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Houseplans Division Results Feature 50% Sales Growth
NOVATO, Calif., May 15 /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 third fiscal quarter ended March 31, 2006. For the three months ended March 31, 2006, IMSI reported net income of $251,000, or $0.01 per share on net revenues of $4.0 million. Net revenues increased by 50% in the Houseplans(TM) business and 6% 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 March 31, 2006:
-- Net income of $251,000.
-- Growth in Houseplans(TM) was 50% and 83% for the three and nine months,
and 6% and 27% for the three and nine months without the acquisition of
globalHouseplans.com.
-- Company gross margins improved to 64.7% from 64.3% in the prior quarter
-- Houseplans(TM) gross margins improved to 65% from 55% as compared to
the previous fiscal year.
-- International net revenue increased 144% driven by
globalHouseplans.com.
-- A proxy statement was distributed for the May 23 Annual Meeting where
the shareholders will consider the proposed merger with AccessMedia
Networks, Inc. ("AccessMedia") and the change of name to Broadcaster,
Inc.
Non-GAAP Information
-- GAAP net income (loss) when adjusted for certain non-cash activity and
taxes to "EBITDA" was a positive $641,000 for the quarter.
"While the company is currently in the final stages of the proposed merger with AccessMedia, we still see excellent results in the existing businesses. The Houseplans(TM) business has prospered during the current building season and we expect it to expand with innovative products and services. We continue to add stock house plans to serve the customer and now have over 23,000 for what we believe is the Web's largest collection of exceptional house plans," said Martin Wade III, Chief Executive Officer. "We believe we have the resources on hand to grow our businesses with $9.7 million in cash and cash equivalents," continued Mr. Wade. "We picked up $776,000 from the escrow from the sale of Allume in March and have a final payment due in December 2006. The Precision Design business launched TurboCAD version 12 in March and we expect good June quarter results from the product renewal cycle. Additionally, we expect a month or more of results in the June quarter from AccessMedia. We expect those product offerings to launch and accelerate the company's growth."
Conference call set for May 16, 2006
The quarterly conference call to discuss results of the third quarter results ended March 31, 2006 and the pending merger with AccessMedia will take place on Tuesday, May 16, 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, May 16, 2006, at 4:00 p.m. Eastern Time.
The webcast will also be distributed over CCBN's Investor Distribution Network to both institutional and individual investors. Individual investors can listen to the call through CCBN's individual investor center at http://www.earnings.com/ or by visiting any of the investor sites in CCBN's Individual Investor Network. Institutional investors can access the call via CCBN's password protected event management site, StreetEvents (http://www.streetevents.com/).
A telephone replay will be made available for 7 days following the call. To hear a replay, call 888-203-1112 toll free or 719-457-0820 direct and use passcode I.D. # 3438849.
May 23 Annual Meeting to vote on Merger and Name Change to Broadcaster, Inc.
The 2006 Annual Meeting of Shareholders of International Microcomputer Software, Inc., will be held at the offices of AccessMedia Networks, Inc., 9201 Oakdale Avenue, Suite 200, Chatsworth, CA 91311, on May 23, 2006 at 10:00 a.m. Pacific Time.
Martin Wade, IMSI's CEO, who will continue to lead the combined organization, said, "This meeting will be the key step toward the proposed acquisition of AccessMedia and the proposed corporate name change to Broadcaster, Inc. I enthusiastically support the merger and join IMSI's Board of Directors in recommending that you consider and vote for the proposals submitted to the stockholders. The shareholders will also consider authorizing a reverse (1:2) stock split."
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 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 information to amounts reported under GAAP.
EBITDA Analysis
(In thousands)
FY 2005 FY 2006
Q1 Q2 Q3 Q1 Q2 Q3
Net (Loss)
Income - the
GAAP measure ($275) $129 ($1,246) ($1,952) $122 $249
Interest paid 70 55 64 123 21 ($26)
Taxes 5 3 2 -- 39 $21
Depreciation &
Amortization 262 303 302 356 422 $396
EBITDA - Non-GAAP $62 $490 ($878) ($1,473) $604 $640
Notes on components
of Net (Loss)
Income related to
transactions
Income from the
sale of
Discontinued
Operations 285 159 (449) 0 0 0
Gain from the sale
of Discontinued
Operations 53 0 0 (843) 369 776
INTERNATIONAL MICROCOMPUTER SOFTWARE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share amounts)
March 31, 2006 June 30, 2005
Unaudited
ASSETS
Current assets:
Cash and cash equivalents $9,723 $4,347
Trading securities 0 714
Receivables, less allowances for doubtful
accounts, discounts and returns of $493
as of March 31, 2006 and $626 as of
June 30, 2005. 989 773
Inventories, net 910 758
Receivables, other (related to
discontinued operations) 0 2,000
Receivables, other 0 30
Other current assets 1,479 530
Assets related to discontinued operations 0 12,231
Total current assets 13,101 21,383
Fixed assets, net 302 377
Intangible assets
Capitalized software, net 231 494
Domain names and brands, net 1,818 1,574
Distribution rights and proprietary
plans, net 753 170
Capitalized customer lists, agreements
and relationships, net 1,227 326
Goodwill 3,852 2,090
Trademarks, net 18 1
Total intangible assets 7,899 4,655
Total assets $21,302 $26,415
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term debt 93 2,764
Trade accounts payable 1,315 2,245
Accrued and other liabilities 1,598 1,871
Deferred revenues 26 38
Liabilities related to discontinued operations 0 1,037
Total current liabilities 3,032 7,955
Long-term debt and other obligations 176 230
Total liabilities 3,208 8,185
Shareholders' equity
Common stock, no par value; 300,000,000
authorized; 30,144,160 issued and outstanding
as of March 31, 2006 and 28,796,886 issued
and outstanding as of June 30, 2005 44,854 43,663
Accumulated deficit (26,911) (25,331)
Accumulated other comprehensive income (loss) 151 (102)
Total shareholders' equity 18,094 18,230
Total liabilities and shareholders' equity $21,302 $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 Nine months ended
March 31, March 31,
2006 2005 2006 2005
Net revenues $4,029 $3,799 $11,714 $10,412
Product costs 1,424 1,272 4,207 3,415
Gross margin 2,605 2,527 7,507 6,997
Costs and expenses
Sales and marketing 1,669 1,635 4,859 4,523
General and
administrative 1,047 932 3,801 2,773
Research and
development 486 418 1,474 1,255
Total operating
expenses 3,202 2,985 10,134 8,551
Operating loss (597) (458) (2,627) (1,554)
Other income (expense)
Interest and other,
net 93 (61) 40 (22)
Realized/unrealized
gain on securities -- (276) 765 145
Loss before income tax (504) (795) (1,822) (1,431)
Income tax provision 21 (2) 60 (9)
Loss from continuing
operations (525) (797) (1,882) (1,440)
Income from
discontinued
operations, net of
income tax -- 411 -- 856
Gain (loss) from the
sale of discontinued
operations, net of
income tax 776 -- 302 52
Net income (loss) $251 ($386) ($1,580) ($532)
Other comprehensive
income (loss)
Foreign currency
translation
adjustments 62 (5) 253 (38)
Comprehensive income
(loss) $313 ($391) ($1,327) ($570)
Basic earnings (loss)
per share:
Loss from continuing
operations ($0.01) ($0.01) ($0.06) ($0.01)
Income from
discontinued
operations, net of
Income tax $0.00 $0.00 $0.00 $0.00
Gain (loss) from the
sale of discontinued
operations, net of
income tax $0.02 $0.01 $0.01 $0.03
Net income (loss) $0.01 ($0.01) ($0.05) ($0.02)
Diluted earnings (loss)
per share:
Loss from continuing
operations ($0.01) ($0.01) ($0.06) ($0.01)
Income from
discontinued
operations, net of
income tax $0.00 $0.00 $0.00 $0.00
Gain (loss) from the
sale of discontinued
operations, net of
income tax $0.02 $0.01 $0.01 $0.03
Net income (loss) $0.01 ($0.01) ($0.05) ($0.02)
Shares used in
computing basic
earnings (loss)
per share 30,043 28,051 29,850 27,623
Shares used in
computing diluted
earnings (loss)
per share 30,043 28,051 29,850 27,623
INTERNATIONAL MICROCOMPUTER SOFTWARE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
Nine months ended March 31, 2006
(In thousands, except share amounts)
(Unaudited)
Common Stock
Accumulated
other
Accumulated comprehensive
Shares Amount deficit income (loss) Total
Balance at
July 1, 2005 28,796,886 $43,663 ($25,331) ($102) $18,230
Issuance of
common stock
related to:
Stock options
exercised 99,291 80 --
Warrants
exercised and
other 428,673 -- 80
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
Stock buy back (27,273) (30) (30)
Issuance of stock
options 2 2
Variable
accounting
adjustment (2) (2)
Net loss (1,580) (1,580)
Foreign currency
translation
adjustment 253 253
Balance at
March 31,
2006 30,144,160 $44,854 ($26,911) $151 $18,094
INTERNATIONAL MICROCOMPUTER SOFTWARE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Nine months ended March 31,
2006 2005
Cash flows from operating activities:
Net cash provided by (used in) operating
activities ($948) $237
Cash flows from investing activities:
Proceeds from sale of discontinued operations 10,242 608
Proceeds from sale of product line -- 258
Acquisition of subsidiaries (1,807) (1,356)
Acquisition of software development,
domain names and trademarks -- (602)
Purchases of equipment and software (31) (213)
Transfer cash to escrow for Jupitermedia -- (499)
Proceeds from the sale of marketable securities 1,524 1,780
Other (8) 371
Cash provided by discontinued operations
in investing activities -- 470
Net cash provided by investing activities 9,920 817
Cash flows from financing activities:
Proceeds from borrowings 850 400
Repayments of notes (4,579) (2,368)
Proceeds from warrants and options exercised 80 152
Cash provided by discontinued operations
in financing activities -- (20)
Net cash used in financing activities (3,649) (1,836)
Effect of exchange rate change on cash
and cash equivalents 53 (39)
Net increase (decrease) in cash and
cash equivalents 5,376 (821)
Cash and cash equivalents at beginning
of period 4,347 3,212
Cash and cash equivalents at
end of the period $9,723 $2,391
Nine months ended March 31,
2006 2005
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid 2 189
Income tax paid 66 2
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 1,000 480
Warrants issued in conjunction
with short-term debt 68 --
About IMSI
International Microcomputer Software, Inc. is in the process of becoming a technology-based media company, having historically operated as a software company. Media and content will be offered over the Internet through Broadcaster's virtual set top box, following the merger with AccessMedia.
Proxy statement available for May 23 meeting to vote on merger
IMSI has filed a proxy statement for the stockholder meeting with the Securities and Exchange Commission. Investors and security holders are advised to read the proxy statement because it contains important information about the proposed merger. Investors and security holders may obtain a free copy of the proxy statement 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) 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, is set forth in a Schedule 14A filed with the SEC, and is available free of charge at the SEC website and public reference rooms, and from IMSI.
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/