SEC Form 20-IS - iRemit Global Remittance

I-REMIT, INC. AND SUBSIDIARIES
Consolidated Statements of Income
Unaudited Unaudited
Jan. 1 to Jan. 1 to
Mar. 31, 2012 Mar. 31, 2011
REVENUE
Delivery fees 132,436,858 128,162,854
Realized foreign exchange gains - net 66,835,913 85,976,112
Other fees 79,104 207,386
199,351,875 214,346,352
COSTS OF SERVICES
Bank charges 47,905,668 45,629,322
Delivery charges 3,194,145 3,169,479
51,099,813 48,798,801
GROSS INCOME 148,252,062 165,547,551
OTHER OPERATING INCOME (LOSS)
Net trading gains (loss) 5,829,999 2,088,822
Other income 3,075,304 (5,909,955)
8,905,303 (3,821,133)
OPERATING EXPENSES
Salaries, wages and employee benefits 58,959,274 62,258,705
Rental 14,313,814 13,857,319
Marketing 6,892,916 9,188,279
Professional fees 6,997,497 10,827,036
Transportation and travel 4,523,776 6,955,819
Communication, light and water 6,435,976 6,392,805
Photocopying and supplies 2,776,132 2,773,347
Depreciation and amortization 2,742,410 3,268,675
Entertainment, amusement and recreation 1,609,160 919,309
Other operating expenses 6,988,194 4,267,316
112,239,149 120,708,610
TOTAL OPERATING INCOME 44,918,216 41,017,808
Equity in net earnings of associates 481,496 660,427
Interest income 2,824,172 3,738,367
Interest expense (5,771,869) (8,324,962)
INCOME BEFORE TAX FROM
CONTINUING OPERATIONS 42,452,015 37,091,640
PROVISION FOR INCOME TAX 9,097,372 8,724,086
INCOME FROM CONTINUING OPERATIONS 33,354,643 28,367,554
INCOME (LOSS) AFTER TAX FROM
DISCONTINUED OPERATIONS 0 0
NET INCOME 33,354,643 28,367,554
Attributable to:
Equity holders of the Parent Company 33,354,643 31,531,076
Noncontrolling interest 0 (3,163,522)
33,354,643 28,367,554
Basic/Dilutive Earnings Per Share
0 0
Attributable to Equity Holders of the Parent
Company
0.06 0.05
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