BELLEVUE, Wash., June 13, 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-Q with the Securities and Exchange
Commission and announced results for its fiscal 2013 third quarter
ended April 30, 2013.
Third Quarter 2013 Highlights (Results Compared to Third
Quarter 2012)
- Income from operations increased 9% to $354,000 compared to $324,000
- Earnings per share increased 43% to $0.10 compared to $0.07
- Revenue declined 8% to $3.475
million compared to $3.787
million
- Selling, general and administrative expenses decreased 21% to
$345,000 from $435,000
- Quarterly cash dividend increased 25% to $0.05 per share
- During the nine-month period ended April
30, 2013, the Company repurchased and cancelled 23,763
shares of common stock
Subsequent Events
On May 31, 2013, the board
declared a quarterly cash dividend of $0.05 per share payable on June 20, 2013.
On May 14, 2013, a new look and
refresh of www.itex.com launched.
About ITEX
ITEX, The Membership Trading CommunitySM, is a
leading marketplace for cashless business transactions. Members
increase sales through an exclusive distribution channel managed by
our broker and franchise network, by utilizing ITEX dollars to
exchange goods and services. We generate revenue by
charging members percentage-based transaction fees and association
fees. ITEX is headquartered in Bellevue, WA. We routinely post
important information on the investor relations portion of our
website. For more information, please visit www.itex.com.
|
ITEX
CORPORATION
CONSOLIDATED
BALANCE SHEETS
(In
thousands, except per share amounts)
|
|
|
April 30,
2013
|
|
July 31,
2012
|
|
(unaudited)
|
|
|
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
2,687
|
|
$
1,942
|
|
Accounts receivable, net of
allowance of $301 and $319
|
1,127
|
|
716
|
|
Prepaid expenses
|
131
|
|
98
|
|
Loans and
advances
|
32
|
|
12
|
|
Prepaid advertising
credits
|
-
|
|
3
|
|
Deferred tax asset, net of
allowance of $23 and $23
|
603
|
|
603
|
|
Notes
receivable
|
355
|
|
334
|
|
Other current
assets
|
85
|
|
47
|
|
Total current
assets
|
5,020
|
|
3,755
|
|
|
|
|
|
Property and
equipment, net of accumulated depreciation of $419 and
$425
|
64
|
|
43
|
|
Goodwill
|
3,191
|
|
3,191
|
|
Deferred tax asset,
net of allowance of $163 and $163, and net of current
portion
|
3,854
|
|
4,293
|
|
Intangible assets,
net of accumulated amortization of $3,121 and $2,945
|
306
|
|
525
|
|
Notes receivable, net
of current portion
|
1,149
|
|
1,285
|
|
Other long-term
assets
|
19
|
|
19
|
|
Total
assets
|
$
13,603
|
|
$
13,111
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts and other
expenses payable
|
$
111
|
|
$
85
|
|
Commissions payable
to brokers
|
-
|
|
654
|
|
Accrued commissions
to brokers
|
1,334
|
|
842
|
|
Accrued
expenses
|
382
|
|
412
|
|
Deferred
revenue
|
27
|
|
32
|
|
Advance
payments
|
102
|
|
136
|
|
Notes
payable
|
7
|
|
-
|
|
Total current liabilities
|
1,963
|
|
2,161
|
|
|
|
|
|
Long-term
liabilities:
|
|
|
|
|
Other long-term
liabilities
|
7
|
|
10
|
|
Notes payable -
net of current portion
|
5
|
|
-
|
|
Total
Liabilities
|
1,975
|
|
2,171
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
Common stock, $0.01
par value; 9,000 shares authorized;
2,638 and 2,614 shares issued and outstanding,
respectively
|
26
|
|
26
|
|
Additional paid-in
capital
|
25,316
|
|
25,183
|
|
Stockholder Note
Receivable
|
(414)
|
|
(489)
|
|
Accumulated
deficit
|
(13,300)
|
|
(13,780)
|
|
Total
stockholders' equity
|
11,628
|
|
10,940
|
|
Total
liabilities and stockholders' equity
|
$
13,603
|
|
$
13,111
|
|
ITEX CORPORATION
CONSOLIDATED STATEMENTS OF
INCOME
(In thousands, except per share
amounts)
|
|
|
|
|
Three-Months Ended
April 30,
|
|
Nine-Months Ended
April 30,
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
Marketplace revenue
and other revenue
|
$
3,475
|
|
$
3,787
|
|
$
11,146
|
|
$
11,986
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
Cost of Marketplace
revenue
|
2,171
|
|
2,445
|
|
7,083
|
|
7,763
|
|
Corporate salaries,
wages and employee benefits
|
539
|
|
509
|
|
1,501
|
|
1,481
|
|
Selling, general and
administrative
|
345
|
|
435
|
|
1,179
|
|
1,655
|
|
Depreciation and
amortization
|
66
|
|
74
|
|
197
|
|
239
|
|
|
|
3,121
|
|
3,463
|
|
9,960
|
|
11,138
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
354
|
|
324
|
|
1,186
|
|
848
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense)
|
|
|
|
|
|
|
|
|
Interest,
net
|
25
|
|
25
|
|
85
|
|
75
|
|
Other
income/(expense), net
|
(1)
|
|
-
|
|
(1)
|
|
312
|
|
|
|
24
|
|
25
|
|
84
|
|
387
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
378
|
|
349
|
|
1,270
|
|
1,235
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
120
|
|
119
|
|
406
|
|
421
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
258
|
|
$
230
|
|
$
864
|
|
$
814
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share:
|
|
|
|
|
|
|
|
|
Basic
|
$
0.10
|
|
$
0.07
|
|
$
0.33
|
|
$
0.23
|
|
Diluted
|
$
0.10
|
|
$
0.07
|
|
$
0.33
|
|
$
0.23
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
|
|
|
|
|
|
|
Basic
|
2,619
|
|
3,486
|
|
2,617
|
|
3,590
|
|
Diluted
|
2,622
|
|
3,488
|
|
2,620
|
|
3,591
|
SOURCE ITEX Corporation
