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;

• Income before income taxes of $1,252,000;

• Cash at end of the fiscal year of $5,386,000;

• Earnings per share of $0.19;

• Increased the revolving credit facility to $3 million;

• Paid four consecutive quarterly cash-dividends, totaling $541,000;

• Repurchased and retired 94,000 shares of common stock for $422,000;

• Acquired membership lists from three commercial trade exchanges.

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