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IMMEDIA INFOMATIC 1ST-QUARTER RESULTS UP 425%

 MONTREAL, Jan. 11 /PRNewswire/ -- Immedia Infomatic Corporation (Montreal: IFM) today announced results for the first quarter of fiscal 1994. For the period which ended Nov. 30, 1993, the company reported $2,123,564 in consolidated revenue, representing a record 425% increase over the same period last year. The increase would be 66% had the company's newly acquired subsidiary, MPACT EDI Systems Inc., been fully consolidated for the quarter.
 In addition to record revenues, operating income showed impressive growth reaching $153,168. This compares to losses of $103,834 during the fourth quarter of last year and $209,819 during the first quarter of 1993. These results were accomplished primarily through strong revenue growth, an ongoing expense control program, and the effects of restructuring MPACT EDI Systems. Loss per share totaled $.12 vs. $.05 last year due primarily to higher amortization expenses associated with the acquisition.
 According to W. Brian Edwards, president and CEO of Immedia Infomatic, "Our ability to remain focused on our revenue objective was particularly rewarding, as we continue the task of merging the two operating companies. We believe the strong sales activity indicates support and approval for the merger on the part of Implementors, customers, employees and the Tandem sales force."
 Software sales were up 154% over the previous quarter with growth not only in established markets but new markets as well. Penetration of the financial services market increased with new customers in Asia, Europe, and the U.S. In addition, new market activity has opened up in the health care arena which is expected to be an important growth area throughout the decade.
 Network services revenue remained strong as well and showed an increase of 62% over last year primarily due to growth in transaction volume. The product revenue mix is now evenly divided between software sales at 35%, VAN services at 30%, and integration services at 35%.
 Edwards continued, "The electronic commerce market continues to indicate strong potential for substantial growth worldwide. Our global Implementor distribution channel puts us in an excellent position to take advantage of not only the market potential but also the cross- selling opportunities that exist with our expanded product line. With an excellent beginning of this fiscal year, we look forward to a very successful 1994."
 Immedia Infomatic provides worldwide Electronic Commerce software and services to a variety of industries. It is one of the few companies in the world capable of providing all the components of a complete EC environment -- software, network services and integration services. Immedia Infomatic is a public company and maintains offices in the United States and Canada.
 IMMEDIA INFOMATIC CORPORATION
 CONSOLIDATED STATEMENTS OF INCOME
 FOR THE QUARTER ENDED NOV. 30
 (Canadian Dollars)
 1993 1992
 Revenue
 Network services $654,178 $404,309
 Software 735,751 0
 Integration and other services 733,635 0
 Total revenue $2,123,564 $404,309
 Cost and expenses
 Network services 253,496 111,309
 Software 196,444 0
 Integration and other services 322,892 0
 Selling, general and administrative 1,197,564 502,819
 Total costs and expenses $1,970,396 $614,128
 Operating income/(loss) 153,168 (209,819)
 Depreciation and amortization 1,146,557 106,520
 Interest expense 12,756 4,056
 Interest income (75,876) (9,783)
 Other (income)/expense (3,999) 0
 Net income/(loss) ($926,270) ($310,612)
 Net income/(loss) per share ($0.12) ($0.05)
 IMMEDIA INFOMATIC CORPORATION
 CONSOLIDATED BALANCE SHEET
 AS AT NOV. 30
 (Canadian Dollars)
 1993 1992
 ASSETS
 Current assets
 Cash and short-term investments $2,557,904 $1,007,869
 Trade accounts receivable 2,118,054 359,083
 Other receivables 1,589,665 397,299
 Prepaid expenses 63,211 5,151
 Total current assets 6,328,834 1,769,402
 Fixed assets 662,804 262,482
 Capitalized software development costs 7,318,920 0
 Other assets 1,314,324 1,641,340
 Total assets $15,624,882 $3,673,224
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Liabilities
 Bank loan $34,000 $0
 Accounts payable 1,264,024 170,622
 Other payables 697,326 0
 Accrued liabilities 1,761,999 195,105
 Deferred revenue 725,185 2,524
 Current portion of capital lease obligations 144,739 54,145
 Total current liabilities 4,627,273 422,396
 Long-term portion of capital lease obligations 88,130 81,962
 Shareholders' equity
 Capital stock 18,229,305 6,948,631
 Deficit (7,319,826) (3,779,765)
 Total shareholders' equity 10,909,479 3,168,866
 Total liabilities and shareholders' equity $15,624,882 $3,673,224
 IMMEDIA INFOMATIC CORPORATION
 CONSOLIDATED STATEMENTS OF CASH FLOWS
 FOR THE QUARTER ENDED NOV. 30
 (Canadian Dollars)
 1993 1992
 Cash flows from operations
 Net income/(loss) ($926,270) ($310,612)
 Depreciation and amortization 1,146,557 106,520
 Working capital changes
 Trade accounts receivable (343,522) (84,666)
 Other receivables (661,604) 40,912
 Prepaid expenses (63,211) (5,151)
 Accounts payable 823,230 40,621
 Accrued liabilities (179,121) (122,653)
 Deferred revenue 180,293 2,523
 Other 2,728 19,394
 Gain/(loss) on asset disposal (30,659) 0
 Sources/(uses) from operations (51,579) (313,112)
 Cash flows from investing
 Capital purchases (8,905) (55,107)
 Other assets 404,496 0
 Sources/(uses) from investing 395,591 (55,107)
 Cash flows from financing
 Capital lease obligations (40,349) (15,394)
 Payment to a shareholder (4,050,901) 0
 Proceeds from share subscription 61,750 1,074,375
 Sources/(uses) from financing (4,029,500) 1,058,981
 Net cash sources/(uses) (3,685,488) 690,762
 Beginning cash position 6,209,392 317,107
 Cash position
 Cash and short-term investments 2,557,904 1,007,869
 Bank loan (34,000) 0
 Ending cash position 2,523,904 1,007,869
 -0- 1/11/94
 /CONTACT: Phillip J. Sweatman, vice president, finance and chief financial officer of Immedia Infomatic, 514-397-9747/
 (IFM.)


CO: Immedia Infomatic Corporation ST: Michigan IN: CPR SU: ERN

TO-MS -- DE025 -- 1171 01/11/94 17:44 EST
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