Get Started for Free Contexxia identifies hard-to-find pieces of information in SEC filings. No more highlighters, no more redlining, no more poring over huge documents. ITEX CORP (860518) 10-Q published on Jun 13, 2017 at 9:01 am
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
On April 6, 2017, the Board of Directors of ITEX Corporation declared a cash dividend of $0.10 per share payable on June 14, 2017, to stockholders of record as of the close of business on June 1, 2017.
Comparative Results. For the three months ended April 30, 2017, as compared to the three months ended April 30, 2016, our revenue decreased by $258 or 10%, from $2,627 to $2,369, our income from operations decreased by $95 or 26%, from $362 to $267, and our net income decreased by $81 or 32% from $251 to $170. For the nine month period ended April 30, 2017, as compared to the nine-month period ended April 30, 2016, our revenue decreased by $688 or 8%, from $8,420 to $7,732, income from operations decreased by $107 or 12%, from $859 to $752 and our net income decreased by $120 or 20% from $603 to $483.
The decrease in operating expenses in the three months ended April 30, 2017, as compared to the corresponding period of the prior fiscal year, resulted primarily from a $43 decrease in salaries and benefits, offset somewhat by a $31 increase in selling and G&A. The decrease in operating expenses in the nine months ended April 30, 2017, as compared to the corresponding period of fiscal 2016, resulted primarily from a $99 decrease in salaries and benefits and a $69 decrease in selling and G&A.
For the three months ended April 30, 2017 the increase is primarily due to an increase in rent of $7 and an increase in travel and meals of $13 for a regional conference we hosted for franchisees. For the nine months ended April 30, 2017, the decrease is due primarily to a decrease in supplies and legal fees offset somewhat by an increase in rents. Legal fees for the nine months ended April 30, 2017 decreased by $18 or 14%, compared to the nine months ended April 30, 2016. Rent for the nine months ended April 30, 2017 increased by $25 or 38%, as compared to the nine months ended April 30, 2016. Supplies for the nine months ended April 30, 2017 decreased by $56 or 43%.