pleased with our continued strong revenue trends in both the
fourth quarter and full year," said John Saunders, president and
CEO. "As anticipated, all three of our revenue streams showed
strong growth in 2006, and we entered 2007 with solid momentum and
expectations for another year of positive revenue growth. Our
progress is due largely to our unique, diversified product and
service mix that appeals to virtually every aspect of the cattle
industry -- from verification and identification of cattle to
providing wide-ranging news and information via one of the
industry's most highly visited Web sites -- CattleNetwork.com -- to
our growing online livestock supplies store -- CattleStore.com. IMI
Global has established itself as a one-stop-shop for many major
aspects of the cattle industry, and we believe our best years are
ahead of us. "We anticipate continued year-over-year growth in our
verification and identification business, which is widely
recognized throughout the industry for its innovative programs that
reassure consumers and drive premiums for cattle at auction,"
Saunders added. "Additionally, increasing traffic and transaction
counts in both of our online businesses are creating value for our
advertisers, customers and shareholders. We intend to leverage our
success with CattleNetwork to launch new, innovative online
services in 2007 and beyond." Full Year Results Revenue for the 12
months ended December 31, 2006, grew to $1,539,933, up 60.8% from
$957,894 in 2005. In addition to growth in all three of its revenue
segments in 2006, IMI Global benefited from 12 full months of
revenue from its Internet operations versus seven months in 2005.
Gross profit in 2006 increased 79% to $758,439 from $423,736 a year
ago, and gross margin percentage increased to 49.3% from 44.2% for
the corresponding periods. Selling, general and administrative
expense increased 62.8% to $2,302,248 from $1,414,007. Again, this
increase was attributable to accelerated investments in the
USVerified business, expansion of the Company's Internet
operations, a significant increase in expenses associated with
"going public" activities, and non-cash share-based compensation
expense, which grew to $353,410 from $30,000. The Company reported
a net loss for the full year of $1,559,042, or $0.08 per share,
versus a net loss of $1,027,972, or $0.04 per share, in 2005.
Saunders provided the following 2006 operational highlights:
Verification and Identification Services * The Company's
USVerified(TM) solutions generated $854,763 in revenue in 2006, up
21% over $704,968 in 2005. IMI's solutions are now used by more
than 1,500 ranchers, 100 feed yards and three of America's largest
meatpackers. These patent-pending solutions provide ranchers, feed
yards, packers, processors and retailers with livestock
verification and identification services that are critical to
building consumer confidence in meat products and to achieving a
premium on cattle at auction. * In addition to marketing its
verification/identification programs directly to ranchers, feed
yards and meatpackers, the Company recently partnered with Farmers
& Ranchers Livestock Commission, the largest cattle sale barn
in Kansas, to offer the first independent QSA (Quality Systems
Assessment) program for a live sale barn. IMI Global is targeting
other large sale barns as potential channel partners. * Late in
2006 IMI Global received USDA approval of its Non-Hormone Treated
Cattle (NHTC) umbrella program that allows beef from U.S. cattle to
qualify for export to the European Union. The NHTC program is an
important addition to the Company's services portfolio, further
distinguishing IMI Global from its competition. * Underscoring IMI
Global's growing leadership position in verification and
identification, the Company's executives recently were selectively
included in a discussion on current animal ID and traceability
programs during a forum that included USDA Undersecretary for
Marketing and Regulatory Programs Bruce Knight, as well as other
leading industry representatives, including U.S. Meat Export
Federation CEO Phil Seng. Undersecretary Knight is focused on
moving voluntary animal identification and marketing programs
forward. CattleNetwork.com * CattleNetwork.com, the Company's
popular online source of news and information on the cattle
industry, had a record-breaking year of performance in 2006.
Advertising revenue grew 146% to $239,732 for the year from $97,303
in 2005. The Company added several new, major sponsors during 2006
and now has more than 20 sponsors who regularly advertise their
products and services on CattleNetwork. * More than 1.2 million
unique visitors, up 108% from 577,000 in 2005. More than 400,000
repeat visitors since March 2005. * Page views increased by 207% to
18.1 million from 5.9 million a year ago. * 26% increase in visit
duration, to 23 minutes from 18.3 minutes. * The Company continues
to expand CattleNetwork's appeal by upgrading the site with new
features and benefits both for sponsors and visitors.
CattleStore.com and Product Sales * Total product sales increased
by 186% to $445,438 in 2006 from $155,623 a year ago. This
improvement was attributed to increases in both CattleStore sales
and direct sales of cattle identification tags in conjunction with
the provision of USVerified solutions. CattleStore sales increased
579% to $155,671 from $22,915, while ID tag sales increased 118% to
$289,767 from $132,708. 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, building value, 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 Twelve months ended December 31, December 31,
2006 2005 2006 2005 Revenues $460,100 $400,559 $1,539,933 $957,894
Cost of sales 232,755 233,110 781,494 534,158 Gross profit 227,345
167,449 758,439 423,736 Selling, general and administrative expense
664,964 376,901 2,302,248 1,414,007 Loss from operations (437,619)
(209,452) (1,543,809) (990,271) Other income (expense): Interest
income 2,861 1,248 9,068 3,173 Interest expense (7,044) (5,743)
(24,301) (40,874) Net other expense (4,183) (4,495) (15,233)
(37,701) Loss before income taxes (441,802) (213,947) (1,559,042)
(1,027,972) Income taxes -- -- -- -- Net loss $(441,802) $(213,947)
$(1,559,042) $(1,027,972) Loss per share $(0.02) $(0.01) $(0.08)
$(0.04) Average shares outstanding 18,169,438 24,294,608 18,885,183
23,300,069 Integrated Management Information, Inc. Condensed
Balance Sheets (Unaudited) December 31, December 31, 2006 2005
ASSETS Current Assets: Cash and cash equivalents $230,539 $684,833
Accounts receivable, net 178,159 241,304 Inventory 14,185 9,771
Prepaid expenses 33,435 -- Total current assets 456,318 935,908
Restricted cash: Cash restricted for purchase of treasury stock --
421,664 Cash restricted for payment of line of credit 50,000 50,000
Total restricted cash 50,000 471,664 Property and equipment:
Equipment and furniture 115,409 99,514 Accumulated depreciation
(83,792) (65,739) Property and equipment, net 31,617 33,775 Other
assets: Intangible assets, net 46,633 67,564 Goodwill 418,208
418,208 Total other assets 464,841 485,772 Total assets $1,002,776
$1,927,119 LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) Current
liabilities: Notes payable $156,622 $100,000 Accounts payable
206,466 178,847 Accrued expenses 8,287 11,183 Deferred revenues
10,820 46,556 Total current liabilities 382,195 336,586 Notes
payable 350,000 350,000 Stockholders' equity (deficit): Common
stock 27,024 25,405 Additional paid-in capital 4,315,571 2,243,100
Treasury stock (1,485,000) -- Retained (deficit) (2,587,014)
(1,027,972) Total shareholders' equity 270,581 1,240,533 Total
liabilities and shareholders' equity $1,002,776 $1,927,119
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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