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June 16, 2009 Written
by Bob Meyer, Editor of BarterNews
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ITEX Earnings For Third
Quarter Fiscal 2009
ITEX Corporation (OTCBB:ITEX), a leading marketplace for cashless
business transactions in North America, filed its Form 10-Q with the
Securities and Exchange Commission and announced results for its
fiscal 2009 third quarter ended April 30, 2009.
�ITEX continues to be resilient to the fallout from the global
financial crisis,� said Steven White, Chairman and CEO. �We realized
a small increase in revenues for the quarter with expenses and
earnings in line with what we anticipated.
�Our cash from operations was strong and we continued to invest in
our technology, support staff, and sales, marketing and advertising
efforts during the quarter. Additionally, we elected to pay off our
remaining Note balance incurred as a result of the 2007 Intagio
Trading Community acquisition, eliminating all long term debt. All
four acquisitions entered into since 2005, totaling more than $8
million in cash payments, have been paid in full and are fully
integrated. We plan to continue to capitalize on the opportunities
that arise in difficult economic conditions.�
White continued, �We are pleased that our web services initiative
has had early successes � providing new revenue streams for the
company in addition to expanding trading opportunities for our
members. Our first web-services agreement was executed during the
quarter with Idearc, LLC. For a one-time platform subscription fee
and a monthly transaction processing fee, ITEX hosts the web
interface, client relationship management platform, and is
responsible for all transactional processing.
�We
also provide a proprietary processing technology that enables
members of any of our web-services clients to seamlessly accept the
digital currency of another web-services client; a very exciting
tool for all users. In our second web-services agreement executed in
May, we added services to selected areas of Central and South
America.�
Third Quarter 2009
Highlights
�
Revenue of
$3,981,000, compared to $3,871,000 in the same period last year;
�
Income
from operations of $344,000 compared to $408,000 in the same period
last year;
�
Net income
of $224,000, compared to $230,000 in the same period last year;
�
Net cash
provided from operations of $1,535,000, compared to $1,770,000 in
the same nine-month period last year;
�
Cash at
end of period was $1,194,000, compared to $1,061,000 at July 31,
2008;
�
Signed
first web-services agreement with a Fortune 1000 company which
included a one-time $350,000 platform subscription fee and a monthly
transaction processing fee based on gross merchandise volume (GMV).
ITEX�s report on Form 10-Q can be found at
www.sec.gov.
Attention Trade Exchange Owners. . .It�s GROW OR GO!
The magic bullet for growth is sales, always has been and always
will be...yet the industry�s overall growth is anemic. Why? Maybe
it�s because we�re not providing on-going education about our unique
way of doing business. Knowledge is always a pre-requisite to taking
sustained action.
And for those newcomers, the lifeblood of an exchange, awareness of
and understanding about the value of trading is even more important.
If you expect prospects to come aboard and your members to be more
active traders, but you are perplexed when the results are less than
you desire...there�s a good reason. You must continually educate
and motivate every month--month after month after month!
Such action is necessary because, let�s face it, more cash business,
not trade, is of paramount importance to your members. You must
break through this �cash only� focus and redirect their thinking
toward barter. Although most exchanges don�t see the importance of
doing so, many industry leaders are taking action and so can you.
As the owner of your own operation, there is an easy and
inexpensive solution for moving forward...look
into using The Competitive Edge newsletter. It�s a
camera-ready, 4-page, professionally written, informational
marketing tool...available in PDF format as well as print. So
regardless of how you reach your prospects and clients, you will
have the necessary vehicle.
Written especially for you, the busy trade exchange owner, I am
certain it will be the best investment you ever make.
For more information about The Competitive Edge, and how it
can benefit you
click
here.
New �High-End� Barter
Service Introduced
A
new high-end barter/trade service, http://www.AssetFair.com,
is now available. AssetFair members can trade houses, boats, fine
antiques, jewelry and even intellectual property worth $3,000 or
more for other high-end property or cash bids. One Arizona-based
member is currently listing a 16th century painting worth $35,000.
And a member in Hungary is presently listing his entire business �
an $800,000 ice cream caf� for exchange.
Originally from Prague in the Czech Republic, founders Vladimir and
Sarka Hulpach now reside permanently in Arizona. They are also the
co-owners of Fountain Vista Properties, LLC, which completed several
multi-tenant buildings, including the 31,400-square-foot Fountain
Oasis as well as a Hilton Resort project in Fountain Hills.
�
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.)
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Plan On Becoming A Valued Intra-preneur!
Entrepreneurs you�ve heard of. They start businesses. But everybody
can�t be the founder. So if you�re an employee, a valued part of the
company team, plan on becoming an intra-preneur!
Intrapreneurs are insiders who improve existing businesses. True
growth opportunities exist for you when you look at your
organization with an �intrapreneurial� spirit.
Here�s how you can have a dramatic effect on the company�s
bottomline:
Look for ways to
streamline tasks or processes.
No idea, really, is insignificant. It could mean determining that a
certain task is now obsolete or can be managed by someone else �
freeing you up to take on different, more constructive
responsibilities.
Change your way of
thinking,
or do things in different, more productive ways. Are you in a rut?
Take a challenge or situation and try to look at it from a
completely different angle. You many uncover a new way to save your
organization money and time.
Sell your vision.
Do you have a new idea? Have you created a breakthrough? An idea may
seem worthwhile, but until it�s put into action, it will require a
leap of faith � by you and those decision makers who have the power
to implement your suggestions.
Be persistent.
Stay with your vision long enough to let it succeed. If, for
example, you have sold a plan to computerize your department, or
create a Web page, and have documented the projected savings to the
company, you are needed to nurture the project to make it work.
Don�t be easily
discouraged,
not every idea will be embraced. However, if you are tenacious, as
an intra-preneur you will affect bottomline results and improve the
business. You will then be acknowledged and recognized as a valued
member of your organization.
Money-Making Reports Available From BarterNews
Barter Economy Back In
Panama
With the current global financial crisis, bartering, a practice that
predates any modern form of currency, reemerges as a possible
solution to the credit crunch. Today�s technological advances make
barter a natural means of economic exchange � one that has returned
to center stage.
John Castoro, owner of the New York and New Jersey franchises of
ITEX which handle $250,000,000 worth of deals a year, has 14 years
experience in the trade exchange/barter business. He and other
investors bought ITEX�s web-platform for Latin America, choosing
Panama as the launch pad for the venture because of its dollar-based
economy.
Initially in Panama to deal in real estate, locals � after learning
about his background in the barter field � encouraged him to set up
a similar trading network in their country. Consequently, trading
services have been available since May and are targeted at
businesses where the variable costs are low, such as hotels, media,
and service related businesses. Members of the cashless marketplace
can buy and sell products and services to each other, using accrued
credits within the ITEX system instead of real cash.
�The point is, we take your company�s unused capacity, and bring you
new business,� said Castoro. ITEX aims to give its customers 5-10%
extra business which would not normally take place if dealing with
cash. These are transactions business agree to only because it�s on
barter.� Castoro also promises to help clients keep their cash, and
most importantly enhance their lifestyle.
�With bartering,� Castoro noted, �you do things you wouldn�t do in
the cash world.� An example? Castoro indulges in limo rides once in
a while, a service provided by one of the ITEX clients in New York,
and one which he would never dream of paying for with cash. Castoro
admitted, �It�s just like having another bank account.�
ITEX customers get a checkbook, and 24-hour access to the online
service, where they can both list the services they are offering and
check out services other clients offer. When a beneficial
transaction is identified, clients call a trade director and let
them know what they are offering and what they want in return.
The
company generates revenue by charging a $20 fee per month (waived
when you refer 3 new clients), and 6% transaction fee to both
sellers and buyers. Over 50 local Panamanian businesses, from
doctors and lawyers to boutique hotels and restaurants, are
customers of ITEX�s bartering system. All of which can barter
services among themselves and with any of ITEX�s North American
clients.
For
more information on ITEX go to
www.itex.com.
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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.
Get New Money-Making Ideas And
Valuable Contacts!
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obtain useful, informative ideas and contacts in every available
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�
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