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From the desk of Bob Meyer... 06/15/2010
Americans Slowly Rebuilding Wealth
American households� net worth is inching back. But
economists say it�ll be 2012 or 2013, at best, before
Americans� wealth will return to pre-recession levels. Net
worth � the value of assets like homes, bank accounts and
investments, minus debts like mortgages and credit cards �
now amounts to $54.6 trillion. The pre-recession net worth
peak was $65.9 trillion.
IMS
Appoints Treasurer/CFO
International Monetary Systems has appointed David A. Powell
as Treasurer and Chief Financial Officer. Powell is a CPA
with 10 years experience in public accounting and more than
15 years experience in a variety of senior financial
positions with a number of companies.
For more info on IMS
click
here.
Unique Promo For
Spurring On Salespeople
For larger companies, playing-card decks can be customized
with the face of different people within your organization.
Imagine the trophy value of a deck of cards using pictures
of the top salespeople, with a couple of jokers thrown in.
This is one keepsake they would never throw away!
Company card decks are available through Corporate
Incentives at (607) 724-6941.
All
back issues of "From the Desk...� can be accessed by
clicking
here.
(Please feel
free to forward our newsletter to your friends and
colleagues. We have a �box� at the end of the
newsletter for your convenience.
See you next week. . .) |
ITEX Reports 2010 Third
Quarter Earnings
Results for ITEX�s fiscal 2010 third quarter ended April 30, 2010.
The financial statements for all periods presented have been
adjusted to reflect the 1:5 reverse-stock split effective May 3,
2010.
�We
executed quite well in the third quarter and I'm pleased to
recognize gains in revenue and income from operations compared to
last year�s third quarter,� confirmed Steven White, Chairman and
CEO. �Revenue growth was primarily due to our media and web services
initiatives, which also provided the benefit of additional
transaction opportunities for our members. Income from operations
increased as a result of revenue growth and a reduction in
depreciation and amortization expense. Our increased cash position
reflected our operational income.�
White continued, �Revenue from our core business remains steady and
our cash flow strong. With our stable financial footing, we will
continue to focus our efforts on organic growth, enhancing our
internet and web services platforms and creating more stockholder
value. We are pleased to distribute our first ever quarterly
dividend on June 30, 2010, to stockholders of record as of close of
business on June 15, 2010.�
�
Income
from operations increased to $421,000 from $344,000 in the same
period last year.
�
Revenue
increased to $4,158,000 from $3,981,000 in the same period last
year.
�
Net income
increased to $269,000 from $224,000 in the same period last year.
�
Earnings
per share increased to $0.08 from $0.06 in the same period last
year.
�
Cash at
end of period increased to $4,193,000 from $2,557,000 on July 31,
2009.
�
Stockholder equity increased to $14,722,000 from $13,981,000 on July
31, 2009.
�
Broker
incentive expense of $50,000 was recorded in the quarter for a
computer upgrade initiative planned in conjunction with the upcoming
launch of Office 2010.
�
$79,000
was expensed for the same incentive in the second quarter of 2010,
with a total expense of $129,000 in the nine-months ended 2010.
�
The
company repurchased and retired 4,667 common shares.
For
more info on ITEX
click here.
Is Your Trade Exchange Missing Out On
Valuable New Business?
If
your barter company�s listing on BarterNews.com isn�t current, you
are definitely missing out on new business. The web site
BarterNews.com receives heavy traffic � with over 150,000 page-views
every month. Entrepreneurs and corporate executives check the
thousands of articles, the weekly �Tuesday
Report,� and the �Contacts
Section� of our site. They use the latter to find barter
companies with which to do business.
Is
your barter company�s listing up-to-date?
To
keep your listing current is very easy. See the links below to (A)
update any changes to your company�s listing, such as new location,
phone number, web site or other information, and (B) if your company
has not been listed.
Here�s how to get on board:
To
make changes to your listing
click here.
For
new listings
click here.
Warren Buffett Visits
Sing-Sing Prison
The
�Oracle of Omaha� visited the notorious maximum-security prison up
the river from Manhattan on Wednesday, June 2. The occasion was the
graduation ceremony for prisoners who had completed their college
degrees at the penitentiary. (Buffett�s sister, Doris, is a donor of
the college program and invited him to the event.)
The
Sing-Sing college degree program is privately-funded, and in ten
years nearly 200 have graduated. Of those 200, 42 have left prison,
re-entering the outside world. All are working and supporting
themselves and none have returned. Meanwhile the national rate of
recidivism is 67%.
Buffet shared some thoughts with the inmates � he�s bullish about
the markets, expressing optimism about employment and the recovery
despite the European crisis and recent Wall Street sell-off.
He
admitted that he�s never invested in gold, and doesn�t believe gold
is a good long-term investment. Asked what he is a collector of, he
answered, �I collect businesses and friends.�
�
International visitors look for BARTER CONTACTS in our Global Barter
Section. If YOUR exchange isn�t listed see the forms on the lower
left of the page. (Click
here.)
�
Attention trade exchange owners...thousands of visitors every month
visit our BARTER CONTACTS section on our web site where we have
names & addresses of barter companies in the USA. If YOUR exchange
isn�t listed, or the information is incorrect, you can correct the
situation by using the forms to the lower left of the USA map. (Click
here.)
Click here
www.barternewsblog.com.
Four Important Trends In
China Promise Big Changes
1) There will
be a rise in the labor movement as workers seek higher wages and
better working conditions, thus gaining a greater respect for labor
laws.
2) As the
nation continues to embrace Western-style fast foods and greater
meat-heavy fare, the growth of obesity and diabetes will continue to
expand. Already 30% of the population is overweight and 92 million
Chinese have Type 2 diabetes. (The International Diabetes Federation
estimates 500 million Chinese might develop the disease by 2030 �
which will place a huge strain on China�s economy and productivity.
3) Since
China�s intellectual property rights continue to lag the developing
world, Chinese innovators can�t profit from their own advances.
Because of piracy and ineffective intellectual property protection
their incentives to invent will be undercut, placing a heavy drag on
domestic innovation.
4) Despite
having a savings rate of 38% (10 times that of the U.S.) Chinese
savers have few choices on where to invest their money, namely real
estate or domestic stocks. Already a worrisome asset bubble in
housing exists (12.4% increase in prices year-over-year). Any
widespread losses in real estate would cause long-term financial
pain for Chinese households, many of whom have relied on the savings
of three generations to buy a home.
