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05/10/2011

IMS Quarterly Report

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.

 



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