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
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
|
|
Year End July
31
|
|
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:
|
|
|
|
|
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)
|
|
Year End July
31
|
|
2013
|
|
2012
|
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
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
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
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:
|
|
|
|
|
Other long-term
liabilities
|
8
|
|
10
|
|
Total
Liabilities
|
1,740
|
|
2,171
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
Common stock, $0.01
par value; 9,000 shares authorized;
2,594 and 2,614 shares issued and outstanding,
respectively
|
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