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ITEX Announces Results for First Quarter of Fiscal Year 2012Bellevue, WA December 14, 2011 ITEX Corporation (OTCBB: ITEX), The Membership Trading CommunitySM, a leading marketplace for cashless business transactions in North America, today filed its Form 10-Q with the Securities and Exchange Commission and announced results for its fiscal 2012 first quarter ended October 31, 2011. "I am pleased to report transaction and association revenues increased 4% and 2%, respectively, in the first quarter of fiscal 2012 compared to the same period last year," said Steven White, Chairman and CEO. Cash flows from operating activities increased 28% to $452,000 from $354,000, however, income from operations was down 17% compared to the first quarter of fiscal 2011, primarily the result of the decrease in web services revenue."
First Quarter 2012 Highlights
· Income from operations of $241,000 · Net income of $160,000 or $0.04 a share · Cash at end of period of $5.456 million vs. $5.386 million on July 31, 2011 · Cash flows from operating activities of $452,000 · Paid a $0.04 per share quarterly cash dividend.
Subsequent Events · Announced a $0.04 per share quarterly cash dividend · Renewed our agreement with U.S. Bank for our $3 million revolving credit facility · Sold Chicago and Cleveland corporate-owned offices to a new franchisee for $345,000. About ITEX ITEX, The Membership Trading CommunitySM, is a leading marketplace for cashless business transactions. Members increase sales through an exclusive distribution channel managed by our broker and franchise network, by utilizing ITEX dollars to exchange goods and services. We generate revenue by charging members percentage-based transaction fees and association fees. ITEX is headquartered in Bellevue, WA. We routinely post important information on the investor relations portion of our website. For more information, please visit www.itex.com.
Company Contact Alan Zimmelman ITEX Corporation 425.463.4017
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