by Bob Meyer, Editor of BarterNews
In Attendance At NATE Convention Reported
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.
Announces Second Quarter Earnings
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.
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:
Joins Jim Pattison Trade Group
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.
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
Media Ahead...College Sports Television
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.
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
programming because their costs are low. In short, they're paying next
to nothing, if anything at all, for the rights, because colleges want
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
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.
barter company in the world is listed here click
through to our global list of barter companies.
you haven't read the current issue of BarterNews, get yourself
a copy now! Orders are shipped the same day we receive them. (Click
on Order Form.)
New Money-Making Ideas, and Valuable Contacts!
can obtain these ideas and contacts in every every available back-issue
And There. . .
- ITEX reports
its newest franchisees are Chris Nater and Robert Knight in Albuquerque.
Plus Patrick and Mike Newman in Denver. Three previously announced
areas include Melbourne (FL), Atlanta (GA) and Lincoln (NE). The second
franchise broker training session is scheduled for March 31 to April
CEO Spike Humer, their investment of time, energy, and expertise
in the franchise program is beginning to show the expected return
in the projected time frame. For more information: www.itex.com.
the highly esteemed University of Michigan's Index of Consumer Sentiment,
Americans over age 55 are the ones whose confidence is falling markedly.
Close to retirement, they had more money in the stock market, lost
more, and have less time to make up for it.
which accounts for more than 25% of national consumer spending,
is postponing major purchases...which could lead to another softening
in the economy.
signed up to receive a summary via e-mail of the Tuesday
Report every week? If not, go to the top of this issue (right
hand corner) to sign up!
will soon begin selling commercial time for the fall season in the
so called "Upfront Market." And it looks like confidence
in the coming TV season, debuting in mid-September, will be strong
again. Last year there was a 17% increase from 2001; this year prices
are expected to increase around 15%.
the nation's big marketers believe Americans will resume spending
post-war. The perception is that any war will be short.)
Hotel loan delinquencies
are the highest they've been since the early 1990s and they're expected
to rise sharply this year, according to PKF Consulting's Hospitality
Research Group in Atlanta. PKF recently examined the financial statements
of 3,900 hotels and found that a growing number (19.8%) are unable
to cover the interest on their loans with operating income.
Japan has the world's finest elementary schools, and Germany has
outstanding high schools, but no country can touch USA's 2,500 colleges
and universities. American higher education is a $14 billion export,
with more than 550,000 foreign students studying in the United States.
We spend a lot
of tax dollars selling American agricultural products abroad, yet
the experience of spending even a single summer semester on a U.S.
college campus not only helps our trade deficit, it wins life-long
friends for the United States.
A report by
Washington's Inter-American Development Bank shows that guest workers
(emigrant workers) in the U.S. are sending money home at a rate
equal to direct foreign investments in Latin America. Money sent
home has increased 60% since 2000, and topped $32 billion in 2002.
Accounting Standards Board (the body that sets the nation's accounting
standards) voted to add to its agenda the issue of how stock options
are accounted for, and to coordinate its efforts with an international
rules, implemented as a compromise in the mid-1990s, companies only
have to disclose the theoretical value of stock options in the footnotes
of their financial statements.