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ITEX Has Explosive Quarter...Both Its Income And Revenue

ITEX Corporation (OTCBB:ITEX) has reported its results for the third quarter of fiscal year 2006, ending April 30, 2006. The firm, a leading marketplace for cashless business transactions, processes more than $250 million a year through 22,000 member businesses, managed by 95 franchisees and licensees.

CEO Steven White was enthusiastic, stating, �We continue strong growth in revenue and income from operations as a result of the rapid and successful integration of (the BXI trade exchange). We will continue to explore opportunities to grow revenue at a faster rate.�

Third Quarter 2006 Highlights

  • Third quarter income from operations was $437,000, compared to $150,000 for the previous third quarter in 2005...an increase of 191%
     

  • Operating income for the nine-month period ending April 30, 2006, was $1,100,000, compared to the previous $609,000 in 2005...an increase of 81%.
     

  • Third quarter revenue was $3,419,000, compared to $2,345,000 in the same period the previous year...an increase of 46%.
     

  • Revenue for the nine-month period ending April 30, 2006, was $11,169,000, compared to the previous $7,508,000 in 2005...an increase of 49%.
     

  • Operational cash flow increased 96% from $914,000 to $1,790,000 in the nine-month period ending April 30, 2005 and 2006, respectively.
     

  • Processed 73,000 transactions, totaling more than $54,000,000 in ITEX-dollars.
     

  • Common stock - 300,000 shares were repurchased for $165,000 and outstanding shares totaled 18,406,132. There are no outstanding options or warrants.

ITEX Corporation�s report on Form 10-QSB can be found at www.sec.gov. For more information on ITEX see: www.itex.com.