IBSG (CE) (USOTC:IBIN)
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IBSG International, Inc. (“IBSGI”)
(OTC BB: IBIN), developer and marketer of BizWorld Pro©,
a comprehensive, Internet-based Commerce Platform that operates as a
digital service centre for any government ministry-department, announced
today results for the second quarter and six months ended June 30, 2008.
For the second quarter ended June 30, 2008, IBSGI reported record
revenue of $4,424,798, an increase of 45% over the $3,058,544 of revenue
for the second quarter of 2007. This marks the 16th
consecutive quarter of increases in quarter-over-quarter revenue. Net
Income declined to a fully taxed $1,265,048, or $0.13 per diluted share,
from a partially taxed $1,882,011, or $0.26 per diluted share, in the
prior-year second quarter. The effective tax rate for the second quarter
2008 was a fully-taxed 37% compared to an effective tax rate of 8% for
the second quarter 2007. Weighted shares outstanding on a diluted basis
for the second quarter of 2008 were 10,065,331 as compared to 7,072,895
for the second quarter of 2007.
For the first six months ended June 30, 2008, revenue increased 51% to a
record $9,204,552 as compared with $6,089,260 for the first six months
of 2007. Cash Flow from Operating Activities soared to a record
$5,238,116 as compared to $434,691 in the first six months of 2007. Net
income declined to a fully-taxed $2,396,258, or $0.24 per diluted share,
from a partially-taxed $2,946,277 or $0.42 per diluted share, for the
first six months of 2007. The effective tax rate for the first six
months of 2008 was a fully-taxed 37% compared to an effective tax rate
of 25% for the second quarter 2007. Weighted shares outstanding on a
diluted basis for the first six months of 2008 were 10,168,585 as
compared to 7,234,173 for the first six months of 2007.
As of June 30, 2008, the Company had cash on hand of $7,376,612, a 245%
increase as compared to $2,138,496 cash on hand as of 12/31/07. Total
Current Assets increased to $32,488,322, a 29% increase as compared to
total assets of $25,414,601 as of 12/31/07. Book value at June 30, 2008
was $2.60 per diluted share. In the second quarter and 1st
six’ months of 2008, the Company had cash
collections from accounts receivable of approximately $3,500,000 and
$3,800,000 respectively.
Commenting on the announcement, Dr. Michael Rivers, CEO of IBSG
International stated, “For a company to
perform at these levels quarter over quarter takes tremendous dedication
on the part of the various COOs of our subsidiaries and their staff. We
have managed to continue to prove our model around the world. The Company’s
performance has enabled us to strengthen our balance sheet beyond the
Company’s operational average cash needs with
an informal reserve of approximately $6 million to demonstrate to
governments we have the financial strength to implement multiple
projects simultaneously around the world. This informal international
requirement is despite the fact that our implementation model can be
replicated anywhere in the world at approximately the equivalent
economic levels that have yielded the high returns we have been
demonstrating. Most governments want to see approximately 15% of the
first year license values. This can be challenging. We are seeing more
nations negotiating in tandem with the intent of implementing
simultaneously. Our financial strategy has always included this
requirement.
Rivers continued, “While opportunities
continue to be developed in Europe, Africa and domestically, the Company
has been able to demonstrate to governments around the world that we
have a successful solution to meet the growing demand for internet
strategies that accelerate the commercial growth of the small to mid
size business community which worldwide, is recognized as the core of a
nations commerce strength. A range of business tools combined with the
ability to create a robust internet presence is critical to these
businesses in order to increase business parity. This is augmented with
sophisticated procurement functions that open the competition for
government contracts combined with a relatively new set of functions
that bring investors and companies seeking investment together is
quickly being recognized as critical core functional requirements for
the forward growth of commercial activity within a nation and the world.
With nearly 1 billion SMEs worldwide, our Company has only scratched the
surface of this vast market. As Mr. Max Bowser said, ‘IBSGI
is an ‘Earning Juggernaut.”
Conference Call: Management of IBSG International will host a
conference call on August 19, 2008 at 10:00 am. EDT to discuss the
company's financial results and achievements. Those who wish to
participate in the conference call may telephone 866-682-6100, from the
U.S. or, 201-499-0416 for international callers, no PIN number is
necessary for the live call but, you must provide the operator with your
name, company and phone number. If you cannot participate in the call,
but wish to listen to it, you may logon at www.ibsgi.com
and click on investor call archive. The audio will be available starting
one day after the completion of the live call.
Noble Conference Web Cast: Dr. Rivers will give a 25-minute
presentation regarding IBSG International’s
market positioning, financial performance, and strategic direction at
the Fourth Annual Noble Financial Equity Conference at 11:30 a.m.
(Pacific), 2:30 Eastern), on Tuesday, August 19, 2008 at the Loews Lake
Las Vegas Resort, Nevada. The presentation will be webcast LIVE
featuring high-definition, streaming video and PowerPoint slides. Access
is available by logging on to the conference website www.noblemadmax.com
or by going to the company’s website at www.ibsgi.com
and locating the page “live webcast”
which can be found on the left hand side of the screen. It is
recommended that interested parties register at least 15 minutes prior
to the start of the presentation to ensure timely access.
About IBSG International, Inc.:
IBSG International, Inc. (http://www.ibsgi.com/),
through its wholly-owned subsidiaries, is the developer and marketer of
BizWorld Pro©, a unique turnkey digital
service center software, that provides a broad range of digital
budgetary, administrative and commercial services (B2B, e-commerce,
government to business and enterprise business services) on a single
platform. IBSGI licenses BizWorld Pro©
primarily to international government agencies and ministries, State
governments within the United States, as well as business associations,
who typically both utilize the platform internally and make the platform
available on a subscription basis to small-to-medium size enterprise
businesses within their jurisdiction. For more information about the
Company, please visit us on the web at www.ibsgi.com
or call 321-939-6321. Investor Relations Contact: Michael Porter,
President, Porter, LeVay & Rose, Inc., 212-564-4700.
Safe Harbor Forward-Looking Statements:
Except for historical information contained herein, the statements in
this release are forward-looking statements that are made pursuant to
the safe harbor provision of the Private Securities Litigation Reform
Act of 1995. The above information does not guarantee any successful
closing of new business. No assurances can be given that any projections
related to gross revenues or profit margins will be realized.
Forward-looking statements involve known and unknown risks and
uncertainties that may cause the companies' actual results in future
periods to differ materially from forecasted results. Such risks and
uncertainties include, but are not limited to, market conditions,
competitive factors, the ability to successfully complete additional
financings and other risks.
IBSG INTERNATIONAL, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(Unaudited)
June 30,2008
December 31,2007
(Unaudited)
(Audited)
ASSETS
CURRENT ASSETS
Cash
$
7,376,612
$
2,138,496
Accounts receivable, net
24,886,055
21,873,881
Prepaid expenses
225,655
1,402,274
Total Current Assets
32,488,322
25,414,601
FURNITURE, FIXTURES AND SOFTWARE, NET
514,757
703,024
OTHER ASSETS
Accounts receivable, net of current portion
4,995,000
4,995,000
Note receivable
1,868,215
1,802,324
Other assets
141,385
141,665
Deferred consulting services
1,755,064
2,350,375
Deferred tax asset, net
1,717,127
350,000
Total Other Assets
10,476,791
9,091,313
TOTAL ASSETS
$
43,479,870
$
35,756,989
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable and accrued expenses
$
735,567
$
878,770
Income tax payable
3,392,268
1,026,350
Deferred revenue
4,481,343
3,711,347
Deferred tax liability, net
1,342,176
914,137
Total Current Liabilities
9,951,354
6,530,604
Deferred revenue, net of current portion
4,995,000
4,995,000
TOTAL LIABILITIES
14,946,354
11,525,604
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
Common stock authorized 100,000,000 shares at $0.001 par value;
10,955,669 and 9,685,052 respectively shares issued and outstanding
as of June 30, 2008 and December 31, 2007, respectively
10,956
9,686
Additional paid-in capital
22,064,648
20,160,045
Retained earnings
6,457,912
4,061,654
Total Stockholders’ Equity
28,533,516
24,231,385
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$
43,479,870
$
35,756,989
IBSG INTERNATIONAL, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(Unaudited)
Three Months EndedJune 30,
Six Months EndedJune 30,
2008
2007
2008
2007
Sales
$
4,424,798
$
3,058,544
$
9,204,552
$
6,089,260
Cost of Sales
89,093
89,093
178,186
178,186
Gross Profit
4,335,705
2,969,451
9,026,366
5,911,074
General and Administrative
2,322,799
959,399
5,241,293
2,064,949
Income from Operations
2,012,906
2,010,052
3,785,073
3,846,125
Interest Income
—
32,947
—
65,893
Net Income Before Provision of Income Taxes
2,012,906
2,042,999
3,785,073
3,912,018
Provision for Income Taxes
(747,858
)
(160,988
)
(1,388,815
)
(965,741
)
Net Income
$
1,265,048
$
1,882,011
$
2,396,258
$
2,946,277
Net Income Per Share – Basic/Diluted
$
0.13
$
0.26
$
0.24
$
0.42
Weighted Average Number of Shares Outstanding
During the Period – Basic/Diluted
10,065,331
7,072,895
10,168,585
7,234,173