ITEX Unveils Results For
Fiscal Year 2008
ITEX Corporation (OTCBB: ITEX), a leading marketplace for cashless
business transactions in North America, filed its Form 10-K with the
Securities and Exchange Commission and announced its results for the
fiscal year ended July 31, 2008.
are pleased to report our fifth consecutive profitable year for ITEX,�
said Steven White, Chairman and CEO. �Despite a difficult and
complex economic environment in the U.S., we recorded increases in
revenues, cash from operating activities, total assets and
stockholder equity in 2008.�
�Revenues increased 13 percent and net cash provided by operating
activities increased 15 percent in 2008. Our operational cash flows
provided the capital to fund two acquisitions in 2008 adding 2,400
clients. Total assets increased 13 percent and stockholders� equity
increased 8 percent compared to 2007.
White continued, �In 2008, we expanded our visibility in the
investment community by retaining an investor relations firm and a
financial advisor. We have presented to numerous research analysts,
portfolio managers and equity firms around the country to discuss
the ITEX business model, our financial performance and expansion
goals. We are confident this foundation of work will benefit
�With the current economic uncertainty, we are well positioned to
aid our member base in generating new sales and conserving precious
cash. Our August 1, 2008, acquisition of the media trading platform,
clients and advertising credits from The Intagio Group. allows us to
offer a variety of new opportunities to the ITEX Marketplace. Our
strong operational cash flow will allow us to continue investing in
our technology, to initiate new revenue-generating projects and to
pursue strategic alternatives,� White concluded
Fiscal Year 2008 Highlights
Marketplace revenue increased 13% in 2008 to $15,964,000 from
$14,171,000 in 2007.
provided by operating activities increased 15% in 2008 to $2,374,000
from $2,057,000 in 2007.
Stockholders� equity increased 8% in 2008 to $13,319,000 from
$12,330,000 in 2007.
assets increased 13% in 2008 to $16,149,000 from $14,304,000 in
quarter revenue increased 18% to $4,065,000 compared $3,451,000 last
year; fourth quarter income from operations increased 31% to
$339,000 from $259,000 in 2007.
assets of two commercial trade exchange networks, expanding presence
in six U.S. regions.
common shares repurchased and canceled.
$112,000 in computer hardware and software and added two full time
equivalents to the Information Technology team.
national sales manager plus a business development position to
execute partnerships with national firms.
15% equity position in MyTypes, Inc., a Seattle-based technology
1, 2008, acquired the media trading system, client base, and
advertising credit assets of The Intagio Group of San Francisco,
national partnership team with addition of Steve Savad, co-founder
more information Form 10-K can be found at
the investor relations portion of their web site at