ITEX
Announces Third Quarter Results For Fiscal 2007
ITEX
Corporation (OTCBB: ITEX), The Membership Trading Community, filed
its Form 10-QSB with the Securities and Exchange Commission
reporting results for its fiscal 2007 third quarter ending April 30.
Net cash
provided by operating activities and operating income showed strong
gains this quarter even though there was a 5% decline in revenue
from the same period last year. �We attribute the decline in revenue
primarily to the continued consolidation of broker offices and
member accounts since the acquisition of BXI,� explained Steven
White, Chairman and CEO.
�Our margins,
costs and expenses are right where they should be; allowing us to
invest in our technology and revenue growth initiatives while we
continue profitable operations.
�Revenue growth
is our number one priority. We introduced our new Executive
Privileges Program to our franchise network at the end of the third
quarter that we anticipate (should assist in) increased member
growth and retention which will translate into increased transaction
volume, revenue and net income.
Highlights of
the 2007 third quarter include:
� Operating
income was $423,000 compared to $365,000 for the third quarter in
fiscal year 2006, a 16% increase.
� Operating
income for nine months was $1,246,000 compared to $955,000, a 30%
increase.
� Net cash
provided by operating activities increased 31% to $577,000 compared
to $440,000 in the third quarter in fiscal 2006
� Net cash
provided by operating activities for the nine month period was
$1,944,000 compared to $1,790,000, a 9% increase.
� Revenue was
$3,265,000 compared to $3,419,000 for the third quarter in fiscal
year 2006, a 5% decrease.
� Revenue for
nine months was $10,720,000 compared to $11,140,000, a 4% decrease.
� Selling,
general and administrative costs increased 2% to $156,000 compared
to $153,000 for the third quarter in fiscal 2006.
� Selling,
general and administrative costs for the nine month period were
$830,000 compared to $1,136,000, a 27% decrease.
� More than
$62,000,000 in transaction volume was completed by processing more
than 129,000 transactions.
For more information on ITEX Form 10-QSB see:
www.sec.gov.
New
Orleans ITEX Convention Recap
Provided to BarterNews by Alan
Zimmelman, ITEX Executive VP.
The annual ITEX
convention, with the theme �Leading The Way,� was our 25th annual
event. Every office that attended received a two-ounce pure silver
commemorative coin, compliments of CEO Steven White. We held it at
the Doubletree Hotel in New Orleans, for five days of continuous
events.
The noteworthy
part was the daily assistance from four corporate employees, who
used their wireless computers to assist brokers and their staff in
becoming experts in our proprietary software for the Trade Exchange
Account Management system (TEAM).
Trade directors
were thus able to get one-on-one assistance and support on any phase
of the system. At the end of the event, the laptop computers were
given to the newest members of the President�s Club as their award.
The Broker
of the Year was Graham
Norris, former CEO of ITEX and owner of the Salt Lake City office.
The Rookie
of the Year was awarded
to Ronnie Graham, franchisee of the Raleigh (NC) office. Hardly a
rookie, he was chosen from all the eligible brokers, including all
the former BXI offices. His gorgeous wife Rosann blushed a color of
red never seen before, as she now had to introduce her husband (a
new grandfather) as a �rookie!�
Even the
weather cooperated with the timing of our event; it was mild and
pleasant 90% of the time...the several short rain showers, however,
kept the temperatures down.
CEO Steven
White presented an 80-minute review of the past three years, and
revealed some insight as to what plans were in the future. Our
stated goal is to increase 15% in size by next year�s convention,
which will be held in Las Vegas.
IMS
Announces Monthly Metrics, Big Revenue Increases
International
Monetary Systems reported substantial increases in revenue, trade
volume, and client enrollments for April 2007.
� Trade volume
for the month totaled more than $9 million (for one side of the
transactions), an increase of 97% over last year�s $4,570.000.
� Gross revenue
billed was nearly $1.1 million, an increase of 93% compared to
$570,000 the prior year.
� New member
enrollment totaled 259, a 228% increase compared to 79 last year.
CEO Don Mardak
reflected, �Every passing month provides more evidence of the
consistent growth in all aspects of our business this year. Our
increased new-client enrollments, along with recent acquisitions,
are creating record revenues and cash flow. The strong showing for
April continues the trend that was established in the first quarter
of 2007.�
For more
information on IMS go to:
www.internationalmonetary.com.
Open
Letter: Give Us Liberty And Give Us Gold!
�
Re: �Greco
Says Credit Money, Not Gold, Is The Way To Go� (BarterNews Blog May
27, 2007)
Dear Mr. Meyer -
While we certainly can discern that a �better� monetary and credit
system exists, in theory, the sad reality is that the current global
fiat system, albeit intrinsically bankrupt (see Open letter to Meyer
June 2006), is controlled in a veritable death grip by the captains
of banking and privilege�the heirs of the actual perpetrators who
illegally initiated the woeful system that we are today saddled
with. (See Google video, The Money Masters.)
My
personal conclusion is that the current system will get far worse
before it bursts like a pent-up dam (read bubble), and prior to
which gold-based public and private currencies and banks will play
an increasing role in bridging the chasm of destruction that lies
ahead. It is for this reason that I cannot advocate that citizens
and small businesses simply ignore gold until (and IF) the
redesigned money system(s) of Tom Greco and Bernard Lietaer come to
pass.
As
a part time investigative journalist, I have written about a global
gold price conspiracy at the highest levels of central banking and
monetary control that is now being undermined by the legal actions
of the Gold Anti-Trust Action Committee-GATA (See: Where's The
Gold? Part 2 & Part 3). GATA's aggressive actions now threaten
to expose the entire house of cards upon which the current global
fiat system rests, and push gold prices even higher as the current
system disintegrates further into meltdown.
To
paraphrase GATA's founder, Bill Murphy, a return to a gold standard
system is now more feasible than ever, but is nonetheless
politically incorrect. The existing political structure can be
expected to resist any shift to a gold-based financial system
because it will make the welfare state impossible to maintain.
The
welfare state depends upon the government's ability to defraud
people by printing money or, worse, gunning the economy through a
reckless credit expansion. The Federal Reserve has opted for the
latter course since 1982, and it will soon lead to a devastating
crash and depression.
As
Harvard scholar Edwin Vieira wrote recently in The Kakistocracy*
Exposes Its Hand:
How can the Establishment �ensure public confidence� in inherently
unstable �financial systems� once they slip into crisis? By imposing
a...financial lock-down that prevents �the masses� from using any
other systems, of course. If �the masses� lack any other choice,
they will be forced by circumstances to have �confidence� in what
the Establishment allows them.
Besides, any lack of �confidence� �the masses� manifest by
attempting to operate outside �[the] financial systems� will be
punished. And as long as �the masses� are fully confident of that,
their economic participation in �[the nation's] financial systems�
will continue, notwithstanding any emotional alienation from them.
But
politics be damned, I propose that gold-based banks and currencies
can be a reliable vehicle for safe liquidity as the current system
unravels�e-Gold and GoldMoney.com being prime examples of
next-generation gold standard digital banking.
In
recent times I have seen certain private gold-based currencies
indicted on trumped-up charges�e-Gold and Liberty Dollars come to
mind�and I am reminded of a quote from my old friend and former
Washington lobbyist-colleague, Adrian Cronauer (Good Morning
Vietnam!): "If you are catching flack, my dear, you must be on
target!"
In
the case of the Liberty Dollars, the barter industry had best be on
alert�the government is attempting to set a very dangerous precedent
around a very simple BARTER concept.
I
do hope and pray that the future-of-money visionaries can someday
usher in a new world of credit banking that works for us, the
people, instead of the �banksters,� but in the meantime the company
that I manage has its trade credits, its stored bullion, its Liberty
Dollars, its e-Gold, and its GoldMoney.
Very Sincerely,
Lynnea M. Bylund
President
The Barter Catalyst Initiative
Catalyst House, Inc.
*
Kakistocracy: rule by the least-able or least-principled of
citizens, is a form of government in which the people least
qualified to control the government are the people who control the
government.�
�We look at universities as a
subculture in a barter economy.�
Dr. Tim Cook,
Oxford graduate and managing director of Isis, the first spin-off
technology transfer company wholly owned by the University of Oxford
in England, says commercialization �should not interfere with
teaching or with the acquisition of new knowledge or research. We
look at universities as a subculture in a barter economy.�
The role of a
university is to grow intellectual property that must be used for
public benefit, according to Dr. Raymond Dwek the director of
Oxford�s Glycobiology Institute and co-holder of more than 70
patents. Research universities are essential to nurturing the talent
that could devise cures, but the academic world has been hesitant to
forge ties with industry, he admits.
In the U.S.,
the Association of University Technology Managers was formed in the
1970s in response to concerns that inventions funded by the
government were not being commercialized effectively. The
association, which facilitates collaboration between industry and
universities, represents more than 350 universities and research
institutions to help in licensing innovations.
Universal Law-Of-Reciprocity Key To Trade Exchange Success
Every trade
exchange owner in the world should not only be aware of the
law-of-reciprocity, but using it, in the operation of their
business.
Trade
exchange owners are invited to e-mail
bmeyer@barternews.com
for more information on how you can become �the exchange of choice�
in your area. When e-mailing Bob Meyer, put �Law of Reciprocity� in
the subject line.
Hotel
General Managers
Here�s
The Easiest $100,000 You�ll Ever
Bring To The Bottomline!
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
hotel rooms and/or trade dollars.)
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 e-mail:
bmeyer@barternews.com.
(Please type in AV Services On Trade in the subject
line of your e-mail.)
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. |
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The Growth and Use of Secondary Capital (New Money) Creates
Unprecedented Wealth In Today�s New Age Of Possibility
There are
many forms of secondary capital�which can be defined as any
financial instrument that measures and communicates value in a
common language. Would you like to see and learn more about the many
forms of secondary capital?
We have 70
free, informative and inspiring, articles for you in our �Secondary
Capital Section.� Check it out...
www.barternews.com/secondary_capital.htm.
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