IFRS

IFRS Falls Sharply On Profit Booking

After a whopping 400% rally in the past one week, shares of Infrared Systems International (OTC:IFRS) slumped 36.36% on Wednesday as penny stock investors preferred to book their profits.

Shares of IFRS got huge attention from traders after announcing its results for the quarter ending December 31, 2010 on May 18, 2011..

Total sales in the reported quarter increased in multiples of 7.56 from $16.8K in the prior year period to $143.58K of which revenue from sales of Company’s offerings comprised 79.55% of the total revenues. Revenue from Infrared Systems IFRS services offered was $11.763K in the reported quarter.

Gross profit was up 478% to $97.056K from $16.8K posted in the prior year period representing gross margin of 67.6%. Cost of goods sold in the prior year period was zilch and the revenue represented income from royalty.

Expenses incurred quarter was $467.2K as compared to operating expenses of $32.53K incurred in the same quarter of fiscal 2010. This included goodwill impairment loss of $315.484K reported in relation to the acquisition of AquaLiv Inc.

Excluding the impact of impairment loss net loss incurred by Infrared Systems IFRS was $57.234K which compared to net loss of $16.857K incurred in the prior year period.

Infrared Systems International is up 283% since the last three trading upward movement noticed after the Company’s filing of its quarterly results. The Company is trading on very high volume of 9.64 million shares at $0.009.


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