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08/25/2009

IMS Files 2nd Quarter Report
Showing Strong Operating Profit & Cash Flow

 

International Monetary Systems (OTCBB:ITNM), a worldwide leader in business-to-business barter services, recently filed its form 10-Q report for the second quarter of 2009. It was the company�s most profitable quarter in several years.

In addition, during the six-month period ending June 30, 2009, IMS began to realize the benefits of the substantial reductions in overhead that the firm had worked so hard to achieve over the past year.

 

Some of the highlights were:

         Employee costs reduced by more than $900,000 from those of the first six months of last year.

         Total liabilities reduced by more than $1.4 million since December 31, 2008.

         Net income from operations improved by more than $800,000 over that reported for the first six months of last year.

         Unrestricted cash available increased by 44.8% since December 31, 2008.

         160,672 shares (post-split amount) repurchased and added to treasury stock since the end of last year.

During the quarter ended June 30, 2009, International Monetary Systems generated gross revenues of $3,481,819, an increase of 3.9% compared to revenue of $3,351,224 in the first quarter of 2009, and a decrease of 1.6% compared to $3,539,434 of revenue in the second quarter of 2008.

Operating expenses in the second quarter were $3,190,938, a decrease of 3.2% compared to the first quarter of 2009, and a 13.8% decrease compared to the second quarter of 2008.

The combination of revenue change and expense controls resulted in net operating income of $290,881 for the quarter, compared to net operating income of $56,314 in the first quarter of 2009, and a net operating loss of $161,020 in the second quarter of 2008.

After adjusting for interest and income tax expense, the net profit for the current period was $179,951, compared to losses of $54,369 in the first quarter of 2009, and $64,193 in the second quarter of 2008, respectively.

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