10/18/2011
ITEX Announces Fiscal-Year Results For 2011
The ITEX Corporation (OTCBB:ITEX), has filed its Form 10-K with the
Securities and Exchange Commission and announced results for its
fourth quarter and fiscal year ended July 31, 2011.
�Fiscal 2011 results were strong and we ended the year in the best
financial condition in our history,� noted ITEX chairman and CEO
Steven White. �This is quite an accomplishment considering the
lingering frail economy and the distractions and expense associated
with an unsuccessful proxy contest, and the defense and positive
resolution of a litigation matter first commenced in 2003.
�As we have done in the previous eight years during my tenure as
CEO, we minimized the external distractions and focused on our
business strategies, goals, and maintaining discipline in our
actions. As a result, ITEX continues to be the leader in our
industry and our strong financial condition allows us to pay
quarterly stock dividends, continue our stock repurchase plan,
invest in our technology and broker network, and to make
acquisitions,� stated White.
�It has taken a lot of hard work by our cohesive team and astute
management of our assets to get us where we are today. We have now
completed eight consecutive years of profitable operations, returned
$2.23 million to stockholders in the form of stock buybacks and
dividend payments, and positioned ourselves with liquidity and
flexibility in having $5.38 million in cash on the balance sheet,�
he concluded.
Fiscal Year 2011 Highlights
�
Revenue of $16,424,000;
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Income before income taxes of $1,252,000;
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Cash at end of the fiscal year of $5,386,000;
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Earnings per share of $0.19;
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Increased the revolving credit facility to $3 million;
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Paid four consecutive quarterly cash-dividends, totaling $541,000;
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Repurchased and retired 94,000 shares of common stock for $422,000;
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Acquired membership lists from three commercial trade exchanges.
For more information
click here.
Or
contact Alan Zimmelman at 425.463.4017, e-mail
alan@itex.com.