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ITEX Announces Results for Second Quarter of Fiscal Year 2011
Mar 10, 2011 (03:03 PM EST)
BELLEVUE, Wash., March 10, 2011 /PRNewswire/ -- ITEX Corporation (OTC Bulletin Board: 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 2011 second quarter ended January 31, 2011.
Second Quarter 2011 Highlights
- Revenue of $4.417 million compared to $4.537 million in the same period last year;
- Income from operations of $235,000 compared to $526,000 in the same period last year;
- Net income of $151,000 compared to $172,000 in the same period last year;
- Cash at end of period increased to $5.612 million from $5.169 million on July 31, 2010;
- Stockholder equity increased to $15.012 million from $14.869 million on July 31, 2010;
- Paid a $0.04 per share quarterly cash dividend.
About ITEX
ITEX, The Membership Trading Community(SM), 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)
| |
| January 31, 2011
|
| July 31, 2010
| |
|
|
|
| | ASSETS
|
|
|
| | Current assets:
|
|
|
| | Cash and cash equivalents
| $ 5,612
|
| $ 5,169
| | Accounts receivable, net of allowance of $427 and $349
| 1,005
|
| 859
| | Prepaid expenses
| 143
|
| 118
| | Loans and advances
| 35
|
| 55
| | Prepaid advertising credits
| 157
|
| 157
| | Deferred tax asset
| 1,018
|
| 1,018
| | Notes receivable - corporate office sales
| 129
|
| 125
| | Other current assets
| 21
|
| 24
| | Total current assets
| 8,120
|
| 7,525
| |
|
|
|
| | Property and equipment, net of accumulated depreciation of $430 and $380
| 127
|
| 169
| | Intangible assets, net of accumulated amortization of $2,456 and $2,205
| 814
|
| 994
| | Deferred tax asset, net of current portion
| 4,795
|
| 5,000
| | Notes receivable - corporate office sales, net of current portion
| 589
|
| 480
| | Other long-term assets
| 56
|
| 188
| | Goodwill
| 3,282
|
| 3,282
| | Total assets
| $ 17,783
|
| $ 17,638
| |
|
|
|
| | LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
| | Current liabilities:
|
|
|
| | Accounts payable
| $ 68
|
| $ 124
| | Commissions payable to brokers
| 384
|
| 661
| | Accrued commissions to brokers
| 1,167
|
| 789
| | Accrued expenses
| 753
|
| 705
| | Deferred revenue
| 114
|
| 133
| | Advance payments
| 128
|
| 167
| | Total current liabilities
| 2,614
|
| 2,579
| |
|
|
|
| | Long-term liabilities:
|
|
|
| | Other long-term liabilities
| 157
|
| 190
| | Total Liabilities
| 2,771
|
| 2,769
| |
|
|
|
| | Commitments and contingencies
|
|
|
| |
|
|
|
| | Stockholders’ equity:
|
|
|
| | Common stock, $0.01 par value; 9,000 shares authorized;
3,583 and 3,576 shares issued and outstanding, respectively
| 36
|
| 36
| | Additional paid-in capital
| 29,160
|
| 29,138
| | Accumulated deficit
| (14,184)
|
| (14,305)
| | Total stockholders' equity
| 15,012
|
| 14,869
| | Total liabilities and stockholders’ equity
| $ 17,783
|
| $ 17,638
| |
|
|
|
| | | | | |
ITEX CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
| |
|
| Three-Months Ended
January 31,
|
| Six-Months Ended
January 31,
|
| |
|
| 2011
|
| 2010
|
| 2011
|
| 2010
|
| |
|
|
|
|
|
|
|
|
|
| | Revenue:
|
|
|
|
|
|
|
|
| |
| Marketplace revenue and other revenue
| $ 4,417
|
| $ 4,537
|
| $ 8,530
|
| $ 8,460
|
| |
|
|
|
|
|
|
|
|
|
| | Costs and expenses:
|
|
|
|
|
|
|
|
| |
| Cost of Marketplace revenue
| 2,764
|
| 2,907
|
| 5,243
|
| 5,456
|
| |
| Corporate salaries, wages and employee benefits
| 554
|
| 479
|
| 1,017
|
| 891
|
| |
| Selling, general and administrative
| 709
|
| 462
|
| 1,434
|
| 915
|
| |
| Depreciation and amortization
| 155
|
| 163
|
| 309
|
| 333
|
| |
|
| 4,182
|
| 4,011
|
| 8,003
|
| 7,595
|
| |
|
|
|
|
|
|
|
|
|
| | Income from operations
| 235
|
| 526
|
| 527
|
| 865
|
| |
|
|
|
|
|
|
|
|
|
| | Other income (expense)
|
|
|
|
|
|
|
|
| |
| Net interest
| 10
|
| 10
|
| 20
|
| 21
|
| |
| Gain (loss) on sale of assets
| -
|
| (257)
|
| 34
|
| (157)
|
| |
|
| 10
|
| (247)
|
| 54
|
| (136)
|
| |
|
|
|
|
|
|
|
|
|
| | Income before income taxes
| 245
|
| 279
|
| 581
|
| 729
|
| |
|
|
|
|
|
|
|
|
|
| |
| Provision for income taxes
| 94
|
| 107
|
| 227
|
| 280
|
| |
|
|
|
|
|
|
|
|
|
| | Net income
| $ 151
|
| $ 172
|
| $ 354
|
| $ 449
|
| |
|
|
|
|
|
|
|
|
|
| | Net income per common share:
|
|
|
|
|
|
|
|
| |
| Basic
| $ 0.04
|
| $ 0.05
|
| $ 0.10
|
| $ 0.13
|
| |
| Diluted
| $ 0.04
|
| $ 0.05
|
| $ 0.10
|
| $ 0.13
|
| |
|
|
|
|
|
|
|
|
|
| | Weighted average shares outstanding
|
|
|
|
|
|
|
|
| |
| Basic
| 3,581
|
| 3,575
|
| 3,580
|
| 3,569
|
| |
| Diluted
| 3,588
|
| 3,578
|
| 3,587
|
| 3,571
|
| | | | | | | | | | | |
SOURCE ITEX Corporation
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