ITEX Posts 19% Revenue Increase For
Third Quarter 2008
ITEX Corporation (OTCBB:ITEX), a leading marketplace for cashless
business transactions in North America , filed its Form 10-Q with
the Securities and Exchange Commission and announced the results for
its 2008 third quarter ended April 30, 2008.
�We are pleased to report a 19% revenue increase for the third
quarter compared to the same quarter last year,� Chairman/CEO Steven
White pointed out. �EBITDA increased 14% for the third quarter and
10% for the nine month period compared to the same period last year.
Due to timing differences in our operating cycles this period over
the same period last year, net cash from operations was reduced by
$372,000 as a result of an additional commission and payroll payment
made this quarter.�
White continued, �Corporate salaries, wages, and employee benefits
increased over last year in dollar terms, however, these expenses
declined slightly as a percentage of revenue. SG&A increased
primarily due to an increase in bad debt expense, and to a lesser
extent, legal and other fees associated with the unsolicited tender
offer. We also expanded our headcount and increased costs associated
for revenue generating activities.
"With economic uncertainty and a weakened business climate, we
believe that our cashless transaction model and trading community is
becoming more attractive to budget-conscious businesses. We are
pursuing initiatives, including regional and national partnerships
and search engine optimization, to maximize new member registrations
and are seeing positive results from our ongoing efforts.
�In addition, we are optimistic that our utilization of investor
relations and financial advisory services will provide greater
visibility for ITEX in the institutional financial community and
will lead to new strategic alliances that are expected to continue
to expand our marketplace.�
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