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Donnerstag, 13.12.2012 12:15 von PR Newswire | Aufrufe: 59

ITEX Announces Results for First Quarter of Fiscal Year 2013

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PR Newswire

BELLEVUE, Wash., Dec. 13, 2012

BELLEVUE, Wash., Dec. 13, 2012 /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 2013 first quarter ended October 31, 2012.

First Quarter 2013 Results (Compared to First Quarter 2012)

Net income increased 55% to $248,000 compared to $160,000
Revenue decreased 7% to $3,711,000 compared to $3,971,000
SG&A expenses decreased 30% to $467,000 compared to $664,000
Earnings per share increased 125% to $0.09 compared to $0.04
Cash increased 19% to $2,308,000 compared to $1,942,000 at fiscal year-end July 31
Paid a $0.04 per share 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)

ARIVA.DE Börsen-Geflüster

Kurse

ITEX CORP

4,16 $

-7,14%

October 31, 2012

July 31, 2012

ASSETS

Current assets:

Cash

$ 2,308

$ 1,942

Accounts receivable, net of allowance of $329 and $319

716

Prepaid expenses

Loans and advances

Prepaid advertising credits

Deferred tax asset, net of allowance of $23 and $23

603

Notes receivable

343

334

Other current assets

Total current assets

4,113

3,755

Property and equipment, net of accumulated depreciation of $430 and $425

Goodwill

3,191

Deferred tax asset, net of allowance of $163 and $163 and net of current portion

4,167

4,293

Intangible assets, net of amortization of $3,004 and $2,945

423

525

Notes receivable - net of current portion

1,263

1,285

Other long-term assets

Total assets

$ 13,211

$ 13,111

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts and other expenses payable

$ 80

$ 85

Commissions payable to brokers

306

654

Accrued commissions to brokers

1,057

842

Accrued expenses

444

412

Deferred revenue

Advance payments

117

136

Notes payable

Total current liabilities

2,035

2,161

Long-term liabilities:

Other long-term liabilities

Notes Payable, net of current portion

Total long-term liabilities

Total Liabilities

2,052

2,171

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