ITEX Announces First Quarter Results Of Fiscal 2008
Corporation (OTCBB: ITEX), a leading marketplace for cashless
business transactions in North America, has filed its Form 10-QSB
with the Securities and Exchange Commission and announced results
for its fiscal 2008 first quarter ended October 31, 2007.
Revenue for the
2008 first quarter increased by 2% over the same quarter in the
prior year, in which ITEX reported $357,000 of unique conversion
revenue from former BXI members who had changed fee plans. Without
the one-time conversion revenue in 2006, revenue would have
reflected an increase of $420,000, or 12% over the comparable 2006
quarter. Organic growth from existing operations contributed $92,000
to this revenue increase.
Included in the
recent financial statements is $21,000 in ITEX dollar transactions
that met non-monetary recognition criteria of Accounting Principle
Board 29. In past periods, ITEX dollar transactions did not impact
these statements because it was determined they did not meet
non-monetary recognition criteria or were not material.
Chairman and CEO, stated, �Comparing year over year quarters and
excluding the one-time conversion revenue in last year's first
quarter, our income from operations increased 28%. Our fiscal 2008
first quarter results also included acquisition costs for our
Intagio transaction. Overall, I'm quite pleased with the results for
�More good news
to report is that our acquisition of Intagio members in August 2007
contributed $287,000 in revenue this quarter. Despite a few
challenges during the transition, we are very satisfied with the
early results of the acquisition. Of the six Intagio regions
acquired, three regions were sold in the first quarter and we
retained three to operate as corporate-owned or prototype offices.
prototype offices, we are able to implement new commission
structures, test new support fees and pursue other strategies to
increase revenues and better serve members. We have focused on
organic growth and are pleased to see traction in our revenue growth
strategies. Further, new member registrations for the quarter were
823 compared to 669 in the comparable period for the previous year,
representing a 23% increase.
considered,� White reflected, �this was a strong quarter. If we
adjust for acquisition costs and one-time conversions, our revenue
and income from operations this quarter had impressive gains over
last year's numbers. We exhibited some ITEX dollar revenue and
expenses in our financial statements this quarter. Though the amount
of these transactions is less than one percent of our total revenue
for the quarter, we clearly identified and disclosed the amount of
revenue and expense generated by these ITEX dollar transactions on
our income statement.
time and effort was devoted this quarter to the integration of the
Intagio members. The integration is now completed; our new
corporate-owned offices and our broker network is geared up for our
busy holiday season,� he concluded.
First Quarter 2008 Highlights:
added $287,000 in revenue.
Income from operations
Net cash provided by
operations was $767,000.
Total assets were
202,384 common shares
were repurchased and canceled.
$1,000,000 credit line
Qualified ITEX dollar
transactions were reflected in our financial statements.
Corporation's report on Form 10-QSB can be found at