ITEX Reports 2010 Third Quarter Earnings
Results for ITEX�s fiscal 2010 third quarter ended April 30, 2010.
The financial statements for all periods presented have been
adjusted to reflect the 1:5 reverse-stock split effective May 3,
2010.
�We executed quite well in the third quarter and I'm pleased to
recognize gains in revenue and income from operations compared to
last year�s third quarter,� confirmed Steven White, Chairman and
CEO. �Revenue growth was primarily due to our media and web services
initiatives, which also provided the benefit of additional
transaction opportunities for our members. Income from operations
increased as a result of revenue growth and a reduction in
depreciation and amortization expense. Our increased cash position
reflected our operational income.�
White continued, �Revenue from our core business remains steady and
our cash flow strong. With our stable financial footing, we will
continue to focus our efforts on organic growth, enhancing our
internet and web services platforms and creating more stockholder
value. We are pleased to distribute our first ever quarterly
dividend on June 30, 2010, to stockholders of record as of close of
business on June 15, 2010.�
�
Income from operations increased to $421,000 from $344,000 in the
same period last year.
�
Revenue increased to $4,158,000 from $3,981,000 in the same period
last year.
�
Net income increased to $269,000 from $224,000 in the same period
last year.
�
Earnings per share increased to $0.08 from $0.06 in the same period
last year.
�
Cash at end of period increased to $4,193,000 from $2,557,000 on
July 31, 2009.
�
Stockholder equity increased to $14,722,000 from $13,981,000 on July
31, 2009.
�
Broker incentive expense of $50,000 was recorded in the quarter for
a computer upgrade initiative planned in conjunction with the
upcoming launch of Office 2010.
�
$79,000 was expensed for the same incentive in the second quarter of
2010, with a total expense of $129,000 in the nine-months ended
2010.
�
The company repurchased and retired 4,667 common shares.
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