ITEX Announces First Quarter Fiscal
2010 Results
ITEX�s fiscal 2010 first quarter ended October 31, 2009. CEO Steven.
White shared, �As I conveyed in my annual letter to shareholders
last week, our financial condition has never been stronger. We
attribute our financial success in part to our disciplined,
conservative and astute management of our finances; our ability to
run the company with a lean, smart and dedicated staff; our
hard-working broker network and their employees; and our
understanding that in order to make forward leaps, we need to follow
our entrepreneurial drive with fearless pursuit of opportunity.
�The upside for growth in our trading community is enormous and
largely untapped, while our downside is limited due to the strength
of our balance sheet, cash flow and proven revenue streams.�
First quarter highlights for 2010:
�
Income from operations of $340,000 compared to $22,000 in the same
period last year;
�
Revenue of $3,924,000 compared to $3,899,000 in the same period last
year;
�
Net income of $277,000 compared to $45,000 in the same period last
year;
�
Cash at end of period was $3,098,000 compared to $2,557,000 on July
31, 2009;
�
Stockholder equity of $14,271,000 compared to $13,981,000 in the
same period last year;
�
Sold the ITEX San Francisco (CA) corporate-owned office to an
existing franchisee.
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