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08/14/2012

IMS Reports Second Quarter Earnings

International Monetary Systems (ITNM), a worldwide leader in business-to-business barter services, has filed its second quarter report on Form 10-Q.

Operations

Revenue increased 5.5% in the first two quarters of 2012, compared to the same period in 2011.

Income from operations increased to $213,273 in the first half of 2012 compared to an operating loss of $(39,925) in the first half of 2011.

The company has completed the sale of two franchise territories during the year. They are not expected to have a material affect on the results of operations for the next twelve months.

Return To Shareholders

During the six months ended June 30, 2012, 793,351 shares of IMS stock have been repurchased under its stock buyback plan and stock buyback guarantees.

Current Quarter

During the quarter ended June 30, 2012, IMS generated revenues of $3,390,078, an increase of $56,939 or 1.7 %, compared to the second quarter of 2011.

Operating expenses in the quarter were $3,188,978, an increase of $38,251 or 1.2%, compared to the second quarter of 2011. This expansion 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 company´┐Żs tele-selling staff. 

IMS generated operating income of $201,100 for the second quarter, compared to $182,412 in 2011. After adjusting for interest and income taxes, the net income for the quarter was $98,647 compared to net income of $77,196 in the second quarter of 2011. Interest expense has increased as the company services the increased debt load taken on strategically to fund the stock buyback program expanded in 2011.

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