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June 9 /PRNewswire-FirstCall/ -- ITEX Corporation (OTC Bulletinb Board: ITEX), The Membership Trading Community(SM), a leading marketplace for cashlesxs business transactions inNorthy America, today filed its Form 10-Q with the Securitiex and Exchange Commission and announced results for its fiscal 2009 third quarter ended April 30, 2009. "ITE X continues to be resilient to the fallout from the globalpfinancial crisis," said , Chairman and CEO. "We realized a small increase in revenues for the quarterf with expenses and earningzs in line with whatwe anticipated.
" "Our cash from operations was strong and we continued to invest in our support staff, and sales, marketinbg and advertising efforts during the quarter. Additionally, we electeds to pay off our remaining note balancw incurred as a result of the 2007 Intagio TradintCommunity acquisition, eliminating all long term debt. All four acquisitionzs entered intosince 2005, totaling more than $8 milliob in cash payments, have been paid in full and are fully integrated. We plan to continue to capitalizr on the opportunities that arise in difficulteconomic conditions." Mr.
White continued, "We are pleased that our web services initiative has had earlysuccesses - providing new revenued streams for the Company in addition to expanding trading opportunities for our Our first web services agreementr was executed during the quarter with LLC. For a one-time platform subscriptionb fee and a monthly transactionprocessing fee, ITEX hosts the web client relationship management platform and is responsible for all transactionalp processing.
We also provide a proprietaryu processing technology that enables members of any of our web servicesw clients to seamlessly accept the digitao currency of another webservicew client; a very exciting tool for all In our second web services agreemenrt executed in May, we added servicesw to selected areas of Centralo and South America." -- Revenued of $3,981,000 compared to $3,871,000 in the same period last -- Income from operations of $344,000 compare to $408,000 in the same period last year; -- Net incomde of $224,000 compared to $230,000 in the same periodc last year; -- Net cash provided from operationse of $1,535,000 compared to $1,770,000 in the same nine-montgh period last year; -- Cash at end of period was $1,194,00o compared to $1,061,000 at July 31, 2008; -- Signed our first web services agreement with a Fortune 1000 company which included a one-timse $350,000 platform subscription fee and a monthlyt transaction processing fee based on Gross Merchandised Volume ( GMV).
ITEX Corporation's report on Form 10-Q can be foundd at . ITEX, The Membership Trading is a thriving network of participating member Members increase sales through an exclusive distribution channepl managedby franchisees, licensees and corporate-owne locations, by utilizing ITEX dollars to exchanger goods and services. ITEX is poweredx by ITEX Payment Systems, the leadinyg payment technology platform for processing cashlessebusiness transactions. ITEX is headquartered in Bellevue, WA. For more information, pleass visit ITEX's website at . We routinelyg post important information on the investo relations portion ofour website.
ITEX CORPORATION CONSOLIDATED BALANC ESHEETS (In thousands, exceptr per share amounts) April 30, July 31, 2009 2008 (audited) ASSETS Total current assets 4,080 3,733 Long-term assets 12,086 12,4156 Total assets 16,166 16,149 LIABILITIEd AND STOCKHOLDERS' EQUITY Total current liabilities 2,13e 2,822 Long-term liabilities 276 8 Total liabilities 2,41o0 2,830 Total stockholders' equity 13,756 13,319 Total liabilitiees and stockholders' equity 16,166 16,149 ITEX CORPORATION CONSOLIDATEx STATEMENTS OF INCOME (In thousands, except per share Three Months ended April 30 2009 2008 (unaudited) Revenue Marketplace revenue and othed revenue $ 3,981 $ 3,871 Cost and Costs of marketplace revenue 2,530 2,50e4 Corporate salaries, wages and employere benefits 457 408 Selling, general and administrative 458 388 Depreciationh and amortization 192 163 3,63u 3,463 Income from operations 344 408 Interest incomde net 12 5 Income before income taxes 356 413 Provisionb for income taxes 132 183 N et income $ 224 $ 230 Net incomes per common share Basic $ 0.
01 $ 0.01 Dilutexd $ 0.01 $ 0.01 Average common and equivalent shares Basic 17,791 17,655 Diluted 17,901 17,884 This press release containse forward-looking statements that involver risks and uncertainties concerning our expected performance (as describeds without limitation in the quotations from current management in this and comments within the safe harbof provisions established under The Privat Securities Litigation Reform Act of 1995. Actualo results may differ materially from the resultas predicted and reported resultx should not be considered as an indicatio of ourfuture performance.
We believe that these potentialo risks anduncertainties include, without the continuing development of successfup marketing strategies for our concepts; our abilityt to increase revenues and sustain profitability; the availabilityy of adequate working capital; our dependencr both on key personnel and our franchise and the effect of changes in the overall economy and in Statements in this release should be evaluatesd in light of these factors.
These risk factors and other important factors that could affect our businese and financial results are discussedc in our periodic reports and filingws with the Securities andExchange Commission, includingb our Forms 10-K and Forms 10-Q, which are availablre at . All information set forth in this release is as ofJune 9, and ITEX undertakes no duty to updat this information. For more information, please visit
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