BELLEVUE, Wash., March 14, 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 second quarter ended January 31,
2013.
Second Quarter 2013 Results (Compared to Second Quarter
2012)
- Income from Operations increased 76% to $499,000 compared to $283,000
- Earnings per share increased 17% to $0.14 compared to $0.12
- Revenue decreased 6% to $3,960,000 compared to $4,229,000
- SG&A expenses decreased 34% to $368,000 compared to $558,000
- Cash increased 27% to $2,461,000
compared to $1,942,000 at fiscal
year-end July 31
- Paid a $0.04 per share cash
dividend.
Subsequent Event
On February
26, 2013, the Board of Directors of ITEX Corporation
announced a 25% increase in the Company's quarterly cash dividend,
to $0.05 per share, payable on
March 20, 2013. The annualized
dividend yield based on the average closing price of ITEX's stock
for the trailing 12 months is 5.43%.
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.
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ITEX
CORPORATION
|
|
CONSOLIDATED BALANCE SHEETS
|
|
(In
thousands)
|
|
|
|
|
|
January
31, 2013
|
|
July 31,
2012
|
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash
|
$
2,461
|
|
$
1,942
|
|
Accounts receivable, net of
allowance of$265 and $319
|
1,012
|
|
716
|
|
Prepaid expenses
|
120
|
|
98
|
|
Loans and
advances
|
27
|
|
12
|
|
Prepaid advertising
credits
|
-
|
|
3
|
|
Deferred tax asset, net of
allowance of $23 and $23
|
603
|
|
603
|
|
Notes
receivable
|
341
|
|
334
|
|
Other current
assets
|
75
|
|
47
|
|
Total
current assets
|
4,639
|
|
3,755
|
|
|
|
|
|
Property
and equipment, net of accumulated depreciation of $419 and
$425
|
43
|
|
43
|
|
Goodwill
|
3,191
|
|
3,191
|
|
Deferred
tax asset, net of allowance of $163 and $163 and net of current
portion
|
3,984
|
|
4,293
|
|
Intangible
assets, net of amortization of $3,063 and $2,945
|
365
|
|
525
|
|
Notes
receivable - net of current portion
|
1,173
|
|
1,285
|
|
Other
long-term assets
|
17
|
|
19
|
|
Total assets
|
$
13,412
|
|
$
13,111
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
and other expenses payable
|
$
152
|
|
$
85
|
|
Commissions payable to brokers
|
-
|
|
654
|
|
Accrued
commissions to brokers
|
1,305
|
|
842
|
|
Accrued
expenses
|
357
|
|
412
|
|
Deferred
revenue
|
22
|
|
32
|
|
Advance
payments
|
97
|
|
136
|
|
Notes
payable
|
7
|
|
-
|
|
Total
current liabilities
|
1,940
|
|
2,161
|
|
|
|
|
|
Long-term
liabilities:
|
|
|
|
|
Other long-term
liabilities
|
8
|
|
10
|
|
Notes Payable,
net of current portion
|
6
|
|
-
|
|
Total long-term liabilities
|
14
|
|
10
|
|
Total
Liabilities
|
1,954
|
|
2,171
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
Common
stock, $0.01 par value; 9,000 shares authorized;
2,616 and 2,614 shares issued and outstanding,
respectively
|
26
|
|
26
|
|
Additional
paid-in capital
|
25,278
|
|
25,183
|
|
Stockholder note receivable
|
(437)
|
|
(489)
|
|
Accumulated deficit
|
(13,409)
|
|
(13,780)
|
|
Total
stockholders' equity
|
11,458
|
|
10,940
|
|
Total liabilities and stockholders' equity
|
$
13,412
|
|
$
13,111
|
|
|
|
|
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ITEX
CORPORATION
|
|
CONSOLIDATED STATEMENTS
OF INCOME
|
|
(In thousands, except
per share amounts)
|
|
|
|
|
Three-Months Ended
January
31,
|
|
Six-Months
Ended
January 31,
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
Marketplace revenue and other revenue
|
$
3,960
|
|
$
4,229
|
|
$
7,671
|
|
$
8,199
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
Cost of
Marketplace revenue
|
2,551
|
|
2,808
|
|
4,912
|
|
5,318
|
|
Corporate
salaries, wages and employee benefits
|
477
|
|
503
|
|
961
|
|
972
|
|
Selling,
general and administrative
|
368
|
|
558
|
|
836
|
|
1,221
|
|
Depreciation and amortization
|
65
|
|
77
|
|
131
|
|
165
|
|
|
|
3,461
|
|
3,946
|
|
6,840
|
|
7,676
|
|
|
|
|
|
|
|
|
|
|
|
Income
from operations
|
499
|
|
283
|
|
831
|
|
523
|
|
|
|
|
|
|
|
|
|
|
|
Other
income (expense)
|
|
|
|
|
|
|
|
|
Interest,
net
|
30
|
|
31
|
|
61
|
|
51
|
|
Other
income/(expense), net
|
(2)
|
|
312
|
|
-
|
|
312
|
|
|
|
28
|
|
343
|
|
61
|
|
363
|
|
|
|
|
|
|
|
|
|
|
|
Income
before income taxes
|
527
|
|
626
|
|
892
|
|
886
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
169
|
|
202
|
|
286
|
|
302
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
$
358
|
|
$
424
|
|
$
606
|
|
$
584
|
|
|
|
|
|
|
|
|
|
|
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Net income
per common share:
|
|
|
|
|
|
|
|
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Basic
|
$
0.14
|
|
$
0.12
|
|
$
0.23
|
|
$
0.16
|
|
Diluted
|
$
0.14
|
|
$
0.12
|
|
$
0.23
|
|
$
0.16
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding
|
|
|
|
|
|
|
|
|
Basic
|
2,615
|
|
3,635
|
|
2,616
|
|
3,641
|
|
Diluted
|
2,616
|
|
3,636
|
|
2,617
|
|
3,642
|
SOURCE ITEX Corporation