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03/13/2012

ITEX Posts Second-Quarter Earnings For Fiscal 2012

ITEX Corporation (OTCBB:ITEX) has filed its Form 10-Q with the Securities and Exchange Commission, announcing results for its fiscal 2012 second-quarter ended January 31, 2012.

�Our two core business revenue streams, transaction fees and association fees, both increased 2% in the quarter compared to the same three month period last year, and increased 3% and 2%, respectively, for the six month period ended January 31, 2012 compared to the same period last year.

�Operational income was 20% higher than last year�s second quarter, and net income increased 65% for the six-month period ended January 31, 2012 compared to the same period last year, primarily due to the divestiture of two corporate owned offices and an increase in interest income. All in all a very good quarter and solid results for the first two quarters of fiscal 2012,� stated Steven White, Chairman and CEO.

 Second Quarter 2012 Highlights

         Revenue of $4.229 million compared to $4.417 million in the same period last year.

         Income from operations of $283,000 compared to $235,000 in the same period last year.

         Cash at end of period increased to $5.807 million from $5.386 million on July 31, 2011.

         Stockholder equity increased to $15.150 million from $14.758 million on July 31, 2011.

         Paid a $0.04 per share quarterly cash dividend in December.

On February 24, 2012, the Board of Directors of ITEX Corporation declared a quarterly cash dividend of $.04 per share payable on March 20, 2012, to stockholders of record as of the close of business on March 9, 2012.

For more information on ITEX Corporation click here.


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