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10/22/2013

ITEX Announces 2013 Fiscal Results

ITEX Corporation (OTCBB: ITEX), a leading marketplace for cashless business transactions in North America, filed its Form 10-K with the Securities and Exchange Commission and announced results for its fourth quarter and fiscal year ended July 31, 2013.

�Fiscal 2013 was a good year � our cash position increased 73%, income from operations increased 32%, we returned $631,000 to stockholders through quarterly dividends and stock buybacks and we launched a complete refresh of our website,� stated Steven White, Chairman and CEO.

�Two new independent directors were added during the year and we appointed John Wade to the position of Chief Financial Officer.  All board committees consist entirely of independent directors.�

�Plus,� White concluded, �we completed our tenth consecutive year of profitable operations, during which time we have returned more than $8.0 million to stockholders in the form of stock buybacks and dividend payments � $5.8 million in just the past two fiscal years.�

Fiscal year 2013 highlights:

  Earnings per share increased 41% to $0.41, from $0.29 in the previous fiscal year

  • Income from operations increased 32% to $1,464,000, from $1,110,000
  • Cash increased 73% to $3,352,000, from $1,942,000 over the previous fiscal year

  Increased dividend 25% in March 2013 from $0.04 to $0.05 cents per share, per quarter

  Four quarterly cash dividends, returning $530,000, or $0.18 per share, to shareholders

  Launched a full refresh of the ITEX website (www.itex.com), and all marketing materials for a consistent brand and message

After the end of the fiscal year ending July 31, the Board of Directors of ITEX Corporation declared a cash dividend in the amount of $0.05 per share, payable on September 20, 2013, to stockholders of record as of the close of business on September 10.


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