GraphicsMagic is a branch off of the ImageMagick project. I suppose there are some interesting political machinations behind all that, but for right now you should just know that GraphicsMagick is attempting to provide a stable set of code that can be used in other free and proprietary products. This consists of a big batch of image processing library functions, as well as a command line tool that lets you easily exercise some of those functions.

Version 1.1.2 shipped in June, 2004.

http://www.graphicsmagick.org/