Announces Third Quarter Results For Fiscal 2007
Corporation (OTCBB: ITEX), The Membership Trading Community, filed
its Form 10-QSB with the Securities and Exchange Commission
reporting results for its fiscal 2007 third quarter ending April 30.
provided by operating activities and operating income showed strong
gains this quarter even though there was a 5% decline in revenue
from the same period last year. �We attribute the decline in revenue
primarily to the continued consolidation of broker offices and
member accounts since the acquisition of BXI,� explained Steven
White, Chairman and CEO.
costs and expenses are right where they should be; allowing us to
invest in our technology and revenue growth initiatives while we
continue profitable operations.
is our number one priority. We introduced our new Executive
Privileges Program to our franchise network at the end of the third
quarter that we anticipate (should assist in) increased member
growth and retention which will translate into increased transaction
volume, revenue and net income.
the 2007 third quarter include:
income was $423,000 compared to $365,000 for the third quarter in
fiscal year 2006, a 16% increase.
income for nine months was $1,246,000 compared to $955,000, a 30%
� Net cash
provided by operating activities increased 31% to $577,000 compared
to $440,000 in the third quarter in fiscal 2006
� Net cash
provided by operating activities for the nine month period was
$1,944,000 compared to $1,790,000, a 9% increase.
� Revenue was
$3,265,000 compared to $3,419,000 for the third quarter in fiscal
year 2006, a 5% decrease.
� Revenue for
nine months was $10,720,000 compared to $11,140,000, a 4% decrease.
general and administrative costs increased 2% to $156,000 compared
to $153,000 for the third quarter in fiscal 2006.
general and administrative costs for the nine month period were
$830,000 compared to $1,136,000, a 27% decrease.
� More than
$62,000,000 in transaction volume was completed by processing more
than 129,000 transactions.
For more information on ITEX Form 10-QSB see: