As was mentioned by ctshryock, a variable set to the returned value of a well-formed SQL query will always be seen as true when reviewed as a boolean object.
To test whether any data was returned, you could use mysql_num_rows()
PHP Documentation which will return the number of rows returned. If your query would not match any rows, then this function should return 0 which would be seen as false by an if()
condition.
$testresult = mysql_query( "SELECT * FROM imei359327039828680 WHERE FLD2 = '555'" );
if( !$testresult )
die( 'SQL Error' ); # The SQL Query Failed for some reason
if( mysql_num_rows( $testresult ) )
die( 'SQL Returned No Result' ); # The SQL Query returned nothing
while( $r = mysql_fetch_assoc( $testresult ) ) {
# Process your returned rows here
}