 |
| | Business Summary: ITEX Corporation operates a marketplace for cashless business transactions in North America. It serves its member businesses through independent licensed brokers, franchise network, and corporate owned offices. | | | Address
3326 160th Avenue SE, Suite 100
Bellevue
, WA 98008-3418
Phone: 425-463-4000
Fax: 425-463-4040
Website: http://www.itex.com
| | | Transfer Agent |
|---|
OTR, Inc.
| Employees: 32
ShareHolders: 876 | Founded: 1901
Domicile: Nevada | | | |
| | ITEX Corporation operates a marketplace for cashless business transactions in North America. It serves its member businesses through independent licensed brokers, franchise network, and corporate owned offices. The company's business services and payment systems enable member businesses to trade goods and services without exchanging cash. ITEX Corporation administers the Marketplace and acts as a third-party record-keeper for its members' transactions. It assists members in marketing their products and services through its broker network, newsletters, email, Website, and other promotional means. The company was founded in 1901 and is headquartered in Bellevue, Washington. | | History: INCORPORATED in Nevada Oct. 1, 1985, as B.I.G. Enterprises; name changed to ITEX Barter Systems Inc. May 19, 1986; and to ITEX Corp. Apr. 12, 1991. The company is the successor to a Delaware corporation organized Mar. 8, 1901, as Magneto-Electric Co., which remained inactive until Sept. 1, 1985. | | | | Subsidiaries: |
|---|
BXI Exchange, Inc.
| | | | | | Capital Expenditures, thousand. US Dollars |
|---|
| Year | Amount | | 2009 | 124 |
| | | | | | | |
|
Management
|
|---|
| Officers | Position |
|---|
| Steven White | Chairman, President, Chief Financial Officer & Chief Executive Officer | | Alan N. Zimmelman | Chief Operating Officer | | John A. Wade | Secretary & Treasurer | | Alan Zimmelman | Investor Relations Contact |
| | Directors |
|---|
| Eric T. Best | | John A. Wade | | Steven White | | | |
| | | | Capitalization as of 07/31/2009: | | | | | Authorized Shares | Outstanding Shares |
|---|
| Common $0.01 par | 50,000,000 | 17,856,000 |
| | | | LONG TERM DEBT: None. | | | | Common $0.01 par | | | |
Stockholders:
07/31/2009,
876.
| | PRINCIPAL STOCKHOLDERS: October 19, 2009, The Polonitza Group owned or controlled 12.1%% of the Common, Western Sizzlin Corp. 8.8% and Steven White 10.7% | | | |
Transfer Agent: OTR, Inc.
Portland
, OR | | | | OTC Bulletin Board( Primary): ITEX | | | | Exchange | Year | High | Low |
|---|
| OTC Bulletin Board | 2009 | 0.8300 | 0.3500 | | OTC Bulletin Board | 2008 | 1.0100 | 0.3700 | | OTC Bulletin Board | 2007 | 1.0500 | 0.6600 | | OTC Bulletin Board | 2006 | 0.9800 | 0.4700 | | OTC Bulletin Board | 2005 | 1.1900 | 0.2600 | | OTC Bulletin Board | 2004 | 0.4700 | 0.1100 | | OTC Bulletin Board | 2003 | 0.2700 | 0.1000 | | OTC Bulletin Board | 2002 | 0.2700 | 0.0500 | | OTC Bulletin Board | 2001 | 0.6500 | 0.0700 | | Over The Counter | 2000 | 1.7500 | 0.1500 |
|
| | | | DIVIDENDS: Common $0.01 par: 2003-06, None; 2007, None; 2008, None; 2009, None. | | | | | |
| | Annual Report |
|---|
| | | Income Statement | |
| 2009 | 2008 |
|---|
| REVENUES |
|
| | Marketplace Revenue and Other Revenue | 16,502 | 15,964 | | EXPENSES |
|
| | Corporate Salaries, Wages and Employee Benefits | (1,895) | (1,634) | | Costs of Trade Exchange Revenue | (10,481) | (10,335) | | Selling, General and Administrative | (2,337) | (1,869) | | Depreciation and Amortization | (762) | (625) | | Interest Income/expense, Net, and Other | 31 | 16 | | Other Income/expense-net | (30) | - | | Earnings before Taxes | 1,028 | 1,517 | | TAXES AND OTHER EXPENSES |
|
| | Provision for Income Tax | (421) | (583) | | Net Income (Loss) | 607 | 934 | | SUPPLEMENTARY INFO |
|
| | Operating Income (Loss) | 1,027 | 1,501 | | Basic EPS - Continuing Operations | 0.03 | 0.05 | | Diluted EPS - Continuing Operations | 0.03 | 0.05 |
| | | | Balance Sheet | |
| 2009 | 2008 |
|---|
| ASSETS |
|
| | Cash and Cash Equivalents | 2,557 | 1,061 | | Accounts Receivables | 895 | 1,331 | | Loans and Advances | 57 | 67 | | Notes Receivable-sale of Corporate offices | 242 | 204 | | Deferred Tax Assets | 739 | 819 | | Prepaid Expenses | 82 | 238 | | Prepaid Advertising Credits | 157 | - | | Other Current Assets | 19 | 13 | | Total Current Assets | 4,748 | 3,733 | | NON CURRENT ASSETS |
|
| | Property and Equipment, net | 247 | 176 | | Deferred Tax Assets | 5,798 | 6,061 | | Note Receivable-sale of Corporate offices, Less Current Portion | 624 | 886 | | Goodwill | 3,318 | 3,168 | | Intangible Assets | 1,572 | 2,093 | | Other Long-term Assets | 354 | 32 | | Total Assets | 16,661 | 16,149 | | LIABILITIES |
|
| | Accounts Payable and Accrued Expenses | 98 | 215 | | Accrued Expenses | 521 | 445 | | Accrued Commissions to Brokers | 828 | 713 | | Commissions Payable to Brokers | 691 | 666 | | Notes Payable | - | 591 | | Advance Payments | 138 | 117 | | Deferred Revenues-current Portion | 144 | 75 | | Total Current Liabilities | 2,420 | 2,822 | | NON CURRENT LIABILITIES |
|
| | Other Long-term Liabilities | 260 | 8 | | SHAREHOLDERS' EQUITY |
|
| | Common Stock - Par Value | 179 | 178 | | Additional Paid in Capital | 28,962 | 28,908 | | Retained Earnings | (15,160) | (15,767) | | Total Shareholders Equity | 13,981 | 13,319 | | Total Liabilities & Shareholders Equity | 16,661 | 16,149 |
| | | |
| | Interim Report
|
|---|
| | | Data Not Available | | | | | | | | | |
| | Pro Forma Report
|
|---|
| | | Data Not Available | | | | | | | | | |
| | Quarterly Report Information
|
|---|
| | | Quarterly Revenue, US$ |
|---|
| Year | Quarter | Revenue | | 2010 |
1 | 3,920,000 | | 2010 |
2 | 4,540,000 | | 2010 |
3 | 4,160,000 | | 2009 |
1 | 3,900,000 | | 2009 |
2 | 4,370,000 | | 2009 |
3 | 3,980,000 | | 2009 |
4 | 4,260,000 | | 2009 |
Full Year
| 16,500,000 | | 2008 |
1 | 3,850,000 | | 2008 |
2 | 4,180,000 | | 2008 |
3 | 3,870,000 | | 2008 |
4 | 4,070,000 | | 2008 |
Full Year
| 15,960,000 | | 2007 |
1 | 3,790,000 | | 2007 |
2 | 3,670,000 | | 2007 |
3 | 3,270,000 | | 2007 |
4 | 3,450,000 | | 2007 |
Full Year
| 14,170,000 | | 2006 |
1 | 3,720,000 | | 2006 |
2 | 4,030,000 | | 2006 |
3 | 3,420,000 | | 2006 |
4 | 3,490,000 | | 2006 |
Full Year
| 14,660,000 | | 2005 |
1 | 2,570,000 | | 2005 |
2 | 2,700,000 | | 2005 |
3 | 2,390,000 | | 2005 |
4 | 2,760,000 | | 2005 |
Full Year
| 10,420,000 |
| | | | | | Quarterly Net Income, US$ |
|---|
| Year | Quarter | Revenue | | 2010 |
1 | 280,000 | | 2010 |
2 | 170,000 | | 2010 |
3 | 270,000 | | 2009 |
1 | 50,000 | | 2009 |
2 | 130,000 | | 2009 |
3 | 220,000 | | 2009 |
4 | 200,000 | | 2009 |
Full Year
| 610,000 | | 2008 |
1 | 160,000 | | 2008 |
2 | 310,000 | | 2008 |
3 | 230,000 | | 2008 |
4 | 240,000 | | 2008 |
Full Year
| 930,000 | | 2007 |
1 | 240,000 | | 2007 |
2 | 770,000 | | 2007 |
3 | 260,000 | | 2007 |
4 | 3,670,000 | | 2007 |
Full Year
| 4,500,000 | | 2006 |
1 | 240,000 | | 2006 |
2 | 260,000 | | 2006 |
3 | 290,000 | | 2006 |
Full Year
| 3,433,000 | | 2005 |
1 | 560,000 | | 2005 |
2 | 280,000 | | 2005 |
3 | 2,130,000 | | 2005 |
Full Year
| 3,098,000 |
| | | | | | Quarterly EPS, US$ |
|---|
| Year | Quarter | Revenue | | 2010 |
1 | .50 | | 2010 |
2 | .25 | | 2010 |
3 | .08 | | 2009 |
1 | Nil | | 2009 |
2 | .25 | | 2009 |
3 | .25 | | 2009 |
4 | .25 | | 2009 |
Full Year
| .75 | | 2008 |
1 | .25 | | 2008 |
2 | .50 | | 2008 |
3 | .25 | | 2008 |
4 | .25 | | 2008 |
Full Year
| 1.25 | | 2007 |
1 | .25 | | 2007 |
2 | .50 | | 2007 |
3 | .25 | | 2007 |
4 | 5.00 | | 2007 |
Full Year
| 6.25 | | 2006 |
1 | .25 | | 2006 |
2 | .25 | | 2006 |
3 | .50 | | 2006 |
4 | 3.75 | | 2006 |
Full Year
| 4.50 | | 2005 |
1 | .75 | | 2005 |
2 | .50 | | 2005 |
3 | 2.75 | | 2005 |
4 | .25 | | 2005 |
Full Year
| 4.25 |
| | | |
| |
|
