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.