Industri-Matematik International Announces First Quarter 2003 Results

Industri-Matematik International Announces First Quarter 2003 Results STOCKHOLM, Sweden - August 28, 2002 - Industri-Matematik International Corp. (Nasdaq: IMIC) - the Order Company - today announced results for its first fiscal quarter ended July 31, 2002. Revenues for the first quarter were $10.5 million, compared to $13.5 million for the same period in fiscal 2002. License revenue was $0.3 million versus $0.6 million for the same period in the prior year, and service and maintenance revenue was $9.8 million versus $12.2 million for the same period in the prior year. The net loss for the three months ended July 31, 2002 was $4.4 million, or $0.14 per share. For the same period a year earlier, the Company had a net loss of $1.4 million, or $0.05 per share. General and administrative expenses for the quarter ended July 31, 2002 include a one-time charge of $1.0 million for the cost associated with the change in executive management in July 2002. "Our decline in revenues this quarter is largely due to weak general economic conditions and reduced IT spending. We continue to aggressively manage our expense structure to preserve our cash position, and focus our efforts on creating value for our customers, with the goal of improved financial results, said Lin Johnstone, President and Chief Executive Officer of Industri-Matematik. "We have a strong product offering that addresses the critical order management and replenishment needs facing companies today and provides compelling returns on investment. Our domain expertise to deliver these world-class solutions are second to none," said Ms. Johnstone. Management will host a conference call to discuss its results for the first quarter of fiscal 2003 at 10:00 a.m. Eastern Time, today, August 28, 2002. Please access the Industri-Matematik site on the World Wide Web at: http:// www.industri-matematik.com for further details. About Industri-Matematik Industri-Matematik International - The Order Company - is a provider of high-performance supply chain solutions for the retail value chain which turn supply chain friction into smooth order flows. Its software enables companies to manage order and replenishment business processes based on actual customer demand to enable best-in-class, pull-driven supply chain practices. The Company's software includes collaborative order management, fulfillment, customer relationship management (CRM), distribution center and store replenishment, supply chain analytics, visibility, and event management capabilities. Industri-Matematik customers cover the entire retail value chain from manufacturers to logistics and business service providers to wholesalers and retailers. They include some of the world's leading brands such as AstraZeneca, British Airways, Campbell Soup, Canadian Tire, Foster's, Kellogg's, Royal Ahold, Schenker, Starbucks, Flextronics, TNT Express, and Warner/Elektra/Atlantic. The statements contained in this release that are not historical facts contain forward-looking information with respect to plans, projections or future performance of Industri-Matematik and further versions of its software products, the achievements of which involve certain risks and uncertainties, including, but not limited to, the success of its reorganization, product demand and market acceptance risks, the effect of economic conditions particularly in its target markets, the impact of competitive products and pricing, product development, commercialization and technological difficulties, and other uncertainties detailed in Industri-Matematik's filings with the Securities and Exchange Commission, particularly its Annual Report on Form 10-K filed in July 2002. The information in this release is as of August 28, 2002. Industri- Matematik undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in its expectations. For Industri-Matematik company and product information, and press releases, please access the Industri-Matematik site on the World Wide Web at: http:// www.industri-matematik.com For more information, contact: Industri-Matematik International Corp., Stockholm, Sweden Lin Johnstone (CEO) or Sue Salvesen (CFO) at: ir@im.se Phone US: +1-856-793-3269 Phone Europe: +46-8-676-5696 ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2002/08/28/20020828BIT00210/wkr0001.doc The Full Report http://www.waymaker.net/bitonline/2002/08/28/20020828BIT00210/wkr0002.pdf The Full Report