April 26, 2000--IDT (Nasdaq: IDTI) today announced results for the fourth fiscal quarter and the fiscal year ended April 2, 2000. The Company reported fourth quarter net income of $50.4 million, or $0.49 per diluted share, on revenue of $197.5 million. Included in fourth quarter net income are non-recurring net benefits of approximately $8.8 million after taxes, relating primarily to the Company's sale of a portion of its interest in Quantum Effect Devices Inc. (QED) and to the pending sale of excess manufacturing assets which the Company acquired in its merger with Quality Semiconductor, Inc. (QSI) earlier in the fiscal year. Excluding net special benefits, earnings per diluted share were $0.41, a sequential increase of approximately 46 percent compared with $0.28 operating earnings per diluted share recorded for IDT's third fiscal quarter. Excluding revenue related to discontinued x86 microprocessors from all periods, the Company recorded revenue growth of 13.9 percent compared to the immediately prior quarter, and 50.3 percent compared to the fourth fiscal quarter as originally reported one year ago.
For fiscal 2000, the Company posted net income of $1.32 per diluted share on revenues of $701.7 million. Excluding discontinued x86 microprocessors from both periods, reported revenue grew approximately 36 percent from fiscal 1999 to fiscal 2000. On an operating basis, excluding special benefits, the company delivered earnings of $0.97 per diluted share on revenues of $693.3 million for fiscal 2000. snip....
Jim |
