During the three months ended 2011 March 31, International Monetary
Systems (IMS) offset a slowing of revenue with the benefits of the
substantial reductions in overhead that the company had worked so
hard to achieve over the past year.
Some highlights are:
�
The company completed the purchase of a Canadian trade exchange in
Peterborough, Ontario, adding approximately 450 members. It is
expected that the added office will be immediately accretive.
�
Selling, general and administrative costs were reduced by $292,588,
or 25.3%. This decrease includes the $57,001 of unusual legal costs
as well as lower occupancy costs and other professional fees
incurred in 2010, which did not recur in 2011.
�
At its 2011 February 10 meeting, the board of directors approved the
repurchase of an additional 4% of the company�s outstanding shares.
�
During the quarter, 57,467 shares of the company�s stock were
repurchased and placed in treasury.
�
A number of markets, including New York City, Wichita (KS) and
Columbus (OH), have shown double-digit percentage growth in cash fee
revenue so far in 2011.
�
Since December 31, 2010, total liabilities were reduced by $440,
476.
During the quarter ended March 31, International Monetary Systems
generated gross revenues of $2,978,842, a decrease of $240,890 or
7.5%, compared to the first quarter of 2010. Only $10,000 of this
decrease is in cash revenue. The remaining $230,000 decrease is in
trade dollar revenue, with $100,000 of that amount due to a large
non-recurring 2010 transaction in our media/corporate barter
division.
Operating expenses in the quarter were $3,201,178, a decrease of
$277,758 or 7.9% compared to the first quarter of 2010. This
decrease is primarily due to decreased occupancy, professional fees,
and investor relations� costs.
The net operating loss was $222,336 for the quarter, compared to a
net operating loss of $259,204 in the first quarter of 2010.
After adjusting for interest and income taxes, there was a net loss
for the current period of $184,555 compared to a net loss of
$320,762 in the first quarter of 2010.
For
more information on IMS Barter
click here.
