idt earnings ----
the three months ended APRIL 30, 2007.
Revenues: $485.4 million, down 11.3% year-over-year.
Net loss: $(15.9) million, versus a net loss of $(8.6) million one year ago.
Net loss per share: $(0.20) versus a net loss per share of $(0.09) one year ago.
Cash, cash equivalents, marketable securities, and long term investments totaled $750.2 million as of the end of the third quarter.
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NEW: the three months ended JULY 31, 2007, and fiscal 2007.
Q4 Revenues: $492.6 million, down 11.3% year-over-year.
Q4 Net loss: $(112.4) million, versus a net loss of $(86.5) million one year ago.
Q4 Net loss per share: $(1.38) versus a net loss per share of $(0.91) one year ago.
Fiscal 2007 Revenues: $2,012 million, versus $2,226 million in fiscal 2006.
Fiscal 2007 Loss from operations: $(172.7) million, versus $(220.8) million in fiscal 2006.
Fiscal 2007 Net income: $58.6 million, versus net loss of $(178.7) million in fiscal 2006.
Cash, cash equivalents, marketable securities, and investments totaled $661.0 million as of the end of the fiscal year.
Barron's: 9/12/07
"IDT's cash had helped it weather years of losses. But this year, it also began paying a dividend - 25 cents a share in April and 12.5 cents in July. CEO Jim Courter has said the payout is a means of returning cash to shareholders after "generating value through the sale of IDT Entertainment." Courter in the past has said he preferred to keep the cash so the company isn't beholden to banks. But today, net cash and investments total about $600 million. Mark Hake of Hake Investment Research estimates that if IDT doesn't stop its dividend, reduce overhead, or come up with a large new sale, that balance could be halved in two years."
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Earnings release: three months ended July 31st, 2007, and fiscal 2007.
On July 31st we paid our second quarterly cash dividend in the amount of $10.2 million. Our Board of Directors has elected not to pay a dividend in the current quarter and determined that future dividends will depend on our financial and operational situation at the relevant times. As the dividend at the prior quarterly level cost approximately $10 million, this is cash that can be utilized for investment and operational needs.
We continued our cost reduction program that began in the third quarter of fiscal 2006, and eliminated a total of 880 positions, of which 310 positions were eliminated during the fourth quarter of 2007. As a result, we recorded severance charges of $25 million in fiscal 2007, of which $17 million was recorded in the fourth quarter. We continue to believe that these reductions will result in approximately $45-50 million in reduced costs on an annualized basis.
We reached a settlement with respect to our previously disclosed litigation with Aerotel with respect to alleged patent infringement. The settlement provides for a payment of $15 million in cash to Aerotel, which we have paid in the first quarter of fiscal 2008, and making available to Aerotel calling cards or PINs over time with potential termination costs of up to $15 million, subject to certain other conditions. In connection with this settlement, we accrued an expense in the fourth quarter of fiscal 2007 that is included in the Prepaid Products selling, general and administrative expenses.
During the fourth quarter, we purchased an aggregate of 1.7 million shares of our Common Stock and Class B Common Stock for $17.5 million under our stock buy back program.
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