IDT Corporation (IDT) F4Q2010 Earnings Call Transcript
October 14, 2010 5:15 pm ET
(seeking alpha)
seekingalpha.com
Bill Ulrey – IR
Howard Jonas – CEO & Chairman
Bill Pereira – CFO & Treasurer
Bill Ulrey
Welcome to IDT Corporation's fourth quarter and full year fiscal 2010 earnings presentation. This is Bill Ulrey, IDT's Investor Relations Officer. IDT's Chairman and Chief Executive Officer, Howard Jonas, and Chief Financial Officer, Bill Pereira, will be presenting IDT’s financial and operational results for the three months and full year ended July 31st, 2010.
We will follow the same format as in prior quarters. Both this audio file consisting of management’s pre-recorded remarks and our earnings release are available on the Investor Relations page of the IDT Corporation website, www.idt.net. The earnings release has also been filed on a Form 8-K with the SEC.
If after listening to management’s presentation and reading the Company's earnings release, you have any questions for management related to the announced results, please e-mail them to us at the following address, invest@idt.net no later than the close of business on Monday, October 18th. Please include your name and firm name, if applicable, in your e-mail. If we can constructively answer your question, we will post your question along with your name, your firm's name, and our answer on the Investor Relations page of the IDT website as early as next Thursday, October 21st, after market close. We will also file a Form 8-K with the SEC containing the questions-and-answers.
Any forward-looking statements made during this audio presentation or in the written Q&A, whether general or specific in nature, are subject to risks and uncertainties that may cause actual results to differ materially from those which we anticipate. These risks and uncertainties include, but are not limited to, specific risks and uncertainties discussed in the reports that we file periodically with the SEC.
We assume no obligation either to update any forward-looking statements that we have made or may make, or to update the factors that may cause actual results to differ materially from those that we forecast.
In this presentation, and in our written responses to questions thereafter, we may make reference to adjusted EBITDA. Adjusted EBITDA for all periods discussed during our remarks is a non-GAAP measure representing operating income or loss from operations, exclusive of depreciation and amortization, impairments, restructuring charges, gains on settlements and the other net and gain on the sale of an interest in AMSO, LLC. Adjusted EBITDA is one of several key financial metrics management uses to evaluate the operating performance of the Company and its segments.
The schedule provided in the earnings release reconciles adjusted EBITDA to the nearest corresponding GAAP measure, income from operations, for each of our segments and to both income from operations and net income for the Company as a whole.
Now, to begin the discussion of our financial and operating results, here is IDT Corporation's Chairman and CEO, Howard Jonas.
Howard Jonas
Thank you, Bill. Good afternoon to everyone. Welcome to management’s discussion of our fourth and full year fiscal 2010 results. I want to begin by again congratulating our employees and management on the Company’s turnaround, which is now complete. We are not only a much leaner and more efficient company as a result of their efforts, we are also more intensely focused and executing with greater energy and enthusiasm than I’ve seen years.
This year, the turnaround program greatly improved our bottom line. Last year, fiscal 2009, our net loss was $155.4 million. This year we earned $20.3 million, $0.94 per diluted share while continuing to invest in several promising initiatives, and, most importantly, I am confident that we are poised to do even better in the years ahead.
IDT’s CFO, Bill Pereira will provide an analysis of our financial results for the quarter and our year following my remarks. As in past quarters, I will focus on the bigger picture and our overall growth strategy. Let me start with our core businesses, Telecom and Energy.
Some investors and analysts wrote off our Telecom business a long time ago. They focused on the challenges we face in the prepaid calling card industry, including low barriers to entry, technical substitution, change in immigration patterns, and pervasive fraudulent advertising. All these factors continued to pressure revenues and margins for honest facilities based operators like IDT.
But they overlooked both the opportunities still available to this business and our resolve to tackle these challenges head on. The management and employees at IDT Telecom have done a terrific job confounding the nay-sayers. Excluding our Consumer Phone Service, which has been harvest mode since the UNEP regulations were overturned five year ago, we’ve managed to stabilize revenue as well as adjusted EBITDA over the past seven quarters. And while margins are under pressure and not what they were in years past, we grew our gross margin percentage sequentially throughout fiscal 2010.
I am optimistic that we will continue to grow this business and overcome the headwinds in our traditional markets. How can we do that? The same way IDT has always prospered. By identifying and developing new opportunities and bringing them to consumers better, faster, and more cheaply than our competitors.
Our Telecom business is back on track because we are leveraging our two key competitive differentiators more effectively. First, our proprietary network platform. We have long handled billions of transactions each year associated with our retail calling cards and related services. Now, the entire retail world is moving to enable transactions on mobile devices and we are adapting our platform to handle more and more different kinds of transactions everyday. Second, we continue building and more effectively leveraging our national and international distribution networks to get our expanding line of products and services into a target market around the globe and particularly into the under-served small, independent neighborhood retail stores that serve immigrant communities. We intend to continue to develop and take advantage of these two market differentiators. And I believe they are the keys to revenue growth and success in our highly competitive markets.
At IDT Energy, we have had another strong quarter. I congratulate our management and the IDT Energy team. As we discussed last quarter, we are testing expansion into select retail markets in Pennsylvania and New Jersey. Evaluating [ph] new markets is not a quick or easy process. There are several differences in the regulatory policies in each state and can dramatically impact the business risks in those territories. And even within each state, each utility has its own way of handling energy supply company transaction.
It takes time to understand all these factors and evaluate expansion opportunities intelligently. We expect to finish the evaluation phase in the current 2011 fiscal year and decide whether we can profitably grow our business in one or both states. Pennsylvania and New Jersey are not the only states deregulating their retail markets. Nationwide there was a growing consensus that deregulated retail energy markets and vibrant competition among supplier benefit consumers. IDT Energy management continues carefully monitoring the deregulation process underway in other states to identify additional opportunities that suit our approach.
Before I talk about our oil shale projects, let me quickly update you on Fabrix and Zedge, our technology ventures. Fabrix has been making steady advances in it quest to become the prominent provider or next generation television capabilities including video storage and streaming technology to cable operators, telcos and over-the-top providers.
During last quarter’s call, I mentioned that a major MSO was testing our solution for its cloud-based DVR offering. Since then, we entered into a definitive agreement with them and their primary equipment provider on the project. The company is now profitable. I will keep you abreast of our progress as their offering is launched.
Zedge, our mobile content discovery platform continues to build traffic and earnings. It now attracts close to 30 million unique visitors per month to its website, mobile site and Android app. Zedge continues to focus on the user experience and expects to roll out great new products over the next two quarters that we expect would drive additional user growth and revenue. Zedge continues to increase profitably with EBITDA of close to $200,000 for the quarter.
Now, let me talk about our Genie oil shale ventures in Colorado and Israel. During the fourth quarter both our projects continued to make significant progress toward pilot projects. Pilot plant construction in Colorado is well underway and pilot test operations are planned to begin as early as next summer. In Israel, we expect that pilot plant construction could begin as early as next year and pilot test operations could start as early as 2012.
In the fourth quarter we also announced the formation of Genie’s Strategic Advisory Board, which now includes Dr. Alan Burnham, AMSO’s Chief Technology Officer; Dick Cheney, Former Vice President of the United States and the former President and CEO of Halliburton, the oil services company; Rupert Murdoch, Founder and Chairman of News Corp., Wes Perry, Chairman of the Board of Genie Energy and Founder and President of E.G.L. Resources, from whom we bought the oil shale lease in Colorado; Gene Renna, Former EVP at ExxonMobil and President and COO of Mobil prior to its merger with Exxon; Dr. Allan Sass, Former President and CEO of Occidental Oil Shale, Michael Steinhardt, legendary investor and noted philanthropist; Stephen Trauber, Head of Energy Investment Banking at Citi; and Dr. Harold Vinegar, Former Chief Scientist at Royal Dutch Shell.
The board will guide us on strategic, financial, operational, and public policy matters related to our shale ventures, AMSO and IEI. I am delighted that these distinguished leaders have joined us and I am deeply grateful to each of them. Their willingness to make their experience and expertise available to us is not just a testament to our approach, but also reflects their personal commitment to assist the larger mission of rebalancing global energy markets and lessening America and Israel’s dangerous alliance on oil from hostile regimes.
They are already making contributions to our strategic direction and we look forward to a long, prosperous road ahead. We still face monumental risks and a lot of work and investment. But oil shale’s potential rewards for IDT, our shareholders, and the free world are simply staggering. I am pleased to be joined and supported on this role by so many qualified and dedicated people at IDT, IEI, AMSO, and AMSO strategic partner, Total, and now by the leaders on our Strategic Advisory Board.
So, we’ve completed our turnaround and had another strong quarter and a really good year. We are now a profitable company with an incredibly bright future. Our telco business is profitable and growing. Our retail energy business is profitable and growing through expansion in new markets. We have two incredibly promising technology ventures in Fabrix and Zedge.
About Zedge, people talk about Facebook with 500 million customers. While this month Zedge is already 6% of the way there, with its 30 million unique visitors and should grow faster after we release some killer applications we have in the works.
And we have our shale businesses. There are far more oil shale resources in the world than there are reserves of conventional oil. In fact, between AMSO and IEI, we have the potential to as much as 50 billion barrels of oil equivalent, which is not an insignificant amount of the world’s total carbon based energy reserves. And we are not stopping there. We continue to look at other geographies for additional oil shale opportunities. Believe me; God put oil shale on this earth and in America for a reason. Oil shale is, I think, one of the surest ways to replace the world’s dwindling supply of conventional oil in an environmentally responsible way. And even while IDT is laying the groundwork and technology in oil shale, paying scientists, paying drillers, and building pilot test facilities, we are bearing our share of all the development expense and we are still turning a profit.
Looking ahead, as we continue to develop our extraction technologies, I expect more people will make significant investments in our oil shale ventures. And that will help us continue to improve our balance sheet and execute on our plans for these projects.
Here is the bottom line. IDT is a profitable company with its core businesses generating cash and a disciplined approach to spending. We have a very strong balance sheet and we are working to make it even stronger. We have two very exciting technology adventures that are about to take off, already profitable. And, finally, we have a very strong position accessing oil shale, which, we believe, is the future of the entire energy business.
So, I am proud of IDT not only because we are turning a profit, I am also proud of it because we are working to improve the world and I think our investors can be proud too. Now, to discuss the quarter and the year’s financial results, I would turn the discussion over to IDT’s Chief Financial Officer, Bill Pereira.
Bill Pereira
Thank you, Howard. I want to begin by reflecting on the transformation at IDT over the past three fiscal years, 2008 to 2010. In 2008, we launched a sweeping company wide turnaround program with four specific objectives as its foundation: reduce corporate overhead, streamline core operations, sell or dispose off non-core assets and judiciously invest in a select few potential initiatives with high growth potential. The success of this turnaround program became fully evident in 2010 as exhibited by the substantial improvement in this year’s results as compared to 2008 and even 2009.
Our first objective was to reduce corporate overhead as measured by corporate SG&A. For fiscal 2008, corporate SG&A was $60.9 million. By 2009, we had cut it by more than half to $28.4 million, and this year, in fiscal 2010, we reduced corporate SG&A by more than half again to $11.8 million. In less than year we reduced the annual corporate SG&A by $49.1 million, or over 80%. And this was not accomplished by shifting costs to the business units. At the same time we were reducing corporate SG&A, we were simultaneously streamlining operations and reducing SG&A companywide.
In fiscal 2008, company wide SG&A was $409.4 million, excluding an additional $36.6 million in SG&A relating to discontinued operations. A year later, we had pared company wide SG&A to $281.9 million. And in fiscal 2010, the figure was reduced again to $218.6 million. That is a $190.8 million reduction, or 46.6%. Company wide SG&A as a percentage of total IDT revenue from continuing operations declined from 23.7% in 2008 to 15.6% in 2010.
During the past three years, we also sold, shuttered or otherwise divested ourselves of a substantial number of non-core businesses and assets. Collectively, discontinued operations accounted for $42.4 million in losses in fiscal 2008. Today, as Howard mentioned, we are focused on investing in a few initiatives outside of our core Telecom and Energy businesses, namely our oil shale ventures, Zedge and Fabrix.
The impact of this turnaround on operational profitability, as measured by adjusted EBITDA, which is one of the main measures of operating performance we use at IDT was rapid and dramatic. Our adjusted EBITDA loss for fiscal 2008 was $73.2 million. By fiscal 2009, adjusted EBITDA was a positive $49.5 million. And in fiscal 2010, we increased adjusted EBITDA by another 21.9% to $60.3 million.
As expected, the operational turnaround took somewhat longer to impact our net income line. In my initial remarks upon becoming CFO, commenting on our bottom line results for the second quarter of fiscal 2009, I mentioned our restructuring charges and the non-cash write down of assets related primarily to the global economic downturn would continue to negatively impact our bottom line, but would diminish in the coming quarters. And, indeed, that has been the case.
For fiscal 2008, our net loss attributable to IDT was $224.3 million. We saw some improvement in fiscal 2009 already, reducing the net loss attributable to IDT to $155.4 million. But 2010 is when the benefit of our efforts really had a substantial impact on our bottom line as we reported net income attributable to IDT of $20.3 million, a dramatic improvement of $176 million over 2009, and $245 million over 20008.
From an operating cash flow perspective, the story is analogous. In 2008, cash used in operating activities was $148.4 million. Fiscal 2009 again saw some improvement as cash used in operating activities totaled $100.8 million. The fiscal 2009 total, however, included $113.6 million in income tax payments, stemming from the IRS’ audit of IDT for the years 2001 to 2004.
For fiscal 2010, operating cash flow totaled $56.2 million, a $204.6 million improvement over 2008, and we closed the fiscal year on July 31st, 2010, with $233.8 million in cash, cash equivalents and marketable securities, a $45.2 million increase from the end of fiscal 2009.
Before discussing the operational results of our various business units, I want to highlight several accomplishments of the past fiscal year and more recently as well. In
August of last year, we sold our Palo Alto, California real estate for $62.7 million and received $4.4 million in cash proceeds. In September 2009, we spun off our local media group to shareholders. Our thesis was that the market was attributing no value to these assets within IDT, but would do so if they were spun off. That view was confirmed. While CTM today has a market cap over $16 million, IDT’s share price doesn’t seem to have been negatively impacted as a result of the spin-off.
In April of this year, we were notified that we had regained compliance with the New York Stock Exchange’s $100 million average market capitalization requirement, having earlier regained compliance wit h its minimum share price standard. Since then, our market cap has continued to increase and totaled approximately $372 million at the market close yesterday, October 13th.
In July of this year the IRS finalized its audit of IDT’s fiscal years 2006 through 2008. As a result of the audit, we agreed to reduce our pending refund claim by $400,000 to $1.8 million and to reduce our domestic net operating loss carryforward by $41 million to approximately $225 million as of July 31st.
Also, just before the fiscal year end, we completed the sale of a building in Piscataway, New Jersey for $3.1 million of which $2.7 million was used to repay a portion of the mortgage on that property. We recorded a gain of $700,000 on this sale. The Company continues to own an adjoining building in Piscataway that houses elements of its telecommunication network and related engineering staff.
Following the end of the fiscal year, we received the payment of $7.7 million as result of an arbitration claim we pursued after sustaining losses from certain auction rate securities that were collateralized by preferred stock of Fannie Mae and Freddie Mac. After deducting legal fees and other expenses, the net proceeds totaled $5.7 million.
The Company had originally purchased these securities for $14.3 million and had significantly written down their value in fiscal 2008 and 2009. At July 31, 2010, the carrying value of these securities was $218,000. We also settled all outstanding disputes with eBay Inc. and Skype Inc. and related parties, including two patent infringement lawsuits pending in the United States district court for the Western district of Arkansas. The terms of the statement are confidential and, therefore, are not being disclosed.
And, finally, just several days ago, the management of IDT Energy signed an agreement extending our preferred supplier agreement with BP for another three years. The agreement not only helps IDT Energy to purchase electricity and gas at favorable rates, but also frees up significant cash on our balance sheet that otherwise would be required to secure purchases of gas and electricity.
Now, let’s look at our operating results for the fourth quarter and the full fiscal year. Company wide revenue in the fourth quarter rose 3.8% compared to the year-ago period to $356 million. At IDT Telecom where we have been focusing on leveraging our network platform and retail distribution networks, revenues in the fourth quarter totaled $308 million, a 1.1% increase compared to the fourth quarter of fiscal 2009. Within Telecom, revenues from the Consumer Phone Services, or CPS, segment declined 28.5% year-over-year to $8.3 million.
Those of you familiar with the company will recall that we put this business in harvest mode in 2005 after an unfavorable regulatory development. The Telecom Platform Services segment, TPS, however, generated $299.7 million in revenues, a 2.3% increase year-over-year. Strong growth in our prepaid services businesses, particularly in the U.S. more than offset a decline in our traditional wholesale carrier business. In the U.S., we generated strong year-over-year revenue growth from both the sales of traditional prepaid calling cards as well as from the sales of relatively new products such as international mobile top-up cards, IMTU.
The wholesale carrier market has been in a secular pricing decline for some years as more and more service providers are obtaining direct agreements with PSTs overseas to terminate calls. Despite this, I would like to point out that the traffic we carry continue to increase as our minutes of use grew 17.2% quarter over quarter during Q4 and grew by 10.5% for fiscal 2010 to just under 21 billion minutes.
For all of fiscal 2010, Telecom revenues declined to $1.19 billion, a 3.5% decrease compared to fiscal 2009. CPS’ revenues continued its expected decline 30.7% to $37.2 million while TPS’ revenues declined 2.3% to $1.16 billion. Within TPS, revenues from our wholesale carrier business decreased 6% despite the increase in minutes of use, reflecting continued pricing pressures.
The decline in wholesale carrier revenues was somewhat offset by an increase of 2% in retail businesses worldwide. Before turning to IDT Energy’s revenues, I would like to highlight that the fourth quarter of fiscal 2010 was the third consecutive quarter of increasing revenues and gross profit margins generated by TPS.
At IDT Energy, Q4 revenues also increased strongly, totaling $46.5 million or a 25.6% increase compared to the year-ago quarter. Electric revenue jumped 26.9% year-over-year, $8.6 million to $40.8 million as the unusually hot summer in the Northeast increased kilowatt hours sold by 5.5% and revenue per kilowatt hour increased by 20.2%. Revenue from gas sales in Q4 also increased substantially, up 17.4% year-over-year to $5.7 million. Higher revenue per therm up 57.1% compared to the year-ago quarter primarily as a result of higher community prices more than offset a 22.3% decline in therm sold as a result of decreases in meters served and therms sold per meter.
As of July 31, 2010, IDT Energy served approximately 369,000 meters, 210,000 electric, and 159,000 gas. The total is 6.9% lower than a year ago, but a 1.6% increase sequentially. This marks our first sequential increase in meters served since IDT Energy restructured its sales and marketing programs in fiscal 2009 in an effort to reduce customer churn.
In the first quarter of 2009, before the impact of the restructuring, customer churn was just over 6%. In comparison, the churn rate over the most recent two quarters has been just over 3.5%. Still, the rate of gross acquisitions in New York State has remained below the churn rate and the sequential increase in our meter base is a result of meters added in new territories.
In fiscal 2010, IDT energy began testing expansion in select utility territories in both New Jersey and Pennsylvania. The ESCO business is impacted by a number of factors that vary significantly from state to state and among utility territories. Variables include the composition of the potential customer base, the competitive landscape, the policies of the incoming utilities and state regulatory policies. We are carefully continuing our customer acquisition efforts in these territories and are evaluation whether and how our particularly low risk business model can be applied to these new markets.
For all of fiscal 2010, IDT Energy’s revenues totaled $201.4 million, 23.9% below the total for fiscal 2009. Gas Revenues declined 35.6% to $69.2 million. Despite higher gas rates in Q4 versus the prior year on average revenues per therm for all of fiscal 2010 were 18.9% below fiscal 2009’s prices while therms sold fell 20.6%.
The decline in gas consumption reflects our concentration of meter acquisitions into territories with lower usage per meter, but higher gross margin opportunities. IDT Energy’s electric revenues fell 15.9% year-over-year to $132.1 million as average revenue per kilowatt hours sold declined 14% and kilowatt hours sold decreased 2.2%.
Company wide, gross margins in the fourth quarter fell 220 basis points yesterday to 20.6% and for the full year the gross margin was 20.7%, a decline of 230 basis points compared to fiscal 2009. The gross margin generated by IDT Telecom in the fourth quarter of fiscal 2010, 19.7% was 220 basis points lower than in the fourth quarter of 2009. In the full year’s gross margin, 19.1% was 280 basis points lower than fiscal 2009.
Within TPS, gross margin for the quarter was 18.6%, down 210 basis points compared to Q4 2009 as we continue to pursue a top line growth strategy in our prepaid services offerings both in the U.S. and abroad as well as due to the relative impact of lower margin products like IMTU.
Moving on to gross margin at IDT Energy, we have said for some time that the recent margins generated by IDT Energy were not substantial over the long term only to have IDT Energy exceed our expectations for several quarters running. For fiscal 2010, IDT Energy’s gross margin was 28.7%, a full 150 basis points higher than in fiscal 2009.
But in Q4 2010, we did see gross margins declining 130 basis points compared to the year-ago quarter to 24%. We continue to expect downward pressure on margins due to less favorable market conditions and the impact of expansion into new, highly competitive markets in New Jersey and Pennsylvania where we expect to sacrifice some margin to gain market share.
Company wide SG&A expense was $54.2 million, a 13.5% decline compared to Q4 fiscal 2009, but 3% above Q3 when the company benefitted from non-routine reductions in payroll taxes and medical benefits. Corporate SG&A was $2 million, a 63.5% reduction compared to the year-ago period and well below our expected going forward run rate of approximately $15 million per year. For the full year, company wide SG&A was, as I mentioned earlier, $218.6 million, a 22.5% decrease compared to the prior year.
At IDT Telecom, SG&A in Q4 was $44.6 million, a 12.4% decrease year-over-year. For the full year, Telecom’s SG&A expense was $176.5 million, a 17.9% reduction compared to fiscal 2009. The full year-over-year decrease reflects reduced personnel costs associated with the lower headcount at Telecommunication following the fiscal 2009 restructuring as well as reduced facilities and maintenance costs. We expected SG&A will increase somewhat in the new fiscal year as we expand our retail distribution network capabilities especially in the U.S. SG&A in the fourth quarter at IDT Energy was $5.5 million, a 28.1% increase compared to the fourth quarter of fiscal 2009. Customer acquisition and marketing expenses in the New Jersey and Pennsylvania markets were responsible for the increase and we expect cost to rise further in the event IDT Energy’s management decides to continue growing the customer base in either or both markets .
For the fourth quarter, IDT generated $15.1 million in adjusted EBITDA, including $2.2 million in research and development costs incurred primarily by our oil shale initiative in Israel, IEI, and $1.7 million in bad debt expense. Compared to the year-ago quarter, adjusted EBITDA increased 12.9%, reflecting a 4% decline in IDT Telecom to $14.4 million, more than offset by a 12.5% increase at IDT Energy to $5.7 million.
Also, the Genie Oil and Gas segment, formerly called Alternative Energy, reported a $1.9 million adjusted EBITDA loss primarily as a result of the R&D and SG&A costs incurred by IEI. For the full fiscal year, IDT generated $60.3 million in adjusted EBITDA, including $3.8 million in bad debt expense and $8 million in R&D costs. IDT Telecom contributed $47.4 million and IDT Energy $38 million. The adjusted EBITDA losses incurred by corporate and our other non-reportable segment were $11.8 million and $6.8 million, respectively.
In the fourth quarter, IDT incurred $8 million in depreciation and amortization expense, a 32.1% decline compared to Q4 2009. For the year, depreciation and amortization expenses totaled $33.4 million, a 29.9% reduction compared to fiscal 2009. This continues the recent trend of reduced capital expenditures by our telecom division and the fact that an increasingly large portion of its network infrastructure has already been fully depreciated.
Restructuring charges were $400,000 in the quarter and $4.9 million for the year as we have now worked through virtually all such costs associated with our turnaround program.
In the fourth quarter, IDT’s income from operations was $7.8 million, an $8 million increase compared to the fourth quarter of 2009. And for the full year, income from operations totaled $32.2 million compared to a loss from operations of $43.3 million in fiscal 2009.
Net income attributable to IDT for the year totaled $20.3 million compared to a $155.4 million loss in fiscal 2009. The 2010 total includes the benefit of a $10 million legal statement announced earlier this year, $6.3 million in net interest expense, and a $5.3 million provision for income taxes.
Net income attributable to IDT for the year totaled $0.99 per share and $0.94 per diluted share. That compares very favorably to last year’s loss, which was $6.90 per share, basic and diluted.
In summary, the fourth quarter capped off what I believe a transformational year at IDT and I am very pleased with the results of our turnaround program and the immense improvements in this year’s results.
Before I wrap up my remarks, I remind our shareholders that we welcome the opportunity to answer your questions whether about the results this quarter or the company in general. Please e-mail them to us at invest@idt.net by the close of business on Monday, October 18th along with your name and firm name. Where we can provide a constructive answer, we will post our response on our website and by filing a Form 8-K with the SEC as early as Thursday, October 21st, following the market close.
Again, thank you for your interest in IDT. |
