CORRECTING and REPLACING International Monetary Systems Files 10-QSB.
Correction...by Business Wire
NEW BERLIN, Wis.--(BUSINESS WIRE)--Nov. 13, 2003
In BW5507 issued Nov. 13, 2003: 1st graph, 1st line should start with: International Monetary Systems, Ltd. (sted: Barter industry leader profitable in 3rd quarter, net revenue up 45%). The subhead was incorrectly placed in the lead paragraph.
The corrected release reads:
INTERNATIONAL MONETARY SYSTEMS FILES 10-QSB
Barter industry leader profitable in 3rd quarter, net revenue up 45%
International Monetary Systems, Ltd. (OTCBB:INLM), a worldwide leader in corporate and consumer barter services, today filed its third-quarter 10-QSB financial report, which showed a 45% increase in net revenue over the third quarter of 2002.
The company reported net revenue of $971,944 for the quarter ended September 30, 2003, compared to $668,782 for the same quarter of 2002. The revenue increase was attributed to internal growth of the company's Continental Trade Exchange barter network and the acquisition of BarterNet of Brentwood, Calif., and TradeMasters of Louisville, Ky. The company's income of $90,490, before depreciation charged on equipment of discontinued operations and extraordinary charges, compared favorably to income of $86,353 in the third quarter of 2002.
For the nine months ended September 30, 2003, the company's net income before depreciation and extraordinary charges reached $298,751 on gross revenues of $2,933,452.
Depreciation charged on the equipment still owned from the discontinued printing division and extraordinary expenses related to investor relations and consulting services reduced third-quarter net income to $5,321, compared to a net loss of $69,854 for the same period in 2002. Year-to-date, the company had a net loss of $57,087 compared to a loss of $181,343 for the same period of 2002.
For the quarter ending September 30, 2003, the company had an operating profit before interest, taxes, depreciation and amortization (EBITDA) of $118,077, compared to an EBITDA last year of $13,215. EBITDA for the nine months ending on September 30, 2003 totaled $192,754.
About International Monetary Systems
Founded in 1989, International Monetary Systems (IMS) (OTCBB:INLM) serves more than 6,500 customers in 16 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 companies 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 Barter Association National Currency (the BANC). Further information can be obtained at the company's website at www.internationalmonetary.com.