<.I doubled my position..>
No doubt, thrilled that you did, Fred.
And tommorrow should be fun, beating First Call's earning's estimate
of .08 by 37% with .11:
Industri-Matematik International Announces Strong Second Quarter
Results; Revenue Increases 72%; Net Income Up More Than Fivefold
STOCKHOLM, Sweden-- Industri-Matematik International Corp. (NASDAQ-NM
Symbol: IMIC), a leader in demand chain management solutions, today
announced unaudited results for the second quarter ended October 31,
1997.
Revenues for the three months ended October 31, 1997 increased by 72%
percent to $23,234,000 as compared to $13,504,000 during the same
period in 1996. License revenue increased by 107% to $10,036,000
versus $4,836,000 for the quarter ended October 31, 1996. Net income
for the quarter was $3,190,000, or $0.11 per share, compared to
$549,000, or $0.02 per share, for the same period last year.
Revenues for the six months ended October 31, 1997 were $38,940,000 as
compared to $22,721,000 for the same period in 1996. License revenue
for the first six months of 1997 was $15,827,000 compared to
$7,132,000 for the first six months of 1996. Net income for the six
months ended October 31, 1997 was $3,820,000, or $0.13 per share, as
compared to a net loss of $(513,000), or ($0.02 per share), for the
same period in 1996.
The Company has recently completed a secondary public offering of
8,136,250 common shares, priced at $20.00 per share, of which
4,030,625 shares were sold by the Company. After deducting the
underwriter's discount, the net proceeds to the Company was $19.075
per share, or $76,884,171. As a result of this offering, the total
number of shares outstanding increased to 32,332,989.
The gross profit margin reached 58% in the quarter compared to 50% for
the same period last year due to a higher proportion of license
revenues. As a percent of total revenues, license revenues reached
43% compared to 36% for the same period last year.
"Our company's outstanding performance worldwide clearly demonstrates
that companies want customer-focused solutions that provide
competitive advantage," said Stig Durlow, President and Chief
Executive Officer of IMI.
"During the quarter, we continued to see customers select IMI's
solution because of its innovative demand chain capabilities. In
addition, we gained momentum in our target vertical markets, most
notably wholesalers/distributors, which contributed more than 50% of
total license revenues for the quarter." According to Mr. Durlow,
"During the quarter we continued to make progress in building our
implementation and services infrastructure. Coopers & Lybrand
Consulting is joining IMI as the newest member of our Demand Chain
Alliance Program. We believe that, with their teams of leading
systems integrators and worldwide service organization, Coopers &
Lybrand will be able to help IMI accelerate the implementation phase
with new customers.
"We also added to our sales and service organization with the opening
of a new office in Paris, France thereby increasing the total number
of sales and services offices worldwide to 16, 8 of which are located
in Europe.
"We will continue to execute our strategic objectives of expanding our
presence in targeted vertical markets, maintaining close cooperation
with Oracle Corp., and building a global infrastructure in order to
realize our growth opportunities. The relationship with Oracle and
success of the Oracle-led CPG Solution Suite is very important proof
of that concept.
Looking ahead, we see increasing evidence of a gradual shift away from
ERP as the dominant logistics solution toward supply chain solutions.
Customers want solutions, such as IMI's System ESS, that provide
flexible, demand driven capabilities that meet integrated order
fulfillment and logistics requirements. Together, these trends
suggest ongoing robust growth for IMI," concluded Mr. Durlow.
About Industri-Matematik International (IMI)
Industri-Matematik International Corp. (IMI), with fiscal year 1997
worldwide revenues of $60 million, is a leading supplier of demand
chain management solutions for major manufacturers and distributors of
fast-moving, high-volume products. The company has strong technical
expertise in global logistics management from its 30 years in the
industry.
IMI, headquartered in Stockholm, Sweden, also has offices in
Australia, France, Germany, the Netherlands, United Kingdom and United
States. IMI has more than 175 logistics management systems
implemented worldwide at organizations such as Ahlsell, British
Airways, Campbell Soup, Carlton and United Breweries, Hartz Mountain,
Kellogg's, NIKE, ProSource, Skyway Freight Systems, Spicers and
Unisys.
INDUSTRI-MATEMATIK INTERNATIONAL CORP. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(Unaudited)
(U.S. Dollar in thousands, except per share data)
Six Months Ended Three Months Ended
10/31/97 10/31/96 10/31/97 10/31/96
Revenues
Licenses $15,827 $7,132 $10,036 $4,836
Services and
maintenance 22,809 14,654 13,025 7,875
Other 304 935 173 793
Total revenues 38,940 22,721 23,234 13,504
Cost of revenues:
Licenses 281 753 193 653
Services and
maintenance 16,934 10,819 9,439 5,741
Other 174 500 89 404
Total cost
of revenues 17,389 12,072 9,721 6,798
Gross profit 21,551 10,649 13,513 6,706
Operating expenses:
Product Development 5,391 4,580 2,875 2,624
Sales and marketing 8,405 5,375 4,685 2,782
General &
administrative 3,532 2,070 2,142 1,084
Total operating
expenses 17,328 12,025 9,702 6,490
Income (loss)
from operations 4,223 (1,376) 3,811 216
Other income (expense):
Interest income 507 101 267 88
Interest expense (35) (230) (20) (103)
Miscellaneous income
(expense) (99) (167) (34) (104)
Income (loss) from
continuing operations
before income taxes 4,596 (1,672) 4,024 97
Provision (benefit)
for income taxes 776 (792) 834 (87)
Income (loss) from
continuing operations 3,820 (880) 3,190 184
Income from
discontinued operations 0 367 0 365
Gain on sale of
discontinued operations 0 0 0 0
Net income (loss) $3,820 $(513) $3,190 $549
Earnings per share $0.13 $(0.02) $0.11 $0.02
Weighted average
number of shares
outstanding 28,702,951 25,035,000 28,960,126 25,568,000
INDUSTRI-MATEMATIK INTERNATIONAL CORP. AND SUBSIDIARIES
Condensed Consolidated Balance
Sheets
(U.S. Dollar in thousands)
10/31/97 04/30/97
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $25,564 $9,023
Short-term investments 7,362 9,952
Accounts receivable,
less allowance
for doubtful accounts 14,936 22,463
Contract receivables 971 1,010
Prepaid expenses 1,824 1,773
Income taxes receivable 280 28
Other current assets 169 111
Total current assets 51,106 44,360
Non current assets:
Property and equipment, net 4,099 3,484
Deferred income taxes 1,225 1,643
Goodwill 1,090 1,107
Other non current assets 320 369
Total non current assets 6,734 6,603
Total Assets 57,840 50,963
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities:
Current portion of capital
lease obligations 791 422
Accounts payable 1,319 1,426
Accrued expenses and other
current liabilities 2,789 2,455
Accrued payroll &
employee benefits 3,817 5,509
Deferred revenue 5,752 3,717
Total current liabilities 14,468 13,529
Long-term liabilities:
Capital lease obligations 1,264 554
Accrued pensions liability 2,007 1,674
Deferred income taxes 264 68
Other long-term liabilities 399 384
Total long-term
liabilities 3,934 2,680
Total liabilities 18,402 16,209
Shareholders' equity:
Common Stock 162 156
Class B Common Stock 121 121
Additional paid-in capital 48,197 43,379
Accumulated deficit (400) (4,106)
Cumulative translation
adjustment (2,331) (2,270)
Note receivable from
stockholders (6,311) (2,526)
Total shareholders'
equity 39,438 34,754
Total Liabilities and
Shareholders' Equity 57,840 50,963
Editors: For IMI company and product information, and press releases,
access the IMI site on the World Wide Web at im.se.
CONTACT: Industri-Matematik International
Stig Durlow, phone: 914-333-1530
Lars-Gran Peterson, email: lgpe@im.se
phone: +46 8 676 5000
-OR-
IR Agency Contact: Lippert/Heilshorn & Associates
John Heilshorn, email: john@lhai.com
phone: 212-838-3777 ext. 104
"Copyright(c) 1997, Business Wire"
"Provided by Dow Jones & Company, Inc." |
