ITEX Reveals Fourth Consecutive Profitable Year
ITEX
Corporation (OTCBB: ITEX) filed its Form 10-KSB with the Securities
and Exchange Commission and announced its results for the fiscal
year ended July 31, 2007.
�Over the past
four fiscal years, we have increased operational income and cash
flow year over year,� stated Steven White, Chairman and CEO. �During
the same period, we increased stockholder equity from a negative
$481,000 to more than $12 million, increased revenue 34%, and almost
doubled our membership base.
�We attribute
our growth to focusing our model on cashless transaction processing
for small businesses in a unique, vertical marketplace. Our fiscal
2007 results reflect another solid year with gains in key areas
including income from operations, operational cash flow, and
earnings per share,� he continued.
�As a result
of our gains and strong cash flow, our balance sheet continued to
strengthen in fiscal 2007 with total assets increasing 34% and total
liabilities decreasing 27%. Our ability to invest in technology and
to initiate new projects in order to grow revenue affords us a firm
footing for the future.
�During fiscal
2007, we upgraded and expanded the franchise portion of our web
site, we retained outside technology and marketing firms to help
execute a multi-faceted strategy to increase revenue, and we
announced our Executive Privileges Program.
�We anticipate
that these programs and initiatives will have a long-term positive
effect on our operations by expanding our Trading Community member
base and increasing participation in our Marketplace,� White
concluded.
Fiscal Year 2007
Highlights
Income from
operations increased 12% in fiscal year 2007 to $1,505,000, from
$1,341,000 for fiscal year 2006.
Operational
cash flow increased 12% in fiscal year 2007 to $2,057,000, from
$1,836,000 for fiscal year 2006.
Total net
income increased 31% in fiscal year 2007 to $4,504,000, from
$3,433,000 for fiscal year 2006.
In fiscal year
2007 and 2006 the firm realized gains of $2,843,000 and $1,975,000,
respectively, as an income tax benefit. Most of ITEX�s future tax
benefit is now recorded on its balance sheet as a deferred tax
asset.
Earnings per
share (diluted) increased 39% in fiscal year 2007 to 25 cents, from
18-cents for fiscal year 2006. Earnings per share (diluted) from
operations increased 14% in fiscal year 2007 to 8-cents, from 7
cents for fiscal year 2006.
Cash and cash
equivalents increased 458% in fiscal year 2007 to $1,753,000, from
$314,000 for fiscal year 2006.
Assets
increased 34% in fiscal year 2007 to $14,304,000, from $10,663,000
for fiscal year 2006. Total liabilities decreased 27% in fiscal 2007
to $1,974,000, from $2,695,000 in fiscal year 2006.
ITEX
repurchased 438,000 and 1,050,000 shares of common stock during
fiscal years 2007 and 2006, respectively. There were 17,918,632
total outstanding shares as of October 2, 2007, with no outstanding
options or warrants.
The firm
completed more than $270,000,000 in ITEX dollar transactions by
processing 314,000 transactions in fiscal year 2007.
ITEX
Corporation�s report on Form 10-KSB can be found at
www.sec.gov,
and on the investor relations portion of its web site at
www.itex.com.
IRTA Names New Executive Director
The Board of
Directors of the International Reciprocal Trade Association named
Ron Whitney as the IRTA interim Executive Director at their Savannah
(GA) meeting that was held on September 9, 2007.
David Wallach,
the newly elected president of IRTA, confirmed, �The IRTA Global
Board of Directors is delighted that Ron has accepted the position.
He is extremely well qualified, and I know that he will be very
effective in all areas of this important role.�
Whitney has 15
years experience in the barter business. He founded and built Barter
Network, in Chadds Ford (PA), into one of the largest organized
trade exchanges on the east coast.
�I will
initially focus on building the IRTA membership base and creating
new ways to further expand membership services,� stressed Whitney.
He holds a BA
in Political Science from George Washington University, and a JD
from Widener University Law School. He also is the U.S. barter
industry�s liaison with the U.S. government, serving on the IRS�s
business advisory group, IRPAC (Information Reporting Program
Advisory Committee).
Ron replaces
Krista Vardabash who resigned as IRTA Executive Director after seven
years of distinguished service. IRTA represents and serves the
modern trade and barter industry, which is dedicated to monetizing
excess business capacities that bring additional revenues and
profits to the industry�s 400,000 worldwide business clients.
The IRTA
stated mission is: To provide to its members an ethics based global
network for the enhancement of trade and alternative capital
systems, through ongoing education, self regulation, and standards
development.
IMS Announces 91% Revenue Increase
International
Monetary Systems (OTCBB:INLM) has released sales volume and revenue
figures for August. Following the pattern for most of this year, the
company had substantial increases in gross revenue, trade volume and
client enrollments.
The August
2007 results are:
�
Trade volume for the
month totaled more than $8.6 million�representing sales only�an
increase of 81% over the $4.7 million in August of 2006.
�
Gross revenue billed
was $1.2 million compared to $628,000 for August of last year, a 91%
increase. The August revenue also was $100,000 higher than the
average gross revenue for the previous four months.
�
New-client
enrollments set an all-time record with 320 new members joining the
barter network this August, representing an increase of 68% over the
190 new members signed the previous August.
(The totals
listed above are taken from the company's internal records and have
not been audited.)
For more
information on IMS see �Site Sponsors� at top of page for click
through.
We have added a
category in our blog titled
Big Ticket Barter
which will list products and services of high value.
There are over 500
articles posted on our blog.
Click here
www.barternewsblog.com.
Trump Cuts Another Barter Deal
Donald Trump
has made hundreds-of-millions of dollars over the years through the
creative use of barter (trading on the Trump name and its panache).
His latest effort is with the Ocean Drive Media Group which
published a dozen magazines for wealthy readers.
The new glitzy
magazine titled Trump will be published quarterly and sold
for $5.95 in airports, bookstores, and newsstands. The initial press
run will be 100,000 copies.
Trump has an
interest in the magazine, and will be provided with copies of the
magazine for free distribution in the Trump properties. Trump�s
bartering acumen was alluded to when he exclaimed, �I put up no
money.�
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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