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11/17/2009

IMS Barter�s Quarterly Report Reveals Substantial Progress

International Monetary Systems (OTCBB:ITNM), a worldwide leader in business-to-business barter services, has filed its 3rd quarter report on form 10-Q.

During the nine months ending September 30, 2009, International Monetary Systems (IMS) was realizing the benefits of the substantial reductions in overhead the company worked so hard to achieve over the past year.

Some highlights are:

        Employee costs were reduced by more than $1,300,000 compared to the first three quarters of 2008.

        Total liabilities were reduced by more than $1.5 million compared to December 31, 2008.

         Net income from operations improved by more than $1,100,000 over the same nine months of last year. 

        Unrestricted cash available increased by 94.9% since December 31, 2008.

        190,006 shares were repurchased and added to treasury stock since December 31, 2008.

During the quarter ending September 30, 2009, International Monetary Systems generated gross revenues of $3,526,792, substantially flat compared to revenue of $3,537,840 in the third quarter of 2008.

Operating expenses in the third quarter were $3,169,126, a 9.8% decrease compared to $3,511,054 in the third quarter of 2008. The decrease was primarily due to efficiencies realized in personnel and administrative costs.

The combination of revenue change and expense controls resulted in net operating income of $357,666 for the quarter, compared to $26,786 in the third quarter of 2008.

After adjusting for interest and income tax expense, the net profit for the current period was $214,180 compared to a net loss of $121,516 in the third quarter of 2008.

Operating profit or EBITDA (earnings before interest, taxes, depreciation and amortization) for the quarter totaled $748,792, a 67.8% increase over the $446,417 reported in the third quarter of 2008.

For more information on IMS click here.



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