Ivrnet Inc. Reports Second Quarter Profits

For Immediate Release August 20, 2010
Calgary, Alberta (TSX Venture Exchange: “IVI”)
  Issued Common Shares: 30,625,126

Ivrnet Inc. Reports Second Quarter Profits

Calgary, Alberta – August 20, 2010 – 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 also24% 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.

Dave Snell, Ivrnet’s President and CEO stated, “Given the recessionary environment, the Second Calendar Quarter of 2009, has been a difficult one for many smaller IT and related technology issuers. In this context, we are pleased that Ivrnet not only held its’ own, but went on to significantly improve its’ gross margin and total asset base. As the economy gradually improves, and businesses start to re-invest in new technology and infrastructure, we look forward to a further strengthening of the Company, in future reporting periods.”

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.

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

David L. Snell

Ivrnet Inc.

President and CEO

(403) 538-4540

eMail: d.snell@ivrnet.com

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.

 


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