IMS Posts First Quarter Expansion Results
International Monetary Systems (OTCBB:INLM) has filed its 2008 first
quarter report on Form 10-Q (www.sec.gov).
During this quarter, IMS continued expanding its sales staff and
investing in other infrastructure enhancements. As a result, the
company enrolled more than 900 new members in the quarter which
management believes will provide strong organic growth in the
IMS also continued the conversion of its proprietary accounting and
tracking system and added additional personnel to accelerate the
finalization of its new interactive online marketplace. Both of
these will be rolled out soon, with completion expected during May
and June of this year.
For the three months ending on March 31, IMS generated gross revenue
of $3,518,839 compared to $3,301,009 last year, an increase of 6.6%.
Total expenses increased from $3,349,666 in the first quarter of
2007 to $3,828,108 for the same period in 2008. This increase of 14%
occurred primarily because of additional overhead costs from prior
acquisitions, the expansion of their outside sales force, and the
infrastructure expenses described above.
As a result, the net loss from operations was $309,269 for the first
three months of 2008, compared to a loss of $48,657 for the same
period last year. Of the 2008 loss, $96,676 resulted from the
increase of non-cash items such as depreciation, amortization and a
higher provision for bad debt. After including the income tax
benefit, net loss for the current period was $230,907, compared to
$63,272 last year.
Net cash provided by operating activities for the first quarter
totaled $43,457, compared to $409,601 from last year�s first
quarter, while operating profit or EBITDA (earnings before interest,
taxes, depreciation and amortization) totaled $92,674, a decrease of
68% from the $291,277 of the prior year.
On March 31, current assets were $3,192,720 and total assets were
$17,788,650. Current liabilities were $4,119,992 and total
liabilities were $8,954,338, resulting in total shareholder equity
At the end of the first quarter of 2008, IMS�s unrestricted cash
balance was $695,184 compared to $812,365 on December 31, 2007.
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