International Monetary Systems (OTCBB:ITNM) has reported its
financial results for the second quarter and six-month period ended
June 30, 2010. For the second quarter ended June 30, 2010, gross
revenue improved to $3,541,872 compared with $3,481,819 in the
year-ago quarter. The improvements in gross revenue were the results
of the company�s successful efforts to increase activity in its
corporate barter division.
Operating expenses for the quarter were $3,105,100, compared with
$3,190,938 in the year-ago second quarter. Operating income for the
second quarter 2010 increased 50.2% to $436,762 for the quarter,
compared with $290,881 in the second quarter 2009. Net income for
the quarter increased 23.8% to $222,717 or $0.02 per diluted share,
compared with $179,951 or $0.02 per diluted share reported in the
year-ago second quarter. EBITDA (Earnings before interest, taxes,
depreciation, and amortization), reached a quarterly record of
$840,857, compared with $703,715 for the year-ago second quarter.
For the six months ended June 30, 2010, gross revenue was $6,612,293
compared with $6,833,043 in the year-ago six-month period. Operating
expenses for the six-month period were $6,434,735, compared with
$6,485,848 in the six-month period of 2009. Operating income for the
six-month period was $177,558 compared with $347,195 during the
comparable 2009 six-month period. Net loss for the six-month period
2010 was $98,045 or $0.01 per share, compared with net income of
$125,582 or $0.01 per share in the year-ago six-month period.
Donald F. Mardak, Chief Executive Officer of International Monetary
Systems, declared, �Our financial results this quarter benefited
from an improved mix of business, including an increase in national
accounts and a newly instituted program for small- to- medium-sized
start-up companies, combined with operational efficiencies that we
instituted over the past year. As we continue to demonstrate the
benefits of our barter system to larger companies, we have been
successful in attracting new business throughout the country, with
particular strength from the hospitality industry where new member
enrollment has been brisk.
�In addition to the improved revenue attributable to national
accounts, we also continue to benefit from our core base of small
business clients. The combination of these two segments has added
much depth to the unique benefits that we offer our expanding group
of members, as businesses strive to reduce their inventory levels,
and barter for products and services that help to improve their own
financial results.
�We continue to work on improvements to our infrastructure, and
expect to launch our new operating system in the third quarter.
This, combined with our anticipated growth in national accounts, is
expected to continue driving improvements in all aspects of our
operation,� he concluded.
For more information on IMS Barter
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