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IMS Files Third-Quarter 2011 Report

International Monetary Systems (OTCBB:ITNM), a worldwide leader in business-to-business barter services, recently filed its Third-Quarter Report for 2011.


         Cash provided by operations was $934,592 in 2011, compared to $404,525 in the first nine months of 2010, a 131% increase.

         During the current year, they completed the purchase of two trade exchanges, one in Peterborough (Ontario) and one in St. Louis (MO), adding approximately 900 members. It is expected that the additional offices will be immediately accretive.

         During the current year, selling, general and administrative costs were reduced by $679,030, or 20.3%.

         The company has begun the process of registering in a number of states to offer IMS franchises.

Shareholders Return

Management and the board of directors feel that the company stock is significantly undervalued, presenting an attractive opportunity to reinvest. In the first nine months of 2011, the following steps were taken to position IMS to take advantage of this opportunity:

         The board of directors approved increases in the amount of stock that is authorized to be repurchased, granting management discretion to buy back company stock at up to $4.00 per share.

         Financing was secured at attractive, flexible terms to allow for repurchase of shares without hindering operating cash flow.

         1,528,078 shares of IMS stock have been repurchased so far this year under the stock purchase-back plan.

         2,319,611 shares of Treasury stock have been retired through September 30, 2011, reducing the number of outstanding shares to 8,298,189.


During the quarter ended September 30, 2011, International Monetary Systems generated revenues of $3,204,786, a decrease of $505,233 or 13.6%, compared to the third quarter of 2010. This decrease is almost entirely due to decreased trade dollar revenue, including a large non-recurring transaction in its media/corporate barter division which provided approximately $240,000 in trade dollar revenue in 2010.

Operating expenses in the quarter were $3,015,484, a decrease of $497,257 or 14.2% compared to the third quarter of 2010. This decrease is comprised of $95,000 of decreased occupancy expenses, a decrease of $160,000 in legal and professional fees, $42,000 less provision for uncollectable accounts, and $50,000 less investor relations costs.

The net operating income was $189,302 for the quarter, compared to net operating income of $197,278 in the third quarter of 2010. After adjusting for interest and income taxes, net income for the current period was $105,490 compared to a net loss of $(37,642) in the third quarter of 2010.

For more information on IMS click here.

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