International Monetary Systems Increases Revenue 89%
International Monetary Systems (OTCBB:INLM), has filed its second
quarter report on Form 10-QSB. During this period, IMS recorded
substantial trade volume and revenue growth.
company converted $200,000 of its debt to equity and continued the
commitment to its recently implemented �Best Practices� program. In
an effort to increase organic growth, the firm also expanded its
outside sales force and spent substantial funds on new state-of-the
art equipment, web site development, and an expanded workforce.
During the quarter ended June 30, 2007, IMS processed more than $27
million in trade transactions, which generated gross revenues of
$3,420,662, compared to revenue of $1,810,654 in the second quarter
of 2006, an increase of 89%.
Total expenses increased 104%, from $1,722,046 in the second quarter
of 2006 to $3,507,521 in the current period. The expanded sales
force produced more than 800 new clients during the quarter.
company also received a sizable deferred tax benefit, representing
the adjustment to the deferred tax liability, which arises from the
differences in basis of acquired membership lists for financial
reporting versus tax reporting. After adjustments for taxes, the net
loss for the current quarter was $64,090, compared to a net loss of
$46,482 last year.
Year-to-date gross revenue for the six-months ended June 30, 2007,
totaled $6,721,671, compared to $3,552,990 for the same period in
2006, an increase of 89%. Total expenses for the six months ending
on June 30, 2007 were $6,857,187, compared to $3,435,649 for the
corresponding period in 2006, an increase of 100%.
Total year-to-date net loss, before the income tax benefit, for the
first six months of 2007 was $307,439, compared to a loss of $22,597
for the same period in 2006. After tax adjustments, the net losses
for six months were $127,362 for 2007 versus $68,597 for 2006.
Year-to-date operating profit or EBITDA (earnings before interest,
taxes, depreciation and amortization) totaled $597,763, an increase
of 20% over the $498,513 reported for the same period last year.
the first six months of 2007, the company had positive cash flow of
$621,582 compared to just $279,525 for the same period of 2006, an
increase of 122%. Total assets have increased to $18,117,110, from
$15,203,887 at the end of 2006, with stockholders' equity increasing
to $8,774,976 from $7,779,357.
the end of the second quarter of 2007, the company's cash balance
had increased to $1,419,409 from $930,962 at the end of 2006.
more information on IMS see �Site Sponsors� at top of page.