Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Guidance and Visibility -- Ignore unavailable to you. Want to Upgrade?

To: 2MAR$ who wrote (7413)	7/19/2001 4:11:42 PM
From: 2MAR$	Read Replies (1) \| Respond to of 208838

IDT Announces Results for First Quarter Fiscal 2002; Company Posts Break-Even Pro Forma Earnings Per Share on Revenues of $115.9 Million Business Editors/High-Tech Writers SANTA CLARA, Calif.--(BUSINESS WIRE)--July 19, 2001--IDT (Nasdaq:IDTI) today announced results for the quarter ended July 1, 2001, the first quarter of fiscal 2002. Revenues reported were $115.9 million and pro forma net income was $0.00 per diluted share. Net revenues decreased 45.6 percent compared to the fourth quarter of fiscal 2001 while declining 49.9 percent compared to the first quarter of fiscal 2001. Pro forma net income for the first quarter of fiscal 2002 was $73 thousand compared to pro forma net income of $55.6 million for the fourth quarter of fiscal 2001 and $62.4 million for the first quarter of fiscal 2001. During the quarter, the Company announced the completion of the cash acquisition of Newave Semiconductor ("Newave"), a company focused on the design of telecommunications semiconductors. The acquisition was accounted for as a purchase. Including Newave acquisition costs and other special items in accordance with generally accepted accounting principles (GAAP), the net loss for the first quarter of fiscal 2002 was $21.5 million, or $0.20 per diluted share, compared to a loss of $27.7 million, or $0.26 per share, in the fourth quarter of fiscal 2001. Net income for the first quarter of fiscal 2001 was $62.4 million, or $0.58 per diluted share. The tables that follow this release include separate pro forma and GAAP income statements, as well as footnotes which detail the differences between pro forma and GAAP results. "During this past quarter, the effects of the supply chain inventory correction and slower end market demand in the communications infrastructure markets impacted IDT's operating results for the third sequential quarter," said Jerry Taylor, president and chief executive officer. "While we are not pleased with the impact of this difficult environment on our operating metrics, we have been and continue to be responsive in aligning our cost structure with these current business conditions. At the same time, we continue to invest in business development initiatives and the execution of key products that are the future of the Company. We firmly believe that IDT will be a better positioned company as the communications infrastructure markets begin to recover," continued Taylor.