Ivrnet Reports Increased Revenues and profits in 2010

(TSX Venture Exchange: "IVI")
Issued Common Shares: 39,569,686

CALGARY, May 2 /CNW/ - Ivrnet Inc., (TSX-V: IVI), is pleased to report its financial results for the year ending December 31, 2010 which highlights the first net profit for the Company.

Revenues for the year of 2010 totaled $3,790,157 and were an increase of 47% over revenues of $2,577,448 in 2009.  Expenses grew in 2010 to $3,660,718, compared to $2,906,382 in the preceding year; this represents a 26% increase.  Investments in new staffing mainly attributed to the increased expenses. The net income in 2010 was $129,439, compared to a loss of $329,772 for 2009; this reflects a 140 percent year over year increase.

Summary of Operating Results      
       
Year ended December 31  2010  2009  2008
       
Total revenues ($ CDN)  3,790,157  2,577,448  2,284,086
       
Cost of Sales  (980,824)  (592,015)  (502,659)
       
Gross margin  2,809,333  1,985,433  1,781,427
       
General, administrative, marketing and research expenses  (2,314,642)  (1,968,906)  (1,565,564)
       
Earnings Before Interest Depreciation and Amortization1)  494,691  16,527  215,863
       
Net Income (loss)  129,439  (379,772)  (119,558)
       
Net Income (loss) per share (basic and diluted)  0.00  (0.00)  (0.00)
       
Total assets  1,772,775  1,593,392  995,573

1) EBITDA is defined as earnings before interest, taxes, depreciation and amortization.  EBITDA is not a recognized measure under Canadian generally accepted accounting principles.  Management believes however that EBITDA  is a useful supplementary measure as it provides indication of the results of Ivrnet's business operations without regard to how these activities were financed or how these results were taxed.  Ivrnet's method of calculating EBITDA may differ from that of other companies, and accordingly, EBITDA may not be directly comparable to measures used by other companies.

Dave Snell, Ivrnet's President and CEO stated, "2010 was Ivrnet's most successful year to date,  We saw some of our fastest growth ever, and we enter 2011 with the confidence that there are many more good things to come."

A more complete analysis of the Company's 2010 financial results can be found by visiting www.sedar.ca.

About Ivrnet Inc. - Ivrnet is a software as service (SASS) provider that develops and operates intelligent software applications, delivered through the traditional phone network and the Internet. These applications facilitate automated interaction: personalized communication between people; mass communication for disseminating information to thousands of people concurrently; and personalized communication between people and automated systems. Ivrnet's applications are accessible through nearly any form of communication technology, at anytime from anywhere in North America via voice, phone, fax, email, texting and the Internet.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This information release may contain certain forward-looking information.  Actual future results may differ materially from those contemplated.  The risks, uncertainties and other factors that could influence the actual results are described in documents filed with regulatory authorities.

 

SOURCE IVRnet Inc.

For further information:

For Additional information please visit our website at www.ivrnet.com, or contact:

David L. Snell
Ivrnet Inc.
President
(403) 538-4540
email: d.snell@ivrnet.com


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