OTC Bulletin Board

S & P Company Insight for ITEX CORP
 
 Profile

 
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
 
  
 
 Background

 
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
  2008  112
  2007  100
 
 
  
 
 Management

 

Management
OfficersPosition
 Steven  WhiteChairman, President, Chief Financial Officer & Chief Executive Officer
 Alan N. ZimmelmanChief Operating Officer
 John A. WadeSecretary & Treasurer
 Alan  ZimmelmanInvestor Relations Contact

Directors
 Eric T. Best
 John A. Wade
 Steven  White
 
  
 
 Annual Report

 
Annual Report
 
Income Statement
  20092008
REVENUES
Marketplace Revenue and Other Revenue16,50215,964
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 Other3116
Other Income/expense-net(30)-
Earnings before Taxes1,0281,517
TAXES AND OTHER EXPENSES
Provision for Income Tax(421)(583)
Net Income (Loss)607934
SUPPLEMENTARY INFO
Operating Income (Loss)1,0271,501
Basic EPS - Continuing Operations0.030.05
Diluted EPS - Continuing Operations0.030.05
 
Balance Sheet
  20092008
ASSETS
Cash and Cash Equivalents2,5571,061
Accounts Receivables8951,331
Loans and Advances5767
Notes Receivable-sale of Corporate offices242204
Deferred Tax Assets739819
Prepaid Expenses82238
Prepaid Advertising Credits157-
Other Current Assets1913
Total Current Assets4,7483,733
NON CURRENT ASSETS
Property and Equipment, net247176
Deferred Tax Assets5,7986,061
Note Receivable-sale of Corporate offices, Less Current Portion624886
Goodwill3,3183,168
Intangible Assets1,5722,093
Other Long-term Assets35432
Total Assets16,66116,149
LIABILITIES
Accounts Payable and Accrued Expenses98215
Accrued Expenses521445
Accrued Commissions to Brokers828713
Commissions Payable to Brokers691666
Notes Payable-591
Advance Payments138117
Deferred Revenues-current Portion14475
Total Current Liabilities2,4202,822
NON CURRENT LIABILITIES
Other Long-term Liabilities2608
SHAREHOLDERS' EQUITY
Common Stock - Par Value179178
Additional Paid in Capital28,96228,908
Retained Earnings(15,160)(15,767)
Total Shareholders Equity13,98113,319
Total Liabilities & Shareholders Equity16,66116,149
 
  
 
 Interim Report

 
Interim Report   
 
Data Not Available
 
 
 
 
  
 
 Pro Forma Report

 
Pro Forma Report   
 
Data Not Available
 
 
 
 
  
 
 Quarterly Report

 
Quarterly Report Information   
 
Quarterly Revenue, US$
YearQuarterRevenue
  2010   13,920,000
  2010   24,540,000
  2010   34,160,000
  2009   13,900,000
  2009   24,370,000
  2009   33,980,000
  2009   44,260,000
  2009   Full Year 16,500,000
  2008   13,850,000
  2008   24,180,000
  2008   33,870,000
  2008   44,070,000
  2008   Full Year 15,960,000
  2007   13,790,000
  2007   23,670,000
  2007   33,270,000
  2007   43,450,000
  2007   Full Year 14,170,000
  2006   13,720,000
  2006   24,030,000
  2006   33,420,000
  2006   43,490,000
  2006   Full Year 14,660,000
  2005   12,570,000
  2005   22,700,000
  2005   32,390,000
  2005   42,760,000
  2005   Full Year 10,420,000
 
 
Quarterly Net Income, US$
YearQuarterRevenue
  2010   1280,000
  2010   2170,000
  2010   3270,000
  2009   150,000
  2009   2130,000
  2009   3220,000
  2009   4200,000
  2009   Full Year 610,000
  2008   1160,000
  2008   2310,000
  2008   3230,000
  2008   4240,000
  2008   Full Year 930,000
  2007   1240,000
  2007   2770,000
  2007   3260,000
  2007   43,670,000
  2007   Full Year 4,500,000
  2006   1240,000
  2006   2260,000
  2006   3290,000
  2006   Full Year 3,433,000
  2005   1560,000
  2005   2280,000
  2005   32,130,000
  2005   Full Year 3,098,000
 
 
Quarterly EPS, US$
YearQuarterRevenue
  2010   1.50
  2010   2.25
  2010   3.08
  2009   1Nil
  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   45.00
  2007   Full Year 6.25
  2006   1.25
  2006   2.25
  2006   3.50
  2006   43.75
  2006   Full Year 4.50
  2005   1.75
  2005   2.50
  2005   32.75
  2005   4.25
  2005   Full Year 4.25
 
  
 
 Stock Data

 
 
Capitalization as of 07/31/2009:
 
 Authorized SharesOutstanding Shares
Common $0.01 par50,000,00017,856,000
 
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
 
ExchangeYearHighLow
OTC Bulletin Board20090.83000.3500
OTC Bulletin Board20081.01000.3700
OTC Bulletin Board20071.05000.6600
OTC Bulletin Board20060.98000.4700
OTC Bulletin Board20051.19000.2600
OTC Bulletin Board20040.47000.1100
OTC Bulletin Board20030.27000.1000
OTC Bulletin Board20020.27000.0500
OTC Bulletin Board20010.65000.0700
Over The Counter20001.75000.1500
 
DIVIDENDS: Common $0.01 par: 2003-06, None; 2007, None; 2008, None; 2009, None.