Integrated Management Information Inc. (IMI Global) (INMG.OB) provides verification and Internet solutions to the agriculture industry, and has become a leading agricultural organization in the United States. The company recently announced its fourth-quarter and year-end results for the period ended December 31, 2008.
Revenues for the fourth quarter rose 23% to $634,500, up from $515,900 in the same quarter of 2007. IMI Global attributes this to strong demand for its USVerified and relative hardware solutions. The company also decreased its selling, general and administrative expenses by 41%, posted at $318,800 from $448,200 in the same quarter last year.
While the fourth quarter marks the third consecutive profitable quarter, it also marks a significant fiscal milestone for the company.
“Despite the worldwide economic downturn, IMI Global posted record revenue and achieved its first profitable year in 2008,” John Saunders, CEO of IMI Global stated in the press release. “We attribute our success to a strong product and service portfolio combined with a superb effort by our sales, support and administrative personnel throughout the company. Our steady revenue growth reflects the success we are having in attracting new customers — primarily for our USVerified solutions — while we continue to deliver value to, and build loyalty with, existing customers.â€
IMI Global reported fourth-quarter net income at $6,500, less than 1 cent per share, compared to a net loss of $71,000, less than 1 cent per share, in the fourth quarter of 2007. For fiscal 2008, IMI Global announced an increase in revenue, up 46% to $2.4 million from $1.6 million for fiscal 2007.
Saunders said the company will move forward with investments in its USVerified systems, and noted the IMI Globalâ€™s recognition with Livestock Market Digest.
â€œIn addition, we continue to invest in new product development, leveraging our proprietary USVerified systems and our deep industry knowledge and customer base. These activities resulted in IMI Global being named to Livestock Market Digest’s Top 25 List for companies and individuals making a difference in the American Livestock Industry. We believe we are well positioned to build on our 2008 accomplishments,” Saunders stated.