ITEX Corp. (ITEX) Reports Growth in Net Income in Third Fiscal Quarter

By IBTimes Staff Reporter | June 09 2010 4:34 PM

ITEX Corp. reported net income of $269,000, or $0.08 per share, in the third quarter of fiscal 2010, which ended 4/30/2010. The company reported net income of $224,000, or $0.06 per share, in the same fiscal quarter of last year.

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ITEX Corporation also reported year over year growth in sales in the third quarter of fiscal 2010. The company reported sales of $4.1 million in the quarter ending 4/30/2010, compared to $3.9 million in the corresponding quarter in fiscal 2009.

Steven White, the CEO of ITEX Corporation, said, “We executed quite well in the third quarter and I’m pleased to recognize gains in revenue and income from operations compared to last year’s third quarter. Revenue growth was primarily due to our media and web services initiatives, which also provided the benefit of additional transaction opportunities for our members.”

ITEX Corporation declared its first ever dividend subsequent to the end of the third quarter of fiscal 2010. The company will pay $0.025 per share to shareholders of record on 6/15/2010. The dividend is payable on 6/30/2010.

ITEX Corporation also improved its balance sheet during the quarter relative to a year earlier. The company ended the quarter with cash and cash equivalents of $4.2 million, and no long or short-term debt.

For more information on the company, go to www.itex.com