International Monetary Systems (OTCBB:ITNM), has posted its
financial results for the third quarter and nine months ended
September 30, 2010.
Financial highlights include:
Revenue increased 1.2% compared to the third quarter of 2009.
Year-to-date employee costs were reduced by 1.7% compared to the
first nine months of 2009.
Total liabilities have been reduced by more than $900,000 since
December 31, 2009.
Absent extraordinary legal fees and the cost of settling income tax
audits, year-to-date net income would have been approximately
For the third quarter ended September 30, 2010 International
Monetary Systems generated gross revenues of $3,760,487, an increase
of $46,040 or 1.2%, compared to the third quarter of 2009. Much of
this increase in gross revenue resulted from a significant
transaction in its corporate barter division. The company continues
to develop and grow this division, with the anticipation that this
division will become an increasingly important part of its business
Operating expenses in the quarter were $3,318,451, an increase of
$149,325 or 4.7% compared to the third quarter of 2009. This
increase is primarily due to increased legal and investor relations
costs. The net operating profit was $197,278 for the quarter,
compared to a net operating profit of $357,666 in the third quarter
of 2009. After adjusting for interest and income taxes, the net loss
for the current period is $37,642, compared to net income of
$214,180 in the third quarter of 2009.
EBITDA (earnings before interest, taxes, depreciation and
amortization) for the present quarter ended September 30 was
$602,901, compared with $748,792 in the prior year's third quarter.
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