ITEX Announces Results For Fiscal Year 2012
ITEX Corporation (OTCBB:ITEX), a leading marketplace for cashless
business transactions in North America, 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, 2012.
Fiscal Year 2012 Highlights:
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Revenue of $15,786,000
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Income before income taxes of $1,524,000
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Cash at end of the fiscal year of $1,942,000
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Four quarterly cash dividends, returning $604,000 or $0.16 per
share to shareholders
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Repurchased and retired 1,090,000 shares of common stock
returning $4,574,000 to shareholders
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Earnings per share of $0.29
�Fiscal 2012 was a good year on a number of fronts � organic growth
in our primary revenue streams, the reduction of our SG&A expenses
by 13%, the return of cash to stockholders through quarterly
dividends including a tender offer in which approximately 27% of our
common stock was repurchased, and the launch of our social media
presence,� stated Steven White, Chairman and CEO.
�Even with the disruption and expense caused by a proxy contest and
related litigation,� he continued, �we completed our ninth
consecutive year of profitable operations, returning approximately
$5.2 million to stockholders in the form of stock buybacks and
dividend payments. At the same time maintaining a strong balance
sheet with $1.94 million in cash and no long-term debt.�
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