x
VOIP services

IDT Reports FY2006

NEWARK, N.J. -- IDT Corporation (NYSE: IDT, IDT.C) announces operating results for the fourth quarter, the three months ended July 31, 2006, and fiscal 2006.
  • Q4 Revenues: $555.5 million, down 2.1% year over year.
  • Q4 Net loss: $86.5 million, versus $0.0 million one year ago.
  • Q4 Diluted net loss per share: ($0.91), versus ($0.00) one year ago.
  • Cash, cash equivalents and marketable securities totaled $514.8 million as of year-end, excluding $60.7 million held in discontinued operations.


FOURTH QUARTER AND RECENT DEVELOPMENTS
  • On May 22, our previously announced tender offer for outstanding employee options expired, with 7.9 million options tendered at $2.00 each.
  • On June 15, our Board of Directors authorized a new stock buyback program, allowing for the purchase of up to 25 million shares of the company’s publicly traded stock.
  • On August 24, we closed the first of three stages of our sale of IDT Entertainment to Liberty Media, and subsequently on September 29 the final two stages closed. Beginning with the fourth quarter of fiscal 2006, IDT Entertainment is being reported as a discontinued operation.
  • During the fourth quarter, we decided to explore other opportunities for our IDT Spectrum assets, and disassembled the team that had been pursuing a wireless backhaul business.
  • On September 7, 2006, Pipex Communications plc agreed to purchase our U.K. based Toucan consumer phone services business for ₤24 million (approximately $45 million at current exchange rates) in cash and stock.
  • We continued the cost reduction program that was implemented in the third quarter. To date, approximately 535 positions have been eliminated, and we have recorded approximately $23 million in restructuring charges relating to these workforce reductions. Beginning in fiscal 2007, we expect these changes to result in approximately $35-40 million in savings on an annualized basis.


IDT Corp. (NYSE: IDT)

Be the first to post a comment regarding this story.
HOME
Sign In
SEARCH
CLOSE
MORE
CLOSE