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Announces Results For Second Quarter 2008
Corporation (OTCBB:ITEX), a leading marketplace for cashless
business transactions in North America, has filed its Form 10Q with
the Securities and Exchange Commission and announced its results for
its 2008 second quarter ended January 31, 2008.
pleased to report a 14% increase in second quarter revenue over the
same quarter last year. Increased revenue positively impacted net
cash provided by operating activities which increased a remarkable
141% for our second quarter over the same quarter last year,” said
Steven White, Chairman and CEO.
quarter is historically strong due to holiday events and year-end
business spending. Contributing to this quarter’s results are our
three corporate-managed offices that are showing steady increases in
enrollment and transaction volume.
quarter, we have been able to report positive net cash provided by
operating activities. During the second quarter, we received 87% of
our net payments from members via credit card or electronic funds
transfer (EFT). EFT enables us to collect payments sooner and
lessens the likelihood of non-payments. Strong cash flow has been an
important component in helping us complete three key acquisitions,
buying back and retiring our common stock, and pursuing initiatives
to increase future revenues.”
continued, “Several of our revenue initiatives over the last twelve
months are beginning to gain traction, including our hiring of an
industry veteran as our national sales manager and engaging a
seasoned new member registration individual in our Chicago location.
corporate salaries, wages and employee benefits and selling, general
and administrative have increased over last year as we invest in new
revenue generating activities; however, as a percentage of revenue
these expenses have trended downward from 41% in 2003 to 22% today.
While continuing to refine and enhance our current initiatives, we
will be devoting resources to our newest revenue generating
initiative, Software as a Service, which we announced last week.”
$4,175,000 in 2008 compared to $3,665,000 for the second quarter in
2007, a 14% increase. Revenue for first six months of 2008 was
$8,028,000 compared to $7,455,000 in the same period in 2007, an 8%
For the quarter and
six month period, generated revenue from the acquisition of Intagio
assets was $352,000 and $639,000, respectively, and $119,000 and
$211,000 in organic growth from existing operations, respectively.
Net cash provided by
operating activities for the second quarter increased to $1,018,000
from $423,000 for the same period in 2007, a 141% increase. For the
six month period ended January 31 net cash provided by operating
activities increased 31% to $1,785,000 from $1,367,000 for the same
period in 2007.
increased $413,000 or 3% to $12,754,000 at January 31 from October
31, 2007. Cash and cash equivalents increased to $1,091,000 as of
January 31 from $254,000 on October 31, 2007.
operations excluding the non-cash items of stock-based compensation,
depreciation, and amortization was $671,000 or 4-cents per share for
the second quarter of 2008, and $1,128,000 or 6-cents per share for
the six month period of 2008.
registrations increased 28% to 632 in the second quarter from 492 in
the same period last year, and for the six month periods
registrations increased 19% to 1,588 from 1,333.
ITEX acquired a 15%
equity position in MyTypes, Inc., a Seattle-based technology and
small business blogging company. As part of the collaboration, they
engaged two MyTypes senior software engineers to work on our search
engine optimization and marketing initiatives for a limited time.
ITEX retained two top
Chicago marketing firms - The Goodness Company and Sigale Public
Relations - to provide additional, professional assistance to its
ITEX dismissed a
defamation complaint filed in September 2006 upon execution of a
stipulated judgment payable to the company in the sum of $100,000
contingent on certain, future events. There was no impact to
earnings or the balance sheet for this judgment.
Subsequent to the end
of the second quarter, a membership list had been acquired of
approximately 400 member businesses in Cleveland, Ohio.
concluded, “As our success and visibility increases, we expect to
become more attractive to the investment community, as evidenced by
the recent invitations to present at the Roth Capital 20th Annual
Growth Stock Conference in February and the upcoming Montgomery
Technology Conference in mid March. Meanwhile, as we expected, the
hostile tender offer is getting little attention from shareholders.
Income from operations for our second quarter includes our expenses
associated with responding to this tender offer.”
Corporation's report on Form 10-Q can be found at
For more information on ITEX visit
TeleTrade int’l Announces Nearly $11 Million In Trade Activity
the two month trade activity for 2008 totals $10.8 million on its
worldwide platforms servicing independent trade exchanges. Total of
all online activity since 1999 exceeds $573 million.
system reflects over $7.5 million in transaction volume during this
period; online totals should reach nearly a third of a billion in
activity since coming online in 2000. The system allows members and
their exchanges opportunities for trading with 24/7 online access,
daily trade broadcast e-mails, a strong trade inventory control
system, comprehensive contact management, and an unequaled
TTi is in the
process of upgrading its server farm to further accelerate its
processing. With new dual quad processing and advanced security
procedures, the system will respond quicker and be more secure
meeting the credit card industry PCI compliance requirements.
information contact CEO Gary Lasater at 303-840-7172 ext. 1, or
Army wants the gift cards in your wallet. The organization has begun
collecting cards with outstanding balances in Washington, Idaho and
Montana, and will use some of those funds to support its services.
The group is
collecting cards in King County, Bellingham, Bremerton, Tacoma,
Grays Harbor, Wenatchee, and Vancouver (WA); in Great Falls,
Kalispell, and Missoula (MT); and Lewiston (ID). If you have a gift
card with a remaining balance, you can take or mail it to your local
Salvation Army Corps.
is working with
to collect the cards.
Runner Eyes Millions Of Entrepreneurs With No Ad Agency
has announced the acquisition of Weblistic, an online media company
specializing in search, and some display advertising. The deal is
part of a push by Spot Runner to offer a fully automated online
advertising and media buying system that anyone can use to create,
buy, schedule, and evaluate advertising on any medium.
To date, the
firm has focused mainly on television advertising, and radio to a
lesser extent, trying to develop online print advertising and media
buying systems for newspapers and magazines, akin to what Google has
been trying to do with print.
chairman/CEO of Spot Runner, says the firm grew “500%” last year,
and now that it’s automated TV advertising model has been proven to
work, it is taking the next logical extension and offering the same
capabilities for online media.
“We will now
be able to offer a full array of solutions for our clients for
television media and for online media,” he stated, adding that Spot
Runner’s focus will remain with the smaller, retail, and mom-and-pop
type organizations that are typically overlooked by big ad agencies.
Weblistic is known for their search expertise, Grouf indicated Spot
Runner would use that as a base to expand into display and
ultimately online video advertising. The team at Weblistic were the
same people who created
before it was sold to AT&T.
part of the new services would be Spot Runner’s ability to analyze
the impact various advertising and media buys have across integrated
campaigns, tracking the results from disparate media, as well as how
they complement each other.
“There are 15
million businesses in the U.S. Less than 1,000 of them are actually
served by the big agency companies,” Grouf disclosed, “which means
there are literally millions of businesses out there that have no
one telling them how to spend $100 billion on local advertising
initiatives. Who's holding their hands?”
Work With Audio/Visual
Vendor On Barter
Collect cash, as usual, from the guest accounts staying at
your facility that require the use of professional AV
services. And rather than shouldering your ongoing employee
costs, or your current vendor’s cash agreement for AV
services, here’s a much better alternative:
Work with a proven national vendor (a sterling 25-year track
record) who will provide all of the AV services for your
hotel on a 100% TRADE BASIS! (Payment to be in the form of
Your hotel’s annual AV billings must be a minimum of
$200,000, and this offer is available only in the
continental United States.
For a confidential introduction contact Bob Meyer via
Attention Trade Exchange Owners:
If your member hotel(s) have a minimum of 10,000 sq. feet of
meeting space and annual billings of at least $200,000 for
AV services this is a great opportunity to earn substantial
cash service fees on the hundreds of thousands of trade
dollars your hotel member will be paying the vendor. Contact
Bob Meyer at the above e-mail.
How To Get More Sales In
Our street-smart restaurant
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The Growth and Use of Secondary Capital (New Money) Creates
Unprecedented Wealth In Today’s New Age Of Possibility
many forms of secondary capital—which can be defined as any
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