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,
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
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.
more information on IMS Barter