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.
