Industri-Matematik International Announces Year End and Fourth Quarter Results.STOCKHOLM Stockholm (stŏk`hôlm'), city (1995 pop. 692,954), capital of Sweden and of Stockholm co., E Sweden, situated where Lake Mälaren flows into the Baltic Sea. , Sweden--(BUSINESS WIRE)--May 21, 1997-- New Customers Include Nike Nike (nī`kē), in Greek religion and mythology, goddess of victory, daughter of Pallas and Styx. Often an attendant of Zeus or Athena, she also presided over all contests, athletic as well as military. , Pioneer-Standard Electronics, Starbucks, Fel-Pro and Paragon Industri-Matematik International Corp. (NASDAQ-NM Symbol: IMIC) today announced unaudited results for the fourth quarter and fiscal year ended April 30, 1997. Revenues for the three months ended April 30, 1997 increased by 45% to $21,280,000 compared to $14,669,000 for the same period in 1996. License revenue increased by 54% to $11,514,000 versus $7,483,000 for the fourth quarter in 1996. Net income for the three months ended April 30, 1997 was $4,107,000, or $0.14 per share, compared to $1,820,000 for the same period last year. Revenues for the fiscal year ended April 30, 1997 reached $59,612,000, an increase of 49% compared to $40,009,000 for 1996. License revenue increased by 69% to $26,147,000 in fiscal 1997 compared to $15,474,000 for the prior year. Net income for fiscal 1997 was $6,902,000, or $0.25 per share, compared to $1,750,000 in 1996. Excluding income from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. and a gain on sale of discontinued operations, net income for fiscal 1997 was $5,428,000, or $0.19 per share, compared to $1,423,000 in 1996. Commenting on the results, Stig STIG Steam-Injected Gas Turbine STIG Security Technical Implementation Guide STIG Space Technology Interdependency Group STIG Security Technical Implementation Guidelines Durlow, President and Chief Executive Officer of Industri-Matematik International Corp. stated, "We are very pleased with the results for the fourth quarter and for the year which reflect increased demand for our solution. We are seeing more companies recognize that building strong customer relationships is critical to remaining competitive. As a result, companies with ERP (Enterprise Resource Planning) An integrated information system that serves all departments within an enterprise. Evolving out of the manufacturing industry, ERP implies the use of packaged software rather than proprietary software written by or for one customer. solutions that address internal needs are shifting their focus to Advanced Order Management and Logistics Systems that meet external, customer-driven needs. Our core objective for IMI IMI International Masonry Institute (Washington, DC) IMI Israel Military Industries IMI Institute of the Motor Industry IMI International Market Insight IMI Imposto Municipal Sobre Imóveis (Portugal) has been, and continues to be, providing solutions that help companies improve their customer relationships. "We are moving decisively into new vertical industries to complement our established presence in the Consumer Packaged Goods Noun 1. packaged goods - groceries that are packaged for sale foodstuff, grocery - (usually plural) consumer goods sold by a grocer plural, plural form - the form of a word that is used to denote more than one (CPG CPG central pattern generators. ) sector. During the quarter we received orders from Nike, Starbucks and Paragon, a manufacturer of private label diapers. We also added Pioneer-Standard Electronics, a large U.S. wholesaler/distributor, and Fel-Pro, an automotive after- market manufacturer. To support our growth, we continue to invest in building our sales and marketing infrastructure as well as investing in product development. During the quarter, we began exploring opportunities in the Pacific Rim Pacific Rim, term used to describe the nations bordering the Pacific Ocean and the island countries situated in it. In the post–World War II era, the Pacific Rim has become an increasingly important and interconnected economic region. and opened an office in Australia Australia (ôstrāl`yə), smallest continent, between the Indian and Pacific oceans. With the island state of Tasmania to the south, the continent makes up the Commonwealth of Australia, a federal parliamentary state (2005 est. pop. ." Mr. Durlow continued, "Our strategic alliance with Oracle Corporation and three other partners to market the CPG Solution Suite, a best-of-breed The best product of its type. Organizations often purchase software from different vendors in order to obtain the best-of-breed for each application area; for example, a human resources package from one vendor and an accounting package from another. enterprise-wide assembled as·sem·ble v. as·sem·bled, as·sem·bling, as·sem·bles v.tr. 1. To bring or call together into a group or whole: assembled the jury. 2. solution for the CPG industry, continues to gain momentum as evidenced by a healthy build-up build·up also build-up n. 1. The act or process of amassing or increasing: a military buildup; a buildup of tension during the strike. 2. of the pipeline and geographic expansion. The alliance has been extended to include Anderson Anderson, river, Canada Anderson, river, c.465 mi (750 km) long, rising in several lakes in N central Northwest Territories, Canada. It meanders north and west before receiving the Carnwath River and flowing north to Liverpool Bay, an arm of the Arctic Consulting and Ernst & Young in the U.S. resulting in increased sales and implementation services capabilities. We launched the CPG Solution Suite in the U.K. in April and plan to introduce it in both Germany Germany (jûr`mənē), Ger. Deutschland, officially Federal Republic of Germany, republic (2005 est. pop. 82,431,000), 137,699 sq mi (356,733 sq km). and France in June June: see month. . In addition, we have developed version 2.1 of the Solution Suite and are on track to deliver Version 2.2 in the coming months. We believe there is an increasing demand in the CPG marketplace for an economic solution that integrates best-of-breed components." In conclusion, Mr. Durlow said, "We are also starting to see companies investigate the integration of their existing ERP solutions with IMI's System ESS (1) (Electronic Switching System) A large-scale computer from Lucent used to route telephone calls in a telephone company office. The 5ESS is a Class 5 central office switch, and the 4ESS is a Class 4 tandem office switch. . We expect to continue to devote significant development resources to meeting this need. Our customers also want a best-of-breed Advanced Order Management and Logistics System that incorporates functionality, flexibility and scalability How much a system can be expanded. See scalable. scalability - How well a solution to some problem will work when the size of the problem increases. For example, a central server of some kind with ten clients may perform adequately but with a thousand clients it in order to remain competitive. We are addressing the need for functionality through our own development efforts, acquisitions or joint venture agreements. During the last quarter we acquired Ceratina, a Swedish software company, to enhance our advanced Warehouse Management capabilities and we initiated cooperative agreements with several partners including Frontec in Electronic Commerce, Metasys in Transportation Management and Calico in Configurator Software." Industri-Matematik International Corp. (IMI) is a leading supplier of client/server An architecture in which the user's PC (the client) is the requesting machine and the server is the supplying machine, both of which are connected via a local area network (LAN) or wide area network (WAN). applications software that enables manufacturers, distributors, and wholesalers to effectively manage the "demand chain". IMI's flagship product A primary product of a company, which is typically why the company was founded and/or what made it well known. For example, MS-DOS, Windows and the Microsoft Office suite have been flagship products of Microsoft. CorelDRAW is a flagship product of Corel Corporation. , System ESS, is a UNIX- based, client/server software solution that provides capabilities for synchronizing synchronizing, n a technique that a therapist uses to coordinate his or her breath with that of the client; builds trust and establishes relationship. the demand chain, including order management, promotions management, logistics management Logistics Management is that part of Supply Chain Management that plans, implements, and controls the efficient, effective, forward, and reverse flow and storage of goods, services, and related information between the point of origin and the point of consumption in order to meet , demand replenishment replenishment the addition of an appropriate quantity of properly prepared solution containing the correct concentration of chemicals to the developer solutions used in radiography. , electronic commerce, global organizational management, and decision support. The statements contained in this release that are not historical facts contain forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. information with respect to plans, projections or future performance of IMI and further versions of System ESS, the occurrence of which involve certain risks and uncertainties, including, but not limited to, product demand and market acceptance risks, the effect of economic conditions, the impact of competitive products and pricing, product development, commercialization and technological difficulties and other uncertainties detailed in IMI's filings with the Securities and Exchange Commission, particularly the prospectus with respect to its public offering in September September: see month. 1996. -0-
INDUSTRI-MATEMATIK INTERNATIONAL CORP. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(Unaudited)
(U.S. Dollar in thousands, except per share data)
Twelve Months Ended Three Months Ended
04/30/97 04/30/96 04/30/97 04/30/96
Revenue
Licenses $26,147 $15,474 $11,514 $7,483
Services and
maintenance 31,747 23,103 9,312 6,912
Other 1,718 1,432 454 274
Total revenues 59,612 40,009 21,280 14,669
Cost of revenues:
Licenses 1,540 2,717 493 1,546
Services and
maintenance 22,871 16,813 6,361 5,297
Other 1,001 947 256 154
Total cost of
revenues 25,412 20,477 7,110 6,997
Gross profit 34,200 19,532 14,170 7,672
Operating expenses:
Product development 9,935 6,822 2,935 2,181
Sales and marketing 14,997 7,746 5,460 2,611
General &
administrative 4,399 3,579 1,221 958
Total operating
expenses 29,331 18,147 9,616 5,750
Income from
operations 4,869 1,385 4,554 1,922
Other income
(expense):
Interest income 643 13 319 4
Interest expense (253) (744) (23) (171)
Miscellaneous income
(expense) (21) (12) (21) 5
Income from continuing
operations
Before income taxes 5,238 642 4,829 1,760
Provision/(benefit)
for income taxes (190) (781) 722 22
Income from continuing
operations 5,428 1,423 4,107 1,738
Income from discontinued
operations 519 327 0 82
Gain on sale of
discontinued operations 955 0 0 0
Net income $6,902 $1,750 $4,107 $1,820
Earnings per share $0.25 $0.14
Weighted average
number of shares
outstanding 28,063,206 28,338,268
-0-
INDUSTRI-MATEMATIK INTERNATIONAL CORP. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(U.S. Dollar in thousands)
04/30/97 04/30/96
(unaudited) (unaudited)
ASSETS
Current assets:
Cash and cash equivalents $18,861 $558
Accounts receivable, less
allowance for doubtful
accounts 22,463 13,067
Accrued receivables 1,081 1,190
Prepaid expenses 1,816 1,160
Net assets of discontinued
operations 0 1,111
Income taxes receivable 28 48
Other current assets 111 169
Total current assets 44,360 17,303
Non current assets:
Property and equipment, net 3,484 1,873
Deferred income taxes 1,643 1,988
Other non current assets 1,476 160
Total non current assets 6,603 4,021
Total Assets $50,963 $21,324
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities:
Short term borrowings $0 $7,424
Current portion of capital
lease obligations 422 251
Accounts payable 1,426 1,464
Accrued expenses and other
current liabilities 2,455 3,777
Accrued payroll & employee
benefits 5,509 3,365
Deferred revenue 3,717 2,386
Total current liabilities 13,529 18,667
Long-term liabilities:
Capital lease obligations 938 624
Accrued pensions liability 1,674 1,482
Deferred income taxes 68 49
Total long-term liabilities 2,680 2,155
Total liabilities 16,209 20,822
Shareholders' equity:
Preferred Stock 0 146
Common Stock 156 94
Class B Common Stock 121 4
Additional paid-in capital 43,241 15,323
Accumulated deficit (3,968) (10,870)
Cumulative translation
adjustment (2,270) (1,569)
Note receivable from
stockholders (2,526) (2,626)
Total shareholders' equity 34,754 502
Total Liabilities and
Shareholders' Equity $50,963 $21,324
CONTACT: Lippert/Heilshorn & Associates Jody Burfening (ext. 106) 212-838-3777 jody@lhai.com or Industri-Matematik International Corp. Stig Durlow, email: stdu@im.se Lars-Goran Peterson, email: lgpe@im.se 011-46-8676-5000 |
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