IMS Reports Good First Quarter For 2012
International Monetary Systems (ITNM.OB) has filed its first quarter
report on Form 10-Q. During the quarter ended March 31, 2012,
International Monetary Systems generated revenues of $3,266,779, an
increase of $287,934 or 9.7%, compared to the first quarter of 2011.
This is the result of a 9.5% increase in transactions processed,
attributable in part to their 2011 acquisitions.
Operating expenses in the quarter were $3,254,606, an increase of
$53,426 or 1.7%, compared to the first quarter of 2011. This
increase is primarily due to increased employee costs, including
staff costs in offices acquired in 2011, higher variable
compensation tied to higher revenue, and expansion of the tele-selling
Don Mardak, IMS� Chairman of the Board, stated, �Historically, the
first quarter is the slowest quarter of our year. In those three
months however, IMS showed a nice year-to-year increase in trading
activity and the resulting net revenue. The company also had a small
profit from operations. This compares to operating losses for the
same period in most recent years. We believe this result is a good
indicator for the balance of 2012.�
Revenue increased 9.7% in the first quarter of 2012, compared to the
first quarter of 2011.
Cash provided by operations was $149,307 in the first three months
of 2012, compared to cash provided by operations of $94,832 for the
same period in 2011.
Return to Shareholders
During the first quarter of 2012, 346,804 shares of the company�s
stock have been repurchased under their stock buyback plan and stock
The company generated operating income of $12,173 for the first
quarter, compared to an operating loss of $(222,336) in the first
quarter of 2011. After adjusting for interest and income taxes, the
net loss for the quarter narrowed from $(184,555) in the first
quarter of 2011 to $(44,883) in the first quarter of 2012. Interest
expense has increased as the company services the increased debt
load taken on strategically to fund the stock buyback program
expanded in 2011.