ITEX Announces Results for First Quarter of Fiscal Year 2012
BELLEVUE, Wash., Dec. 14, 2011 /PRNewswire/ -- ITEX Corporation (OTCBB: ITEX), The Membership Trading Community(SM), a leading marketplace for cashless business transactions in North America, today filed its Form 10-Q with the Securities and Exchange Commission and announced results for its fiscal 2012 first quarter ended October 31, 2011.
"I am pleased to report transaction and association revenues increased 4% and 2%, respectively, in the first quarter of fiscal 2012 compared to the same period last year," said Steven White, Chairman and CEO. "Cash flows from operating activities increased 28% to $452,000 from $354,000, however, income from operations was down 17% compared to the first quarter of fiscal 2011, primarily the result of the decrease in web services revenue."
First Quarter 2012 Highlights
- Revenue of $3,971,000
- Income from operations of $241,000
- Net income of $160,000 or $0.04 a share
- Cash at end of period of $5.456 million vs. $5.386 million on July 31, 2011
- Cash flows from operating activities of $452,000
- Paid a $0.04 per share quarterly cash dividend.
Subsequent Events
- Announced a $0.04 per share quarterly cash dividend
- Renewed our agreement with U.S. Bank for our $3 million revolving credit facility
- Sold Chicago and Cleveland corporate-owned offices to a new franchisee for $345,000
About ITEX
ITEX, The Membership Trading Community(SM), is a thriving network of participating member businesses. Members increase sales through an exclusive distribution channel managed by franchisees, licensees and corporate-owned locations, by utilizing ITEX dollars to exchange goods and services. ITEX is powered by ITEX Payment Systems, the leading payment technology platform for processing cashless business transactions. ITEX is headquartered in Bellevue, WA. For more information, please visit ITEX's website at www.itex.com. We routinely post important information on the investor relations portion of our website.
For more information, please visit www.itex.com
| ITEX CORPORATION |
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October 31, 2011 |
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July 31, 2011 |
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(unaudited) |
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| ASSETS |
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| Current assets: |
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| Cash |
$ 5,456 |
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$ 5,386 |
| Accounts receivable, net of allowance of$399 and $354 |
704 |
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805 |
| Prepaid expenses |
115 |
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131 |
| Loans and advances |
13 |
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10 |
| Prepaid advertising credits |
57 |
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60 |
| Deferred tax asset, net of allowance of $22 and $22 |
798 |
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798 |
| Notes receivable - corporate office sales |
253 |
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180 |
| Other current assets |
11 |
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6 |
| Total current assets |
7,407 |
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7,376 |
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| Property and equipment, net of accumulated depreciation of $485 and $468 |
74 |
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89 |
| Goodwill |
3,191 |
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3,266 |
| Deferred tax asset, net of allowance of $130 and $130, and net of current portion |
4,589 |
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4,681 |
| Intangible assets, net of amortization of $2,762 and $2,691 |
711 |
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855 |
| Notes receivable - corporate office sales, net of current portion |
836 |
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729 |
| Other long-term assets |
19 |
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25 |
| Assets held for sale |
149 |
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0 |
| Total assets |
$ 16,976 |
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$ 17,021 |
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| LIABILITIES AND STOCKHOLDERS' EQUITY |
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| Current liabilities: |
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| Accounts payable |
$ 143 |
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$ 76 |
| Commissions payable to brokers |
303 |
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669 |
| Accrued commissions to brokers |
984 |
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785 |
| Accrued expenses |
583 |
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545 |
| Deferred revenue |
36 |
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47 |
| Advance payments |
126 |
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133 |
| Total current liabilities |
2,175 |
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2,255 |
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| Long-term liabilities: |
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| Other long-term liabilities |
9 |
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8 |
| Total Liabilities |
2,184 |
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2,263 |
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| Commitments and contingencies |
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| Stockholders' equity: |
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| Common stock, $0.01 par value; 9,000 shares authorized; |
36 |
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36 |
| Additional paid-in capital |
28,902 |
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28,867 |
| Accumulated deficit |
(14,146) |
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(14,145) |
| Total stockholders' equity |
14,792 |
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14,758 |
| Total liabilities and stockholders' equity |
$ 16,976 |
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$ 17,021 |
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| ITEX CORPORATION CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share amounts)
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Three Months ended October 31 |
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(unaudited) |
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2011 |
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2010 |
| Revenue |
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| Marketplace revenue and other revenue |
$ 3,971 |
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$ 4,112 |
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| Cost and expenses: |
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| Costs of marketplace revenue |
2,509 |
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2,479 |
| Corporate salaries, wages and employee benefits |
469 |
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463 |
| Selling, general and administrative |
664 |
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724 |
| Depreciation and amortization |
88 |
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154 |
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3,730 |
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3,820 |
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| Income from operations |
241 |
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292 |
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| Other income/(expense): |
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| Interest, net |
20 |
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10 |
| Other income, net |
- |
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34 |
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20 |
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44 |
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| Income before income taxes |
261 |
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336 |
| Provision for income taxes |
101 |
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133 |
| Net income |
$ 160 |
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$ 203 |
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| Net income per common share: |
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| Basic |
$ 0.04 |
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$ 0.06 |
| Diluted |
$ 0.04 |
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$ 0.06 |
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| Weighted average shares outstanding: |
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| Basic |
3,647 |
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3,578 |
| Diluted |
3,648 |
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3,587 |
SOURCE ITEX Corporation
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