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ITEX Second Quarter Shows Operating Income Increase Of 68%

ITEX Corporation (OTCBB:ITEX) has filed the company’s second quarter results, which ended January 31, with the SEC. Highlights of the report include:

·         Operating income of $528,000 compared to $315,000 for the second quarter of fiscal year 2006, up 68%. (Six months operating income was $823,000 compared to $590,000, a 39% increase.)

·         Revenue was $3,665,000 compared to $4,007,000 for the previous year’s quarter, a 9% decrease. (Revenue for six months was $7,455,000 compared to $7,721,000, a 3% decrease.)

·         Selling, general, and administrative costs decreased 60% to $224,000 compared to $555,000 for the prior year. (Selling, general, and administrative costs for the six month period were $674,000 compared to $983,000, a 31% decrease.)

·         More than $66,000,000 in transaction volume was attained through the processing of more than 157,000 transactions.

·         Repurchased and retired 400,000 shares, reducing outstanding shares to 17,966,132. The company has repurchased and retired 1,450,000 shares since January 2006 at a cost of $874,000.

·         Relocated corporate headquarters to an improved facility, increasing work space from 4,000 to 7,000 square feet.

For more on ITEX’s report on form 10-QSB, go to: www.sec.gov.