ITEX Earnings Reported

The membership trading-community of ITEX Corporation (OTCBB:ITEX) has announced results for its fiscal 2012 third quarter which ended April 30, 2012.

�I am pleased to report that transaction fees increased 9% and 5%, respectively, for the three and nine month periods ended April 30, 2012, as compared to the same periods last year. In addition, we managed our costs efficiently by reducing selling, general and administrative expenses by $167,000 and $381,000 or 28% and 19%, respectively, for those same periods as compared to the corresponding periods last year,� shared Steven White, chairman and CEO.

White concluded, �In April we completed a tender offer of our common stock, purchasing and retiring 1,072,808 shares, which provided a liquidity event and return of capital to stockholders.�

Third quarter 2012 highlights included:

�         Revenue of $3.787 million compared to $3.960 million in the same period last year.

�         Income from operations of $324,000 compared to $388,000 in the same period last year.

�         Selling, plus general and administrative expenses decreased to $435,000 from $602,000.

�         Repurchased 1,072,808 shares for $4,505,793.

�         Paid a $0.04 per share cash dividend in March.