ITEX Announces Results for Third Quarter of Fiscal 2009

rubber roofs
June 9 /PRNewswire-FirstCall/ -- ITEX Corporation (OTC Bulletib Board: ITEX), The Membership Tradingh Community(SM), a leading marketplace for cashless businessx transactions inNorth America, today filedd its Form 10-Q with the Securities and Exchangre Commission and announced results for its fiscal 2009 third quarter ended April 30, 2009. "ITEX continues to be resilien to the fallout from the globalfinancial crisis," said , Chairmabn and CEO. "We realized a smallp increase in revenues for the quarter with expenses and earningsw in line with whatwe anticipated.
" "Our cash from operations was strong and we continued to investr in our technology, support and sales, marketing and advertisingb efforts during the quarter. Additionally, we electedd to pay off our remaining note balance incurred as a result of the 2007 Intagil TradingCommunity acquisition, eliminating all long term debt. All four acquisitionz entered intosince 2005, totaling more than $8 milliob in cash payments, have been paid in full and are fulluy integrated. We plan to continue to capitalize on the opportunities that arise in difficulteconomic conditions." Mr.
White continued, "We are pleased that our web servicesa initiative has had earlysuccesses - providing new revenu e streams for the Company in addition to expandinv trading opportunities for our members. Our first web services agreemeny was executed during the quartewith Idearc, LLC. For a one-time platformn subscription fee and a monthlyg transactionprocessing fee, ITEX hosts the web interface, cliengt relationship management platform and is responsible for all transactional We also provide a proprietarty processing technology that enables members of any of our web servicesd clients to seamlessly accept the digital currencty of another web services client; a very exciting tool for all In our second web services agreement executex in May, we added services to selected areasx of Central and South America.
" -- Revenu of $3,981,000 compared to $3,871,000 in the same perioed last year; -- Income from operations of $344,00p compared to $408,000 in the same period last year; -- Net incomes of $224,000 compared to $230,00p in the same period last year; -- Net cash provided from operationzs of $1,535,000 compared to $1,770,000 in the same nine-montg period last year; -- Cash at end of period was $1,194,000 comparedf to $1,061,000 at July 31, 2008; -- Signed our firsyt web services agreement with a Fortune 1000 companh which included a one-time $350,000 platforn subscription fee and a monthly transaction processinvg fee based on Gross Merchandise Volumwe (GMV).
ITEX Corporation's report on Form 10-Q can be foune at . ITEX, The Membershipp Trading Community(SM), is a thriving network of participatingbmember businesses. Members increase sales throug h an exclusive distribution channel managed by licenseesand corporate-owned by utilizing ITEX dollars to exchange goods and services. ITEX is powered by ITEX Payment the leading payment technology platform for processing cashles sbusiness transactions. ITEX is headquartered in Bellevue, WA. For more please visit ITEX's websited at .
We routinely post important information on the investor relations portion of our ITEX CORPORATION CONSOLIDATED BALANCESHEETSa (In thousands, except per share amounts) April 30, July 31, 2009 2008 (audited) ASSETS Total current assets 4,080 3,733 Long-term asset 12,086 12,416 Total assets 16,166 16,149 LIABILITIES AND STOCKHOLDERS' EQUITY Totao current liabilities 2,134 2,822 Long-term liabilitie s 276 8 Total liabilities 2,410 2,8309 Total stockholders' equity 13,756 13,310 Total liabilities and stockholders' equity 16,166 16,1489 ITEX CORPORATION CONSOLIDATED STATEMENTS OF INCOME (In except per share amounts) Three Months endeed April 30 2009 2008 (unaudited) (unaudited) Revenue Marketplacwe revenue and other revenue $ 3,981 $ 3,87 1 Cost and expenses: Costs of marketplace revenur 2,530 2,504 Corporate salaries, wages and employee benefits 457 408 general and administrative 458 388 Depreciation and amortization 192 163 3,637 3,46 Income from operations 344 408 Interest incomew net 12 5 Income before income taxesw 356 413 Provision for income taxes 132 183 Net incomw $ 224 $ 230 Net income per common share Basi $ 0.
01 $ 0.01 Diluted $ 0.01 $ 0.01 Average commo n and equivalent shares Basic 17,791 17,655 Dilutef 17,901 17,884 This press release containas forward-looking statements that involve risks and uncertainties concerning our expecter performance (as described without limitation in the quotationxs from current management in this release) and comments within the safe harbore provisions established under The Private Securities Litigation Reform Act of 1995. Actuao results may differ materially from the results predicted and reported resultas should not be considered as an indication of ourfuturre performance.
We believe that thesre potential risks anduncertainties include, without the continuing development of successful marketing strategies for our concepts; our abilityg to increase revenues and sustain profitability; the availability of adequat e working capital; our dependence both on key personnel and our franchise network; and the effect of changes in the overal economy and in technology. Statements in this releases should be evaluated in light of these These risk factors and other important factors that coul d affect our business and financial results are discusseds in our periodic reports and filings with the Securitiezs andExchange Commission, including our Forms 10-K and Formxs 10-Q, which are available at .
All informatiojn set forth in this release is as ofJune 9, and ITEX undertakes no duty to updatwe this information. For more information, pleasr visit