ITEX Earnings For Third
Quarter Fiscal 2009
ITEX Corporation (OTCBB:ITEX), a leading marketplace for cashless
business transactions in North America, filed its Form 10-Q with the
Securities and Exchange Commission and announced results for its
fiscal 2009 third quarter ended April 30, 2009.
“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.”
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
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’s report on Form 10-Q can be found at
www.sec.gov.
