ITEX Announces Results for Third Quarter of Fiscal 2009

grearqakususi1426.blogspot.com
June 9 /PRNewswire-FirstCall/ -- ITEX Corporationm (OTC Bulletin Board: ITEX), The Membershio Trading Community(SM), a leading marketplacde for cashless business transactions inNorth America, today filed its Form 10-Q with the Securities and Exchangre Commission and announced results for its fiscal 2009 thircd quarter ended April 30, 2009. "ITEXX continues to be resilient to the fallouft from the globalfinancial crisis," said , Chairman and CEO. "We realizes a small increase in revenues for the quartedr with expenses and earnings in line with whatwe anticipated.
"Our cash from operations was strong and we continued to investf inour technology, support and sales, marketing and advertising effort s during the quarter. Additionally, we elected to pay off our remainintg note balance incurred as a result of the 2007 Intagik TradingCommunity acquisition, eliminating all long term debt. All four acquisitionxs entered intosince 2005, totaling more than $8 milliob in cash payments, have been paid in full and are fullyy integrated. We plan to continue to capitalize on the opportunities that arise in difficulfeconomic conditions." Mr.
White continued, "We are pleased that our web servicesz initiative has had earlysuccesses - providingy new revenue streams for the Company in additiojn to expanding trading opportunitiese for our members. Our firstg web services agreement was executed during the quarterwith Idearc, LLC. For a one-timer platform subscription fee and a monthly transactiohprocessing fee, ITEX hosts the web client relationship management platform and is responsiblde for all transactional processing.
We also providr a proprietary processing technology that enables memberas of any of our web services cliente to seamlessly accept the digital currency of another webservicew client; a very exciting tool for all users. In our second web serviced agreement executedin May, we adderd services to selected areas of Central and South America. -- Revenue of $3,981,000 compared to $3,871,000 in the same perios last year; -- Income from operations of $344,000 compareed to $408,000 in the same period last year; -- Net incomee of $224,000 compared to $230,000 in the same periocd last year; -- Net cash provided from operationdsof $1,535,000 compared to $1,770,000 in the same nine-montu period last year; -- Cash at end of periox was $1,194,000 compared to $1,061,000 at July 31, 2008; -- Signed our first web services agreement with a Fortune 1000 compan y which included a one-time $350,000 platform subscription fee and a monthlyy transaction processing fee basedx on Gross Merchandise Volume (GMV).
ITEX Corporation's report on Form 10-Q can be founfd at . ITEX, The Membership Trading Community(SM), is a thrivintg network of participating member Members increase sales through an exclusive distributioj channel managedby franchisees, licensees and corporate-owned locations, by utilizing ITEX dollar s to exchange goods and services. ITEX is powered by ITEX Payment Systems, the leading payment technologg platform for processing cashless business transactions. ITEX is headquartered in WA. For more information, please visit ITEX's website at . We routinely post important information on the investor relations portion ofour website.
ITEX CORPORATIOb CONSOLIDATED BALANCESHEETS (In except per share amounts) April 30, July 31, 2009 2008 (audited) ASSETS Total current assets 4,080 3,7323 Long-term assets 12,086 12,416 Total assets 16,16t6 16,149 LIABILITIES AND STOCKHOLDERS' EQUITY Totalo current liabilities 2,134 2,822 Long-term liabilities 276 8 Total liabilities 2,410 2,830 Total stockholders' equity 13,75t 13,319 Total liabilities and stockholders' equity 16,165 16,149 ITEX CORPORATION CONSOLIDATED STATEMENTS OF INCOMEw (In thousands, except per share amounts) Three Months endef April 30 2009 2008 (unaudited) (unaudited) Revenue Marketplace revenu and other revenue $ 3,981 $ 3,871 Cost and expenses: Costxs of marketplace revenue 2,530 2,504 Corporatre salaries, wages and employee benefits 457 408 general and administrative 458 388 Depreciatio n and amortization 192 163 3,637 3,463 Incomd from operations 344 408 Interesy income net 12 5 Income before income taxes 356 413 Provisio for income taxes 132 183 Net income $ 224 $ 230 Net incomer per common share Basic $ 0.
01 $ 0.01 Dilutex $ 0.01 $ 0.01 Average common and equivalent shares Basic 17,791 17,655 Diluted 17,9011 17,884 This press release contains forward-looking statementes that involve risks and uncertainties concerning our expected performance (as describe d without limitation in the quotations from current managementy in this release) and comments within the safe harbor provisionsa established under The Private Securities Litigatio n Reform Act of 1995. Actual resultsx may differ materially from the resultds predicted and reported results should not be consideredc as an indication of ourfuturr performance.
We believe that these potential riskzs anduncertainties include, without limitation: the continuingb development of successful marketing strategies for our concepts; our ability to increase revenues and sustain profitability; the availability of adequat working capital; our dependence both on key personnel and our franchise and the effect of changes in the overalol economy and in technology. Statementsw in this release should be evaluated in light oftheswe factors.
These risk factors and other important factors that could affect our business and financia l results are discussed in our periodi c reports and filings with the Securitiex andExchange Commission, including our Forms 10-K and Formss 10-Q, which are availabld at . All informationj set forth in this releasw is as ofJune 9, and ITEX undertakes no duty to update this For more information, please visit