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"ITEX continues to be resilient to the fallout from the global financial crisis," said Steven White, Chairman and CEO. "We realized a small increase in revenues for the quarter with expenses and earnings in line with what we anticipated."
"Our cash from operations was strong and we continued to invest in our technology, support staff, and sales, marketing and advertising efforts during the quarter. Additionally, we elected to pay off our remaining note balance incurred as a result of the 2007 Intagio Trading Community acquisition, eliminating all long term debt. All four acquisitions entered into since 2005, totaling more than $8 million in cash payments, have been paid in full and are fully integrated. We plan to continue to capitalize on the opportunities that arise in difficult economic conditions."
Mr. White continued, "We are pleased that our web services initiative has had early successes - providing new revenue streams for the Company in addition to expanding trading opportunities for our members. Our first web services agreement was executed during the quarter with Idearc, LLC. For a one-time platform subscription fee and a monthly transaction processing fee, ITEX hosts the web interface, client relationship management platform and is responsible for all transactional processing. We also provide a proprietary processing technology that enables members of any of our web services clients to seamlessly accept the digital currency of another web services client; a very exciting tool for all users. In our second web services agreement executed in May, we added services to selected areas of Central and South America."
Third Quarter 2009 Highlights
-- Revenue of $3,981,000 compared to $3,871,000 in the same period last
year;
-- Income from operations of $344,000 compared to $408,000 in the same
period last year;
-- Net income of $224,000 compared to $230,000 in the same period last
year;
-- Net cash provided from operations of $1,535,000 compared to $1,770,000
in the same nine-month period last year;
-- Cash at end of period was $1,194,000 compared to $1,061,000 at July 31,
2008;
-- Signed our first web services agreement with a Fortune 1000 company
which included a one-time $350,000 platform subscription fee and a
monthly transaction processing fee based on Gross Merchandise Volume
(GMV).
ITEX Corporation's report on Form 10-Q can be found at www.sec.gov.
About ITEX
ITEX, The Membership Trading Community(SM), is a thriving network of participating member businesses. Members increase sales through an exclusive distribution channel managed by franchisees, licensees and corporate-owned locations, by utilizing ITEX dollars to exchange goods and services. ITEX is powered by ITEX Payment Systems, the leading payment technology platform for processing cashless business transactions. ITEX is headquartered in Bellevue, WA. For more information, please visit ITEX's website at www.itex.com. We routinely post important information on the investor relations portion of our website.
ITEX CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts)
April 30, July 31,
2009 2008
(unaudited) (audited)
ASSETS
Total current assets 4,080 3,733
Long-term assets 12,086 12,416
Total assets 16,166 16,149
LIABILITIES AND STOCKHOLDERS' EQUITY
Total current liabilities 2,134 2,822
Long-term liabilities 276 8
Total liabilities 2,410 2,830
Total stockholders' equity 13,756 13,319
Total liabilities and stockholders'
equity 16,166 16,149
ITEX CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
Three Months ended April 30
2009 2008
(unaudited) (unaudited)
Revenue
Marketplace revenue and other revenue $ 3,981 $ 3,871
Cost and expenses:
Costs of marketplace revenue 2,530 2,504
Corporate salaries, wages and employee
benefits 457 408
Selling, general and administrative 458 388
Depreciation and amortization 192 163
3,637 3,463
Income from operations 344 408
Interest income net 12 5
Income before income taxes 356 413
Provision for income taxes 132 183
Net income $ 224 $ 230
Net income per common share
Basic $ 0.01 $ 0.01
Diluted $ 0.01 $ 0.01
Average common and equivalent shares
Basic 17,791 17,655
Diluted 17,901 17,884
This press release contains forward-looking statements that involve risks and uncertainties concerning our expected performance (as described without limitation in the quotations from current management in this release) and comments within the safe harbor provisions established under The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of our future performance. We believe that these potential risks and uncertainties include, without limitation: the continuing development of successful marketing strategies for our concepts; our ability to increase revenues and sustain profitability; the availability of adequate working capital; our dependence both on key personnel and our franchise network; and the effect of changes in the overall economy and in technology. Statements in this release should be evaluated in light of these factors. These risk factors and other important factors that could affect our business and financial results are discussed in our periodic reports and filings with the Securities and Exchange Commission, including our Forms 10-K and Forms 10-Q, which are available at www.sec.gov. All information set forth in this release is as of June 9, 2009, and ITEX undertakes no duty to update this information.
For more information, please visit www.itex.com
SOURCE ITEX Corporation
http://www.itex.com
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