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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:

  • Revenue of $15,786,000
  • Income before income taxes of $1,524,000
  • Cash at end of the fiscal year of $1,942,000
  • Four quarterly cash dividends, returning $604,000 or $0.16 per share to shareholders
  • Repurchased and retired 1,090,000 shares of common stock returning $4,574,000 to shareholders
  • 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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