IMS First Quarter Results

During the three months ended March 31, 2011, International Monetary Systems (IMS) offset a slowing of revenue with the benefits of the substantial reductions in overhead that the Company had worked so hard to achieve over the past year. Some highlights are:

 

  • The Company completed the purchase of a trade exchange in Peterborough Ontario, adding approximately 450 members. It is expected that the added office will be immediately accretive.
  • Selling, general and administrative costs were reduced by $292,588, or 25.3%. This decrease includes the $57,001 of unusual legal costs as well as lower occupancy costs and other professional fees incurred in 2010, which did not recur in 2011.
  • At its February 10, 2011 meeting, the board of directors approved the repurchase of an additional 4% of the company’s outstanding shares.
  • 57,467 shares of the Company’s stock were repurchased during the quarter and placed in treasury.
  • A number of markets, including New York City, Wichita Kansas, and Columbus, Ohio, have shown double-digit percentage growth in cash fee revenue so far in 2011.
  • Since December 31, 2010, total liabilities were reduced by $440, 476.
Read more: http://www.sacbee.com/2011/05/09/3613163/international-monetary-systems.html#ixzz1M9gMHTCK

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