The weekly newsletter for everyone interested in barter--the world's most versatile business tool!
March 18, 2003
Written by Bob Meyer, Editor of BarterNews
Surge In Attendance At NATE Convention Reported
The National Association of Trade Exchanges reports that their upcoming national convention next month in Atlanta, April 10-12,is running 50% ahead of last year's attendance. Forty-six exchanges have registered for the event, and last minute attendees are expected to push the total higher. For information: www.nate.org.
ITEX Announces Second Quarter Earnings
Proxy Fight Proves Costly To Company
For the quarter ending January 31, 2003, ITEX (OTCBB:ITEX) generated net income of $3,000, compared to a net loss of $155,000 for the same period last year.
Earning before interests, taxes, depreciation and amortization (EBITDA) for the quarter were $150,000 compared to $28,000 for the same period last year. Revenue from the trade exchange increased 4.1% to $109,000 from the prior year's quarter.
CEO Spike Humer noted, "Our second quarter was impacted by several non-recurring events, most notably the proxy contest. While we absorbed $151,000 in costs this quarter related to a contested election of directors, we will benefit by the substantial on-going savings and the increased cash flow resulting from the greatly reduced board compensation.
"Operationally," he continued, "we will continue to restructure and to reinvest in our infrastructure to strive for maximum efficiency and effectiveness for both the immediate future and our long-term growth.
"In the last six fiscal quarters, our highest non-asset producing costs were director, legal, and professional fees related to matters outside of our core business and routine operations. Given the changes in the latter part of the second quarter, we should be better positioned to invest in revenue producing and asset sustaining activities." For more information: www.itex.com.
Kuznik Joins Jim Pattison Trade Group
One of the barter industry's real professionals is Frank Kuznik. Two years ago he ran the BarterNet Inter-Exchange program, he then took over the Canadian operations of Intagio. Now he is working for one of Canada's most famous entrepreneurs74-year-old Jim Pattison, whose interests in billboards, grocery stores, and auto dealerships are worth $2.2 billion.
Kuznik is representing the Jim Pattison Trade Groupwhich consists of some 50 different companies and 25,000 employeesand looking to expand their barter efforts. Companies wanting to trade with the Pattison companies should contact Kuznik. (416) 977-1771 ext. 227, or check their web site: www.jptradegroup.com.
Editor's Note: In 1995 Jim Pattison bought Frank Sinatra's Palm Springs house, with its 32 bathrooms, and now uses it to entertain business associates. He also has a 150-foot yacht, Nova Spirit, in Vancouver's Howe Sound.
More Media Ahead...College Sports Television
Intercollegiate sports will soon be broadcast round-the-clock on College Sports Television (CSTV). The creator of the new programming is Brian Bedol, who in 1995 created Classic Sports Network which became ESPN Classic two years later and now reaches 47 million homes.
Bedol's channel is backed by $100 million in private equity from athletes like Tiki Barber, Kevin Garnett and Joe Namath. CSTV is one of a slew of new sports channels planning a 2003 launch on digital and satellite cable.
You won't see big
sporting events on any of them, as the national networks hold those
rights. But CSTV and the others can afford inexpensive
So, receiving around 7¢ per month for each subscriber (ESPN gets $2 a month) from the cable operators will still be profitable. CSTV is previewing in 25 million homes now, and will be launching on digital and satellite cable on April 7.
Editor's Note: Other new sports channels vying to attract the nation's 87 million cable subscribers include: BlackbeltTVwhich will show Thai kickboxing championships, martial arts workouts and reruns of Bruce Lee flicks; the Tennis Channelwith Andre Agassi and Pete Sampras among the backers; the Ice Channelwhich will feature skating news, a soap opera, a cooking show (Skate 'N Bake) and a cartoon; the Football Network--consisting of Pop Warner, junior college, and European games.
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