ITEX Corporation (OTC:ITEX) Jumps On Strong Earnings


ITEX Corporation (OTC:ITEX), The Membership Trading Community(SM), is a marketplace providing credit business deals to its customers in North America, today filed Form 10-K with the Securities and Exchange Commission and also announced its 4th quarter results for the year ending on 31st July, 2011.

The company earned Revenue of $16,424,000 during  the fiscal year.The company’s PBT of the company was $1,252,000 with EPS of $0.19 during the F.Y.

The closing Cash balance amounted to $5,386,000.It Increased its revolving credit facility to $3 million. The company paid back-to-back four quarterly cash dividends, which summed to $541,000.

It further bought back its 94,000 shares of its common stock worth $421,000.It further acquired membership lists from three commercial trade exchanges.

Shares of ITEX jumped 34 cents or 11.50% to $3.30.

ITEX, The Membership Trading Community(SM), is marketplace providing credit business transactions. The company’s sales increased due to the exclusive distribution channel managed by its broker and franchise network, utilizing the available dollars to exchange goods and services. The company earns its revenue through percentage-based transaction fees and association fees it charges its members.

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