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.