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ITEX Files Impressive 4^th Quarter Results

ITEX has filed its Form 10-K with the Securities and Exchange Commission and announced results for its fourth quarter and fiscal year ended July 31, 2010.

�I am pleased to report another strong fiscal year with impressive results,� said Steven White, Chairman and CEO. �We are bearing the fruits of our timely acquisitions completed between 2005 and 2008. Cash flow from the acquired companies largely covered the related acquisition debt, and we were able to accelerate payments and eliminate all long-term debt early in calendar year 2009. In fiscal year 2010 we recorded a 63 percent increase in income from operations compared to the previous year, a 56 percent increase in net income, and we more than doubled our cash position to $5.2 million.

�Income from operations increased as a result of revenue growth and a reduction in selling, general and administrative costs, depreciation and amortization expense. Our increased cash position reflects our operational income and the skillful management of our assets by our executive and financial teams.� 

�Additionally,� White continued, �we have been successful in our efforts to increase our cash position during the last two years, providing the company with a very stable financial platform from which to operate. As the economic uncertainty persists we will continue to manage our finances in a disciplined and prudent manner while investing in our future to ensure our success.

�For our shareholders, we are pleased to have commenced a quarterly dividend, with our first-ever dividend paid in the fourth quarter. Also in the fourth quarter, we completed a company-wide computer upgrade benefiting our broker network and corporate operations.�

Fiscal year 2010 highlights:

•  Income from operations increased 63% to $1.674 million, from $1.027 million last year.

• Net income increased 56% to $946,000, from $607,000 last year.

• Earnings per share increased 53% to $0.26, from $0.17 last year.

• Revenue increased 3% to $16.925 million, from $16.502 million last year.

• Cash at end of period increased 102% to $5.169 million, from $2.557 million on July 31, 2009.

• Stockholder equity increased 6% to $14.869 million, from $13.981 million on July 31, 2009.

• Completed a company-wide computer upgrade initiative in conjunction with the launch of Office 2010, expensing $129,000.

• Entered into an agreement with U.S. Bank to increase the revolving credit facility from $1.5 million to $2.5 million, with a lower interest rate.

• Completed a one-for-five reverse stock split of their common stock, reducing the number of shares of common stock from 18,027,914 to approximately 3,605,320.

• Paid a $0.025 per share quarterly cash dividend in the fourth quarter.

• Repurchased and retired 4,943 shares of common stock.

• Sold the San Francisco (CA) corporate-owned office to an existing franchisee.

Subsequent to the year end report, on September 20, ITEX paid a quarterly cash dividend in the amount of $0.025 per share.

(The financial statements for all periods have been adjusted to reflect the 1:5 reverse stock split effective May 3, 2010.)

ITEX Corporation�s report on Form 10-K can be found at www.sec.gov.

For more 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.

Active International Promotes UK Managing Director

Dean Wilson, the United Kingdom managing director of corporate trade company Active International Ltd., has been promoted to the newly created position of Vice President, International Division, within the parent company.

Wilson�s responsibilities will be expanded to include the company�s Australia office in addition to its UK operations. His promotion takes place with immediate effect and reflects the company�s commitment to the Australian market and recognition of Wilson�s leadership abilities.

In his new role, Wilson will continue to report to Fredrick Fuest, President, International Division. Stephen Farr, managing director of Active Australia will maintain responsibility for day-to-day operations in Australia and will report directly to Wilson.

Fuest affirmed, �As managing director Dean has reshaped and strengthened the UK team and business to successfully meet the challenges and opportunities of a rapidly changing and competitive marketplace. This has led to outstanding results for the UK office. This experience will help Dean to grow our already thriving Australian business.�

Wilson added, �I am extremely excited to have the opportunity of working with the Australian team in what is a very dynamic trading market. Active already has a strong foundation as a leader in corporate trade in Australia. Our goal is to further strengthen this position making Active the number one choice for clients, agencies and media vendors.�  

* * ANNOUNCEMENT * * 25 Years Of BarterNews Issues Now In Digital Format Welcome to the largest repository of barter contacts, strategies, and barter techniques in the world. All 64 issues of BarterNews now available in digital format at http://www.barternews-ezine.com.

�         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.

BizXchange Expands Into Consumer Barter Arena

BizXchange, a trade exchange based in Seattle, has acquired online consumer trading platform Dibspace (also based in Seattle), where consumers buy and sell products and services using the online currency called Dibits.

President Bob Bagga declared that the acquisition will enable BizXchange to enter the private currency  market for consumers, thereby increasing the barter options for the company�s members. Initially the two companies will operate separately, but an integration is anticipated at a later date.

For more info on BizXchange click here.