ITEX Announces Results for Fiscal Year 2013
BELLEVUE, Wash., Oct. 21, 2013 /PRNewswire/ -- ITEX Corporation (OTCBB: ITEX), The Membership Trading CommunitySM, a leading marketplace for cashless business transactions in North America, today filed its Form 10-K with the Securities and Exchange Commission and announced results for its fourth quarter and fiscal year ended July 31, 2013.
"Fiscal 2013 was a good year – our cash position increased 73%, income from operations increased 32%, we returned $631,000 to stockholders through quarterly dividends and stock buybacks and we launched a complete refresh of our website, www.itex.com," stated Steven White, Chairman and CEO.
"Two new independent directors were added during the year and we appointed Mr. John Wade to the position of Chief Financial Officer. All board committees consist entirely of independent directors."
Mr. White concluded, "We completed our tenth consecutive year of profitable operations, during which time we have returned more than $8.0 million to stockholders in the form of stock buybacks and dividend payments; $5.8 million in just the past two fiscal years."
Fiscal Year 2013 Highlights Compared to Fiscal 2012 (unless noted)
- Earnings per share increased 41% to $0.41 from $0.29
- Income from operations increased 32% to $1,464,000 from $1,110,000
- Cash increased 73% to $3,352,000 from $1,942,000 over the previous fiscal year
- Increased our dividend 25% in March 2013 from $0.04 to $0.05 cents per share, per quarter
- Four quarterly cash dividends, returning $530,000, or $0.18 per share, to shareholders
- Launched a full refresh of our website, www.itex.com, and all marketing materials for a consistent brand and message.
Subsequent Event
On August 30, 2013, the Board of Directors of ITEX Corporation declared a cash dividend in the amount of $0.05 per share, payable on September 20, 2013 to stockholders of record as of the close of business on September 10, 2013.
| ITEX CORPORATION
|
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| Year End July 31 |
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| 2013 |
2012 |
||
| Revenue |
|||
| Marketplace revenue and other revenue |
$ 14,825 |
$ 15,786 |
|
| Cost and expenses: |
|||
| Cost of marketplace revenue |
9,403 |
10,165 |
|
| Corporate salaries, wages and employee benefits |
2,022 |
1,977 |
|
| Selling, general and administrative |
1,672 |
2,226 |
|
| Depreciation and amortization |
264 |
308 |
|
| 13,361 |
14,676 |
||
| Income from operations |
1,464 |
1,110 |
|
| Other income/(expense): |
|||
| Interest, net |
109 |
102 |
|
| Other income (expense), net |
(1) |
312 |
|
| 108 |
414 |
||
| Income before income taxes |
1,572 |
1,524 |
|
| Income tax expense |
502 |
555 |
|
| Net income |
$ 1,070 |
$ 969 |
|
| Net income per common share: |
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| Basic |
$ 0.41 |
$ 0.29 |
|
| Diluted |
$ 0.41 |
$ 0.29 |
|
| Weighted average shares outstanding: |
|||
| Basic |
2,616 |
3,344 |
|
| Diluted |
2,626 |
3,345 |
|
| ITEX CORPORATION CONSOLIDATED BALANCE SHEETS (In thousands) |
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| Year End July 31 |
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| 2013 |
2012 |
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| ASSETS |
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| Current assets: |
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| Cash |
$ 3,352 |
$ 1,942 |
|
| Accounts receivable, net of allowance of$363 and $319 |
711 |
716 |
|
| Prepaid expenses |
107 |
98 |
|
| Loans and advances |
7 |
12 |
|
| Prepaid advertising credits |
- |
3 |
|
| Deferred tax asset, net of allowance of $30 and $23 |
818 |
603 |
|
| Notes receivable |
366 |
334 |
|
| Other current assets |
13 |
47 |
|
| Total current assets |
5,374 |
3,755 |
|
| Property and equipment, net of accumulated depreciation of $423 and $425 |
57 |
43 |
|
| Goodwill |
3,191 |
3,191 |
|
| Deferred tax asset, net of allowance of $133 and $163 and net of current portion |
3,549 |
4,293 |
|
| Intangible assets, net of amortization of $3,180 and $2,945 |
248 |
525 |
|
| Notes receivable - net of current portion |
1,065 |
1,285 |
|
| Other long-term assets |
30 |
19 |
|
| Total assets |
$ 13,514 |
$ 13,111 |
|
| LIABILITIES AND STOCKHOLDERS' EQUITY |
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| Current liabilities: |
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| Accounts payable |
$ 101 |
$ 85 |
|
| Commissions payable to brokers |
308 |
654 |
|
| Accrued commissions to brokers |
833 |
842 |
|
| Accrued expenses |
320 |
412 |
|
| Deferred revenue |
33 |
32 |
|
| Notes payable, current portion |
7 |
- |
|
| Advance payments |
130 |
136 |
|
| Total current liabilities |
1,732 |
2,161 |
|
| Long-term liabilities: |
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| Other long-term liabilities |
8 |
10 |
|
| Total Liabilities |
1,740 |
2,171 |
|
| Commitments and contingencies |
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| Stockholders' equity: |
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| Common stock, $0.01 par value; 9,000 shares authorized; |
26 |
26 |
|
| Additional paid-in capital |
25,214 |
25,183 |
|
| Stockholder notes receivable |
(226) |
(489) |
|
| Accumulated deficit |
(13,240) |
(13,780) |
|
| Total stockholders' equity |
11,774 |
10,940 |
|
| Total liabilities and stockholders' equity |
$ 13,514 |
$ 13,111 |
|
SOURCE ITEX Corporation
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