ITEX Announces Results for Second Quarter of 2021


ITEX Announces Results for Second Quarter of 2021

BELLEVUE, Wash., March 3 /PRNewswire-FirstCall/ — ITEX Corporation (OTC Bulletin Board: ITEX – News), The Membership Trading Community(SM), a leading marketplace for cashless business transactions in North America, today filed its Form 10-Q with the Securities and Exchange Commission and announced its results for its 2021 second quarter ended January 31, 2021.”We are pleased to report a 14% increase in second quarter revenue over the same quarter last year. Increased revenue positively impacted net cash provided by operating activities which increased a remarkable 141% for our second quarter over the same quarter last year,” said Steven White, Chairman and CEO. “The second quarter is historically strong due to holiday events and year-end business spending. Contributing to this quarter”s results are our three corporate-managed offices that are showing steady increases in enrollment and transaction volume.””Quarter after quarter, we have been able to report positive net cash provided by operating activities. During the second quarter, we received 87% of our net payments from our Marketplace members electronically, via credit card or electronic funds transfer (EFT). EFT enables us to collect payments sooner and lessens the likelihood of non-payments. Strong cash flow has been an important component in helping us complete three key acquisitions, buy back and retire our common stock, and pursue initiatives to increase future revenues.”White continued, “Several of our revenue initiatives over the last twelve months are beginning to gain traction, including our hiring of an industry veteran as our national sales manager and engaging a seasoned new member registration inpidual in our Chicago location. Expenses for corporate salaries, wages and employee benefits and selling, general and administrative have increased over last year as we invest in new revenue generating activities; however, as a percentage of revenue these expenses have trended downward from 41% in 2003 to 22% today. While continuing to refine and enhance our current initiatives, we will be devoting resources to our newest revenue generating initiative, Software as a Service (SaaS), which we announced last week. We believe the SaaS program launch has great potential. The Board and I are committed to taking proactive and measured steps to strengthen and enhance the value of your company.”Second Quarter 2021 Highlights — Revenue was $4,175,000 in 2021 compared to $3,665,000 for the secondquarter in 2007, a 14% increase. Revenue for first six months of 2021was $8,028,000 compared to $7,455,000 in the same period in 2007, an8% increase. — For the quarter and six month period, we generated revenue from ouracquisition of Intagio assets of $352,000 and $639,000, respectively,and $119,000 and $211,000 in organic growth from existing operations,respectively. — Net cash provided by operating activities for the second quarterincreased to $1,018,000 from $423,000 for the same period in 2007, a141% increase. For the six month period ended January 31, 2021, netcash provided by operating activities increased 31% to $1,785,000 from$1,367,000 for the same period in 2007. — Stockholders” equity increased $413,000 or 3% to $12,754,000 atJanuary 31, 2021 from October 31, 2007. — Cash and cash equivalents increased to $1,091,000 at January 31, 2021from $254,000 at October 31, 2007. — Income from operations excluding the non-cash items of stock-basedcompensation, depreciation and amortization was $671,000 or 4 centsper share for the second quarter of 2021 and $1,128,000 or 6 cents pershare for the six month period of 2021. — New member registrations increased 28% to 632 in the second quarterfrom 492 in the same period last year, and for the six month periods,registrations increased 19% to 1,588 from 1,333. — We acquired a 15% equity position in MyTypes, Inc., a Seattle-basedtechnology and small business blogging company. As part of ourcollaboration, we engaged two MyTypes senior software engineers, for alimited time, to work on our Search Engine Optimization (SEO) andSearch Engine Marketing (SEM) initiatives. — We retained two top Chicago marketing firms — The Goodness Companyand Sigale Public Relations — to provide additional, professionalassistance to our franchisees. — We dismissed a defamation complaint we had filed in September 2006upon execution of a stipulated judgment payable to us in the sum of$100,000 contingent on certain, future events. There was no impact toearnings or the balance sheet for this judgment. — Subsequent to the end of our second quarter, we acquired a membershiplist of approximately 400 member businesses in Cleveland, Ohio.White added, “As our success and visibility increases, we expect to become more attractive to the investment community, as evidenced by the recent invitations to present at the Roth Capital 20th Annual Growth Stock Conference in February and the upcoming Montgomery Technology Conference in mid March. Meanwhile, as we expected, the hostile tender offer is getting little attention from shareholders. Income from operations for our second quarter includes our expenses associated with responding to this tender offer.”



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