Ivrnet Inc. Reports Record Profits in Second Quarter of 2010

News provided by

IVRnet Inc.

Aug 23, 2010, 10:36 ET

    
    (TSX Venture Exchange: "IVI")
    Issued Common Shares: 30,625,126

CALGARY, Aug. 23 /CNW/ - Ivrnet Inc. (TSX Venture: IVI) is pleased to report financial results for the quarter ended June 30, 2010. In this period, the Company generated revenues of $1,019,392. This represents a 62% increase over the equivalent quarter in 2009 and is the first quarter in the companies' history that it generated over one million dollars in revenue. It is also 24% higher than reported revenues for Q1 of 2010. Net income for Q2 of 2010 was $47,772, compared to a net income of $1,616 in the second quarter of the previous fiscal year.

    
    Comparative results are summarized below.

    Quarter over Quarter Summary of Selected Financial Results

                                  2010       2009
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    $ CAD                Q2          Q1         Q4         Q3         Q2
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Revenues          1,019,392    824,712    625,225    696,489    630,501
    -------------------------------------------------------------------------
    Cost of Sales      (284,973)  (184,951)  (197,231)  (159,654)  (128,822)
    -------------------------------------------------------------------------
    Gross Margin        734,419    639,761    427,995    536,835    501,679
    -------------------------------------------------------------------------
    Expenses            597,357    559,996    564,545   (447,939)  (413,459)
    -------------------------------------------------------------------------
    EBITDA (1)          137,062     79,765   (136,550)    88,896     88,220
    -------------------------------------------------------------------------
    Net Income (Loss)    47,772     (6,958)  (234,058)   (98,925)     1,616
    -------------------------------------------------------------------------
    Earnings (Loss)
     Per Share             0.00      (0.00)     (0.01)     (0.00)      0.00
    -------------------------------------------------------------------------
    Total Assets      1,779,394  1,631,721  1,593,392  1,660,086  1,326,751
    -------------------------------------------------------------------------

    (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.

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

"The second quarter saw Ivrnet realize tangible results from multiple projects that began late last year. At the same time Ivrnet generated record results for both revenue and profit, the company continued its heavy investment in building for the future," stated David Snell, Ivrnet's President and CEO.

About Ivrnet Inc. - Ivrnet is a communications company that develops and operates intelligent software applications, delivered through traditional phone networks and over 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.

%SEDAR: 00013393E

For further information: please visit our website at www.ivrnet.com, or contact: David L. Snell, Ivrnet Inc., President and CEO, (403) 538-4540, eMail: [email protected]

Organization Profile

IVRnet Inc.