Message #34 From:
NewsBot Date: November 14, 2006 11:23:00 AM
INLM News International Monetary Systems Files 3rd Quarter Report
NEW BERLIN, Wis.--(BUSINESS WIRE)--International Monetary Systems, Ltd. (OTCBB:INLM), a worldwide leader in
business-to-business barter services, recently filed its Form 10-QSB for
the 3rd quarter. In the three months ending
September 30, 2006, International Monetary Systems, Ltd. made an
investment in its infrastructure, and also renewed its commitment to
organic growth by hiring additional sales people who achieved record
numbers of new-client enrollments for the period. Although this was a
strong investment in the Company's future, it substantially reduced
profits for the quarter. On September 29, 2006, International Monetary
Systems purchased National Trade Association and its subsidiary,
Illinois Trade Association, for $4.6 million in cash. No revenue or
expenses from the acquired company are included in the third-quarter
financial statements. However, this acquisition is expected to have a
significant effect on the fourth-quarter figures.
For the three months ending on September 30, 2006, the Company's gross
revenue increased to $1,687,573, compared to $1,674,125 for the third
quarter of 2005. Total expenses increased from $1,559,723 in the third
quarter of 2005 to $1,803,266 in the 3rd quarter
of 2006. The increased expenses were attributed to the acquisitions of
four trade exchanges earlier this year, additional interest charges for
the funding of those transactions, the expansion of our outside sales
force and other non-cash charges for depreciation and amortization.
The Company's year-to-date consolidated gross revenue for the nine-month
period ending September 30, 2006, totaled $5,240,400, compared to
$4,413,101 for the same period in 2005, an increase of 19%. Total
expenses for the nine months ending September 2006 were $5,241,215,
compared to $4,091,555 for the same period last year, an increase of
28%. Year-to-date loss for the first nine months of 2006 was $192,369,
compared to a profit of $120,656 for the same period ending September
30, 2005.
During the nine months ending on September 30, 2006, International
Monetary Systems' total assets have grown to $15,168,231, from
$7,937,986 at the end of 2005, an increase of 96%.
For the third quarter of 2006, International Monetary Systems, Ltd. had
a net loss of $120,198, compared to a net profit of $27,098 for the same
period in 2005. Earnings before interest, taxes, depreciation and
amortization (EBITDA) totaled $106,377 for the current quarter. This
compares to an EBITDA of $237,610 for the same period last year. EBITDA
for the first nine-months of 2006 totaled $602,425, compared to an
EBITDA for the same period of 2005 totaling $615,031, a decrease of 2%.
About International Monetary Systems
Founded in 1985, International Monetary Systems (IMS) serves more than
15,000 customers representing 22,000 cardholders in 40 U.S. markets.
Based in New Berlin, Wis., IMS is one of the largest publicly traded
barter companies in the world and is continually expanding its exchange
locations. The company's proprietary transaction network enables
businesses and individuals to trade goods and services throughout North
America. Using an electronic currency known as trade dollars, IMS
exchanges allow companies to create cost savings and to improve
operations by taking advantage of barter opportunities in their business
models. Managed by seasoned industry veterans, IMS is a recognized
member of the National Association of Trade Exchanges (NATE) and the
International Reciprocal Trade Association (IRTA). Further information
can be obtained at the company's Web site at: www.internationalmonetary.com.
