ITEX Announces First Quarter Fiscal 2010 Results

ITEX’s fiscal 2010 first quarter ended October 31, 2009. CEO Steven. White shared, “As I conveyed in my annual letter to shareholders last week, our financial condition has never been stronger. We attribute our financial success in part to our disciplined, conservative and astute management of our finances; our ability to run the company with a lean, smart and dedicated staff; our hard-working broker network and their employees; and our understanding that in order to make forward leaps, we need to follow our entrepreneurial drive with fearless pursuit of opportunity.

“The upside for growth in our trading community is enormous and largely untapped, while our downside is limited due to the strength of our balance sheet, cash flow and proven revenue streams.”

First quarter highlights for 2010:

·         Income from operations of $340,000 compared to $22,000 in the same period last year;

·         Revenue of $3,924,000 compared to $3,899,000 in the same period last year;

·         Net income of $277,000 compared to $45,000 in the same period last year;

·         Cash at end of period was $3,098,000 compared to $2,557,000 on July 31, 2009;

·         Stockholder equity of $14,271,000 compared to $13,981,000 in the same period last year;

·         Sold the ITEX San Francisco (CA) corporate-owned office to an existing franchisee.

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