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Houseplans(TM) Business Driven by 21% Organic Growth and Acquisition of globalHouseplans.com
NOVATO, Calif., Feb. 14 /PRNewswire-FirstCall/ -- IMSI(R) (OTC:IMSI) (BULLETIN BOARD: IMSI) , a leading provider of house plans online and a leading developer and publisher of precision design, and consumer and business software solutions, today announced its financial results for the second fiscal quarter ended December 31, 2005. For the three months ended December 31, 2005, IMSI reported net income of $121,000, or ($0.00) per share on net revenues of $3.7 million. Net revenues increased by 69% in the Houseplans(TM) business and 7% overall, as compared to the previous fiscal year, reflecting primarily continued growth in the Houseplans(TM) business.
The following are highlights for the three months ended December 31, 2005:
-- Net income of $121,000.
-- Growth in Houseplans(TM) was 69 % and 114% for the three and six
months, and 21% and 47% for the three and six months without the
acquisition of globalHouseplans.com.
-- Houseplans(TM) gross margins improved to 64% from 54% as compared to
the previous fiscal year.
-- International net revenue increased 48% driven by globalHouseplans.com.
Non GAAP Information
-- GAAP net income (loss) when adjusted for certain non-cash activity and
taxes to "EBITDA" was a positive $603,000 for the quarter year.
"The Houseplans(TM) business acquired globalhouseplans.com in July and has met our expectations to date for the sale of stock house plans. We now have over 21,000 stock house plans, the largest collection of exceptional house plans online, selling on 3 major sites," said Martin Wade III, Chief Executive Officer. "Our balance sheet continues to be strong $9.8 million in cash and cash equivalents and without any call upon our resources by our prospective partner AccessMedia under the joint operating agreement," continued Mr. Wade. "We cannot include approximately $1.2 million in escrow from the sale of Allume in July but we have an expectation that these funds will eventually be released over the coming year according to the terms of the sale agreement. The sale of Smith Micro stock received in the Allume sale contributed a realized gain of $923,000 during the quarter, and this was over and above the initial sale price."
IMSI will have an earnings call on Tuesday, February 14, 2006, at 4:00 p.m. Eastern Time (1:00 p.m. Pacific Time). The public may participate in this event by calling 877-704-5386. Individuals are also invited to listen to the conference call, which will be broadcast live over the Internet beginning Tuesday, February 14, 2006, at 4:00 p.m. Eastern Time. To listen to the call live over the Internet, simply visit http://www.imsisoft.com/ and select the earnings call icon.
In addition to disclosing results determined in accordance with generally accepted accounting principles (GAAP), IMSI also discloses non-GAAP results of operations that exclude certain items. By disclosing this non-GAAP information, management intends to provide investors with additional information to further analyze the company's performance, core results and underlying trends. Management utilizes a measure of net income on a non-GAAP basis that excludes certain charges to better assess operating performance.
Non-GAAP information is not determined using GAAP; therefore, the information is not necessarily comparable to other companies and should not be used to compare the company's performance over different periods. Non-GAAP information should not be viewed as a substitute for, or superior to, net income or other data prepared in accordance with GAAP as measures of our profitability or liquidity. Users of this financial information should consider the types of events and transactions for which adjustments have been made. See the following table for a reconciliation of this non-GAAP amount to amounts reported under GAAP.
EBITDA Analysis
(In thousands)
FY 2005 FY 2006
Q1 Q2 Q1 Q2
Net (Loss) Income - the
GAAP measure ($275) $129 ($1,952) $122
Interest paid 70 55 123 21
Taxes 5 3 -- 39
Depreciation & Amortization 262 303 356 422
EBITDA - Non-GAAP $62 $490 ($1,473) $604
Notes on components of
Net (Loss) Income
related to transactions
Income from the sale of
Discontinued Operations 285 159 0 0
Gain from the sale of
Discontinued Operations 53 0 (843) 369
INTERNATIONAL MICROCOMPUTER SOFTWARE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share amounts)
December 31, June 30,
2005 2005
Unaudited
ASSETS
Current assets:
Cash and cash equivalents $9,849 $4,347
Trading securities -- 714
Receivables, less allowances for doubtful
accounts, discounts and returns of $551
as of December 31, 2005 and $626 as
of June 30, 2005. 1,384 773
Inventories, net 873 758
Receivables, other (related to
discontinued operations) -- 2,000
Receivables, other - 30
Other current assets 1,278 530
Assets related to discontinued operations -- 12,231
Total current assets 13,384 21,383
Fixed assets, net 340 377
Intangible assets
Capitalized software, net 322 494
Domain names and brands, net 1,960 1,574
Distribution rights and proprietary plans, net 773 170
Capitalized customer lists, agreements
and relationships, net 1,327 326
Goodwill 3,678 2,090
Trademarks, net 19 1
Total intangible assets 8,079 4,655
Total assets $21,803 $26,415
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term debt 873 2,764
Trade accounts payable 1,364 2,245
Accrued and other liabilities 1,577 1,871
Deferred revenues 45 38
Liabilities related to discontinued operations -- 1,037
Total current liabilities 3,859 7,955
Long-term debt and other obligations 173 230
Total liabilities 4,032 8,185
Shareholders' equity
Common stock, no par value; 300,000,000
authorized; 29,845,877 Issued and
outstanding as of December 31, 2005
and 28,796,886 issued and outstanding
as of June 30, 2005 44,843 43,663
Accumulated deficit (27,161) (25,331)
Accumulated other comprehensive income (loss) 89 (102)
Total shareholders' equity 17,771 18,230
Total liabilities and shareholders' equity $21,803 $26,415
INTERNATIONAL MICROCOMPUTER SOFTWARE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS and COMPREHENSIVE INCOME /
(LOSS)
(In thousands, except per share amounts)
(Unaudited)
Three months ended Six months ended
December 31, December 31,
2005 2004 2005 2004
Net revenues $3,719 $3,478 $7,684 $6,613
Product costs 1,328 1,122 2,783 2,143
Gross margin 2,391 2,356 4,901 4,470
Costs and expenses
Sales and marketing 1,658 1,538 3,189 2,888
General and administrative 1,329 982 2,754 1,841
Research and development 553 368 988 837
Total operating expenses 3,540 2,888 6,931 5,566
Operating loss (1,149) (532) (2,030) (1,096)
Other income (expense)
Interest and other, net 17 33 (52) 39
Realized / unrealized
gain on securities 923 471 765 422
Loss before income tax (209) (28) (1,317) (635)
Income tax provision (39) (2) (39) (8)
Loss from continuing
operations (248) (30) (1,356) (643)
Income from discontinued
operations, net of income tax -- 159 -- 444
Gain (loss) from the sale
of discontinued operations,
net of income tax 369 -- (474) 53
Net income (loss) $121 $129 ($1,830) ($146)
Other comprehensive income (loss)
Unrealized loss on
restricted securities (478) -- -- --
Foreign currency
translation adjustments 2 (24) 191 (34)
Comprehensive income (loss) ($355) $105 ($1,639) ($180)
Basic earnings (loss) per share:
Loss from continuing
operations ($0.01) $0.00 ($0.05) ($0.02)
Income from discontinued
Operations, net of
income tax $0.00 $0.01 $0.00 $0.02
Gain (loss) from the
sale of discontinued
Operations, net of
income tax $0.01 $0.00 ($0.02) $0.00
Net income (loss) $0.00 $0.00 ($0.06) ($0.01)
Diluted earnings (loss)
per share:
Loss from continuing
operations ($0.01) $0.00 ($0.05) ($0.02)
Income from discontinued
operations, net of
income tax $0.00 $0.01 $0.00 $0.02
Gain (loss) from the sale
of discontinued operations,
net of income tax $0.01 $0.00 ($0.02) $0.00
Net income (loss) $0.00 $0.00 ($0.06) ($0.01)
Shares used in computing
basic earnings (loss)
per share 29,821 27,196 29,755 27,605
Shares used in computing
diluted earnings (loss)
per share 31,831 29,885 29,755 27,605
INTERNATIONAL MICROCOMPUTER SOFTWARE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
Six months ended December 31, 2005
(In thousands, except share amounts)
(Unaudited)
Common Stock
Shares Amount Accumulated Accumulated Total
deficit other
comprehensive
income (loss)
Balance at
July 1, 2005 28,796,886 $43,663 ($25,331) ($102) $18,230
Issuance of common
stock related to:
Stock options
exercised 85,291 73 73
Warrants exercised 117,117 -- --
Acquisitions 826,583 1,021 1,021
Finder's fee related
to acquisition 20,000 25 25
Issuance of stock
options related to:
Consulting services
rendered 21 21
Issuance of warrants
related to:
Acquisitions 6 6
Procurement of
short-term debt 68 68
Accrual of stock
buy-back (30) (30)
Issuance of stock options 2 2
Variable accounting
adjustment (6) (6)
Net loss (1,830) (1,830)
Foreign currency
translation adjustment 191 191
Balance at December 31,
2005 29,845,877 $44,843 ($27,161) $89 $17,771
INTERNATIONAL MICROCOMPUTER SOFTWARE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Six months ended December 31,
2005 2004
Cash flows from operating activities:
Net cash provided by (used in)
operating activities ($753) $248
Cash flows from investing activities:
Proceeds from sale of discontinued operations 9,466 650
Proceeds from sale of product line -- 258
Acquisition of subsidiaries (1,807) (1,356)
Acquisition of software development,
domain names and trademarks -- (600)
Purchases of equipment and software (29) (163)
Transfer cash to escrow for Jupitermedia -- (499)
Proceeds from the sale of
marketable securities 1,524 1,780
Other (8) 25
Cash provided by discontinued
operations in investing activities -- 464
Net cash provided by investing activities 9,146 559
Cash flows from financing activities:
Proceeds from borrowings 850 400
Repayments of notes (3,802) (1,730)
Proceeds from warrants and options exercised 73 137
Cash provided by discontinued operations
in financing activities -- 12
Net cash used in financing activities (2,879) (1,181)
Effect of exchange rate change on
cash and cash equivalents (12) (34)
Net increase (decrease) in cash
and cash equivalents 5,502 (408)
Cash and cash equivalents at beginning of period 4,347 3,212
Cash and cash equivalents at end of the period $9,849 $2,804
Six months ended December 31,
2005 2004
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid 128 125
SUPPLEMENTAL DISCLOSURE OF NON-CASH
INVESTING AND FINANCING ACTIVITIES
Capital stock issued in conjunction
with acquisitions 1,046 1,602
Warrants issued in conjunction with acquisitions 6 --
Notes payable incurred in conjunction
with acquisitions 1,000 505
Warrants issued in conjunction
with short-term debt 68 --
About IMSI
Founded in 1982, IMSI has established a tradition of providing the professional and home user with innovative technology and easy-to-use, high-quality software products at affordable prices. Anchored by IMSI's flagship product, TurboCAD(R) (http://www.turbocad.com/), the company continues to be a leading developer and distributor of precision design and consumer software solutions. IMSI also owns and operates Houseplans(TM) (http://www.houseplans.com/), focused on expanding its network of Web properties to serve the rapidly growing market for the sale of stock house plans on-line and related home building services. More information about IMSI can be found at http://www.imsisoft.com/.
When will a Proxy on the proposed IMSI -- AccessMedia Transaction be available?
In connection with the merger of International Microcomputer Software, Inc. ("IMSI") and AccessMedia Networks, Inc. ("AccessMedia"), IMSI will file a proxy statement for IMSI's special stockholder meeting with the Securities and Exchange Commission. Investors and security holders are advised to read the proxy statement when it becomes available because it will contain important information about the proposed merger. Investors and security holders may obtain a free copy of the proxy statement (when available) and other documents filed by IMSI with the Securities and Exchange Commission at the Securities and Exchange Commission's web site at http://www.sec.gov/ . Free copies of the proxy statement (when available) and other documents filed by IMSI with the Securities and Exchange Commission may also be obtained from IMSI by directing a request to Investor Relations at IMSI (telephone (415-878-4000). IMSI and its directors and its executive officers may be deemed, under SEC rules, to be soliciting proxies from IMSI's stockholders in favor of the proposed merger. Information regarding the identity of these persons, and their interests in the solicitation, will be set forth in a Schedule 14A to be filed with the SEC, and will be available free of charge at the SEC website and public reference rooms, and from the IMSI corporate secretary.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those projected in the forward-looking statements as a result of various factors including the ability of the company to successfully commercialize its new technologies as well as risk factors set forth from time to time in the Form 10-KSB for the period ended June 30, 2005 and other company's reports filed with the Securities and Exchange Commission. The company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
DATASOURCE: International Microcomputer Software, Inc.
CONTACT: Robert O'Callahan, Chief Financial Officer of International
Microcomputer Software, Inc., +1-415-878-4020, or
Web site: http://www.imsisoft.com/