IDT Reports Results for First Quarter Fiscal 2006.NEWARK Newark, cities, United States Newark. 1 City (1990 pop. 37,861), Alameda co., W Calif., on the east side of San Francisco Bay; inc. 1955. , N.J. -- IDT IDT Integrated Device Technology, Inc. (Santa Clara, CA, USA) IDT I Don't Think IDT Identity Theft IDT Interrupt Descriptor Table IDT Integrated DNA Technologies IDT Inactive Duty Training IDT Instructional Design & Technology Corporation (NYSE NYSE See: New York Stock Exchange : IDT, IDT.C) announces operating results for the first quarter of fiscal 2006, the three months ended October October: see month. 31, 2005. --Revenues decreased 1.1% to $623.1 million from $629.7 million in the first quarter of fiscal 2005. --The net loss for the first quarter of fiscal 2006 was $27.9 million, or ($0.28) per share, compared to a net loss of $11.7 million, or ($0.12) per share, in the first quarter of fiscal 2005. --As of October 31, 2005, cash, cash equivalents, and restricted cash and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has stood at $863.4 million, including $88.8 million held by Net2Phone A VoIP telephone service from Net2Phone, Inc., Newark, NJ (www.net2phone.com) that uses software in the user's PC to call another PC, regular phone or fax. When introduced in 1996, it used ads to supplement its low rates and did not support calls to the PSTN. .
The following table summarizes the operating performance of IDT's
business segments(1):
Income (Loss) from
Revenues Operations
$ millions Q1 '06 Q4 '05 Q1 '05 Q1 '06 Q4 '05 Q1 '05
------ ------ ------ ------ ------ ------
IDT Retail Telecom 383.2 $402.4 $411.0 $12.3 $12.9 $20.6
IDT Wholesale Telecom 137.3 143.8 129.2 (6.2) (4.5) (4.9)
----- ----- ----- --- --- ----
IDT Telecom Total 520.5 546.2 540.2 6.2 8.4 15.7
IDT Entertainment 48.1 39.8 60.4 0.7 (2.2) 4.6
Voice over IP 21.6 20.3 18.1 (8.1) (25.4) (7.8)
IDT Capital 31.4 14.8 6.6 (3.6) (4.5) (2.9)
IDT Solutions 1.4 2.2 4.4 (6.2) (5.4) (9.3)
Corporate - - - (16.8) (26.5) (12.2)
----- ----- ----- ---- ---- ----
Total IDT $623.1 $623.3 $629.7 ($27.8)($55.6)($11.9)
===== ===== ===== ==== ==== ====
"Fiscal year 2006 promises to be exciting for IDT," said Jim Courter James Andrew "Jim" Courter (born October 14, 1941 in Montclair, New Jersey) is an American Republican Party politician, lawyer and businessman. He is a resident of Hackettstown, New Jersey. , CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "We continue to build our core operations while investing in new complementary products and businesses and engaging in several major transactions in order to deliver value to our stockholders. In this quarter, we have announced the sale of Corbina corbina (kôrbē`nə): see croaker. , our Russian Russian associated in some way with Russia. Russian blue a breed of cats with short, dense, silver-tipped blue-colored coat and vivid green eyes. telecom operations, realizing a substantial return on our investment, and we have progressed towards the initial public offering of IDT Spectrum. I believe that fiscal 2006 will see more major developments and announcements and I am looking forward to bringing you more news over the course of the year." DEVELOPMENTS --We have agreed to sell Corbina Telecom, our Russian telecom business, for $146 million in cash. We are moving towards a prompt closing of the transaction, from which we should realize a substantial net profit, on a business that we acquired in November November: see month. 2000. --In the first quarter of fiscal 2006, we repurchased 2.1 million shares of IDT stock for $26.6 million. We have Board authorization The right or permission to use a system resource; the process of granting access. See access control. to acquire another 16.7 million shares. --We are progressing apace with the IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. of IDT Spectrum. The company's latest filing with the SEC may be found on their website at http://www.sec.gov/. --On November 10, we formally launched a tender offer for the Net2Phone shares that we do not already own. --In the first quarter of fiscal 2006, our retail energy business, part of IDT Capital, generated approximately $22 million in revenues, compared to $9.4 million in the fourth quarter of fiscal 2005. We expect significant growth in this business during fiscal 2006.
RESULTS OF OPERATIONS
IDT Telecom Line of Business Detail(1)
Gross Profit
Revenues Margin
$ millions Q1 '06 Q4 '05 Q1 '05 Q1 '06 Q4 '05 Q1 '05
------ ------ ------ ------ ------ ------
Calling Cards $315.2 $327.5 $326.3 24.0% 23.6% 22.7%
Consumer Phone Services 68.0 74.8 84.8 46.7% 46.5% 51.8%
----- ----- -----
Total Retail 383.2 402.4 $411.0 28.0% 27.9% 28.7%
Wholesale 137.3 143.8 129.2 9.0% 9.2% 10.2%
----- ----- ----- ----- ----- -----
Total Telecom $520.5 $546.2 $540.2 23.0% 22.9% 24.2%
Retail Telecom --Calling card revenues decreased 3.4% versus the first quarter of fiscal 2005 and fell 3.8% versus the fourth quarter of fiscal 2005. The decrease was mostly the result of softer sales volume in our U.S. calling card business, as we focused our efforts on gross profits generation and improved our revenue-per-minute pricing at the expense of market share. As a result, our calling cards gross margins have increased 130 basis points, to 24.0%, as compared to Q1 of fiscal 2005. --Calling card revenues in the U.S. increased in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). and in the Northwest and Midwest Midwest or Middle West, region of the United States centered on the western Great Lakes and the upper-middle Mississippi valley. It is a somewhat imprecise term that has been applied to the northern section of the land between the Appalachians regions during the first quarter of fiscal 2006 versus the fourth quarter of fiscal 2005, while declining in other regions. --In October, 7-Eleven began carrying co-branded IDT/7-Eleven calling cards in its 5,300 stores. --Consumer phone services revenues in the first quarter of fiscal 2006 were 19.7% lower than those recorded in the year-ago period and down 9.1% from the fourth quarter of fiscal 2005. --The customer base for bundled unlimited local and long distance calling within the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. was approximately 202,000 as of October 31, 2005, compared to 220,000 customers as of July July: see month. 31, 2005 and 302,000 customers as of October 31, 2004. The declines in revenues and subscribers is a direct result of our decision to stop marketing our bundled service early in FY2005 in response to the FCC's ruling that incumbent carriers See ILEC. are no longer required to lease elements of their local networks to competing carriers, such as IDT. In August, our replacement agreement with Verizon Communications
Verizon Communications, Inc. became effective, and we have since resumed our marketing efforts, which didn't did·n't Contraction of did not. didn't did not didn't do ramp up Ramp Up To increase a company's operations in anticipation of increased demand. Notes: A company might 'ramp up' operations if they just signed a contract creating substantially more demand for their product. See also: Demand, Economies of Scale until the first quarter was well underway. --In the United Kingdom, under the Toucan toucan (t  kăn`, t`kän), perching bird of the New World tropics, related to the woodpeckers. brand name, we provide
residential bundled phone services as well as Internet InternetPublicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the and mobile telecommunications services In telecommunication, the term telecommunications service has the following meanings: 1. Any service provided by a telecommunication provider. 2. . We launched the Toucan service in November 2003 and now provide services to more than 150,000 customers. --We launched our Toucan phone services in the Netherlands Netherlands (nĕth`ərləndz), Du. Nederland or Koninkrijk der Nederlanden, officially Kingdom of the Netherlands, constitutional monarchy (2005 est. pop. 16,407,000), 15,963 sq mi (41,344 sq km), NW Europe. during the first quarter of fiscal 2006, and expect to launch Internet access See how to access the Internet. services in that market during the second half of Fiscal 2006. --Operating profit for our Retail Telecom business, while essentially flat on a sequential One after the other in some consecutive order such as by name or number. basis, declined $8.2 million, as compared to the year-ago period. Most of this decline in profitability is due to incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. SG&A spending during the first quarter of fiscal 2006, to prepare for the launch of Telecom's new product offerings, such as TuYo Mobile prepaid pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. wireless and our English 1. English - (Obsolete) The source code for a program, which may be in any language, as opposed to the linkable or executable binary produced from it by a compiler. The idea behind the term is that to a real hacker, a program written in his favourite programming language is as a
Second Language product, both of which were introduced to the
marketplace last month.Wholesale Telecom --Wholesale Telecom revenues increased 6.3% to $137.3 million from the year-ago's $129.2 million, and decreased 4.5% from the revenues recorded during the fourth quarter of fiscal 2005. --The year-over-year revenue increase was driven by a 28.6% increase in minute volume, which was partially offset by a 17.3% decline in per-minute pricing. IDT Entertainment --IDT Entertainment generated revenues of $48.1 million in the first quarter of fiscal 2006, compared to $39.8 million of revenues recorded in the fourth quarter of fiscal 2005 and $60.4 million of revenues generated in the first quarter of fiscal 2005. --The revenue decrease versus the year-ago period is solely due to a de-emphasis of our third-party production services business in favor of upon the side of; favorable to; for the advantage of. See also: favor directing more resources into the development and production of our proprietary properties. --Income from operations was $0.7 million in the first quarter of fiscal 2006, compared to a $2.2 million loss from operations in the fourth quarter of fiscal 2005 and income from operations of $4.6 million in the year-ago period. The decrease in income from operations versus the prior year is due to significantly higher marketing expenditures, particularly in our home video distribution business, which released 69 new titles into the marketplace during Q1, a 47% increase over the first quarter of last year. --On December December: see month. 2nd, IDT Entertainment closed a Credit Agreement with a bank group led by J.P. Morgan Morgan, American family of financiers and philanthropists. Junius Spencer Morgan, 1813–90, b. West Springfield, Mass., prospered at investment banking. Chase Bank. The Agreement provides for a $125 million secured revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility to fund production and marketing costs of IDT Entertainment's first six CG (computer-generated computer-generated computer adj → de synthèse ) animated feature films. The loans under the facility will be secured by the slate of feature films to be produced by IDT Entertainment, and will be non-recourse to IDT Corporation's parent company. --IDT Entertainment has secured distribution agreements in over twenty-five foreign territories for its feature length CG animated movie Yankee Yankee, term used by Americans generally in reference to a native of New England and by non-Americans, especially the British, in reference to an American of any section. Irving Irving, city (1990 pop. 155,037), Dallas co., N Tex., a suburb of Dallas; inc. as a city 1952. Building supplies, chemicals, electronic equipment, and airplane parts are manufactured in Irving. , to be distributed in the United States by Fox Entertainment. Yankee Irving is slated for a summer 2006 release. --The acquisition of Australian Australian pertaining to or originating in Australia. Australian bat lyssavirus disease see Australian bat lyssavirus disease. Australian cattle dog a medium-sized, compact working dog used for control of cattle. independent home entertainment distributor Imagine Entertainment closed November 30 and gave the company a home entertainment distribution vehicle in Australia Australia (ôstrāl`yə), smallest continent, between the Indian and Pacific oceans. With the island state of Tasmania to the south, the continent makes up the Commonwealth of Australia, a federal parliamentary state (2005 est. pop. and New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. . IDT Entertainment now has home entertainment distribution covering all major markets of the English-speaking adj. 1. able to communicate in English. Adj. 1. English-speaking - able to communicate in English communicatory, communicative - able or tending to communicate; "was a communicative person and quickly told all she knew"- W.M. world. --The Happy Elf elf, in Germanic mythology, a type of fairy. Usually represented as tiny people, elves are said to dwell in forests, in the sea, and in the air. Although they can be friendly to man, they are more frequently vengeful and mischievous. by Harry Connick Harry Connick is the name of:
Bound collection of comic strips, usually in chronological sequence, typically telling a single story or a series of different stories. The first true comic books were marketed in 1933 as giveaway advertising premiums. character Hellboy.
IDT CONFERENCE CALL INFORMATION
Conference call today, December 8, 2005, at 5:15 PM Eastern Time.
-- From the U.S., 1-866-594-2183. No pass code required.
-- International callers, 1-973-935-8583
-- Replay available for one week at
-- 1-877-519-4471, passcode #6788361 for domestic callers,
-- or 1-973-341-3080, passcode #6788361 for international
callers.
-- Webcast of the conference call at www.idt.net. A direct link to
the call on the website. An archived copy of the call will be
available at the IDT Website in the Investor Relations section's
Presentations for at least six months after the call.
-- Financial and statistical information available on IDT's website
at www.idt.net in the "About IDT" Press Releases, and "About IDT"
Investor Relations Presentations and Financial sections.
ABOUT IDT CORPORATION IDT Corporation is a multinational telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , entertainment and technology company. IDT conducts its business primarily through the following operating divisions: IDT Telecom, our largest division, offers retail and wholesale telecommunications services including calling cards, consumer local, long distance, and wireless services; IDT Entertainment operates our animation animation Process of giving the illusion of movement to drawings, models, or inanimate objects. From the mid-1850s, such optical devices as the zoetrope produced the illusion of animation. Stop-action photography enabled the production of cartoon films. and entertainment distribution businesses; IDT Capital develops and operates new business ventures; and Voice over IP consists primarily of IDT's interest in Net2Phone, a provider of VoIP PacketCable PacketCable is a project started by CableLabs. The purpose of the organization is to define standards for the Cable TV industry. CableLabs leads this initiative for interoperable interface specifications in order to deliver real-time multimedia services over two-way cable , SIP (1) (Session Initiation Protocol) An IP telephony signaling protocol developed by the IETF. Primarily used for voice over IP (VoIP) calls, SIP can also be used for video or any media type; for example, SIP has been used to set up multi-player Quake games. and wireless solutions around the world. Net2Phone is a separate publicly held corporation whose common stock is traded on the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on National Market under the symbol "NTOP NTOP Nt Option Pack ." In this press release, all statements that are not purely about historical facts, including, but not limited to, those with the words "believe," "anticipate," "expect," "plan," "intend," "estimate," "target" and similar expressions, are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. While these forward-looking statements represent IDT's current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. These risks and uncertainties include, but are certainly not limited to: the sensitivity of our telecommunications businesses, to declining prices; our reliance on success in the pre-paid calling card market; our ability to obtain cost effective termination capacity world wide; our reliance on the financial health of other telecommunication telecommunication Communication between parties at a distance from one another. Modern telecommunication systems—capable of transmitting telephone, fax, data, radio, or television signals—can transmit large volumes of information over long distances. companies that are our customers; the impact of changes to U.S. and foreign regulations; increasing competition in the consumer phone service market; our ability to integrate and manage acquisitions; our ability to effectively develop and produce animated films; our ability to protect our proprietary rights; general economic conditions in the global telecommunications market; the general condition of the economy of the United States The United States economy has the world's largest gross domestic product (GDP), $13.21 trillion in 2006. It is a mixed economy where corporations and other private firms make the majority of microeconomic decisions while being regulated by the government. and internationally; and any of the other specific risks and uncertainties discussed in our reports filed with the SEC. All forward-looking statements and risk factors included in this document are made as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" , based on information available to the Company as of the date thereof, and the Company assumes no obligation to update any forward-looking statements or risk factors. Footnotes (1) Columns in tables may not add due to rounding.
IDT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
October 31,
---------------------
2005 2004
---------- ----------
(In thousands, except
per share data)
Revenues $623,099 $629,719
Costs and expenses:
Direct cost of revenues (exclusive of
depreciation and amortization) 467,757 469,937
Selling, general and administrative
(includes $7,086 in 2005 and $4,833 in
2004 of stock-based compensation) 154,404 144,684
Depreciation and amortization 27,967 24,379
Restructuring and impairment charges 814 2,635
---------- ----------
Total costs and expenses 650,942 641,635
---------- ----------
Loss from operations (27,843) (11,916)
Interest income, net 3,081 5,488
Investment and other income, net 1,096 1,344
---------- ----------
Loss before minority interests and income taxes (23,666) (5,084)
Minority interests (1,396) (2,683)
Provision for income taxes (2,862) (3,966)
---------- ----------
Net loss $(27,924) $(11,733)
========== ==========
Earnings per share:
Net loss:
Basic $ (0.28) $ (0.12)
Diluted $ (0.28) $ (0.12)
Weighted-average number of shares used in
calculation of earnings per share:
Basic 98,161 95,208
========== ==========
Diluted 98,161 95,208
========== ==========
IDT CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
October 31, July 31,
2005 2005
----------- -----------
(in thousands, except
share data)
Assets
Current assets:
Cash and cash equivalents $ 169,868 $ 171,959
Marketable securities 693,543 780,263
Trade accounts receivable, net 223,103 194,707
Other current assets 137,970 135,799
----------- -----------
Total current assets 1,224,484 1,282,728
Property, plant and equipment, net 363,798 370,157
Goodwill 111,188 110,966
Licenses and other intangibles, net 31,070 32,591
Investments 54,050 50,941
Other assets 164,284 130,207
----------- -----------
Total assets $1,948,874 $1,977,590
=========== ===========
Liabilities and stockholders' equity
Current liabilities:
Trade accounts payable $ 98,862 $ 115,999
Accrued expenses 255,445 231,416
Deferred revenue 145,034 144,248
Capital lease obligations--current portion 33,585 32,728
Other current liabilities 46,587 44,817
----------- -----------
Total current liabilities 579,513 569,208
Deferred tax liabilities, net 108,232 108,237
Capital lease obligations--long-term portion 37,824 42,370
Notes payable--long-term portion 146,137 121,470
Other liabilities 8,948 8,217
----------- -----------
Total liabilities 880,654 849,502
Minority interests 81,961 89,891
Commitments and contingencies
Stockholders' equity:
Preferred stock, $.01 par value; authorized
shares--10,000,000; no shares issued -- --
Common stock, $.01 par value; authorized
shares--100,000,000; 25,074,860 shares
issued at October 31, 2005 and July 31,
2005; 16,642,573 and 18,014,723 shares
outstanding at October 31, 2005 and July
31, 2005, respectively 251 251
Class A common stock, $.01 par value;
authorized shares--35,000,000; 9,816,988
shares issued and outstanding at October
31, 2005 and July 31, 2005 98 98
Class B common stock, $.01 par value;
authorized shares--100,000,000; 75,935,289
and 75,917,516 shares issued at
October 31, 2005 and July 31, 2005,
respectively; 72,808,776 and 73,550,857
shares outstanding at October 31, 2005 and
July 31, 2005, respectively 759 759
Additional paid-in capital 895,125 907,223
Treasury stock, at cost, consisting of
8,432,287 and 7,060,137 shares of common
stock and 3,126,513 and 2,366,659 shares
of Class B common stock at: October 31,
2005 and July 31, 2005, respectively (174,331) (147,690)
Deferred compensation -- (19,043)
Accumulated other comprehensive loss (6,214) (1,896)
Retained earnings 270,571 298,495
----------- -----------
Total stockholders' equity 986,259 1,038,197
----------- -----------
Total liabilities and stockholders'
equity $1,948,874 $1,977,590
=========== ===========
IDT CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended
October 31,
2005 2004
---------- ----------
(In thousands)
Net cash used in operating activities $ (47,803) $ (5,956)
Investing activities
Capital expenditures (20,699) (23,194)
Issuance of notes receivable, net (1,933) (3,499)
Investments and acquisitions, net of cash
acquired (3,784) (27,834)
Proceeds from sales and maturities of
marketable securities, net 83,278 72,047
---------- ----------
Net cash provided by investing activities 56,862 17,520
Financing activities
Proceeds from exercise of stock options 199 156
Proceeds from sale lease back transactions
on capital leases -- 778
Proceeds from borrowings 27,447 --
Repayments of capital lease obligations (3,689) (6,470)
Repayments of borrowings (633) --
Repurchases of common stock and Class B
common stock (26,657) --
Cash and marketable securities restricted
against letters of credit -- 2,568
Distributions to minority shareholders of
subsidiaries (7,797) (9,175)
---------- ----------
Net cash used in financing activities (11,130) (12,143)
Effect of exchange rate changes on cash and
cash equivalents (20) 2,835
---------- ----------
Net (decrease) increase in cash and cash
equivalents (2,091) 2,256
Cash and cash equivalents, beginning of period 171,959 142,177
---------- ----------
Cash and cash equivalents, end of period $ 169,868 $ 144,433
========== ==========
Supplemental schedule of non-cash investing
and financing activities
Purchases of property, plant and equipment
through capital lease obligations $ -- $ 1,499
========== ==========
IDT CORPORATION
SELECTED CONSOLIDATED FINANCIAL DATA
THREE MONTHS ENDED OCTOBER 31, 2005
(Segment data is shown net of effect of inter-segment transactions)
Total IDT Retail Wholesale IDT Voice
(In thousands) Corporation Telecom Telecom Entertainment Over IP
----------- -----------------------------------------
STATEMENT OF
OPERATIONS DATA
Revenues 623,099 $383,181 $137,359 $ 48,142 $ 21,585
Costs and expenses:
Direct cost of
revenues
(exclusive of
depreciation
and
amortization) 467,757 275,949 124,966 29,057 12,196
Selling,
general and
administrative
(includes
stock-based
compensation
of $7.1
million) 154,403 79,372 13,275 15,796 15,663
Depreciation
and
amortization 27,967 15,515 5,313 2,581 2,360
Restructuring
and impairment
charges 814 - - - (556)
----------- -----------------------------------------
Total costs and
expenses 650,942 370,836 143,553 47,435 29,664
----------- -----------------------------------------
Income (loss)
from operations (27,843) $ 12,346 $ (6,195) $ 707 $ (8,079)
-----------------------------------------
Interest income,
net 3,081
Investment and
other income,
net 1,096
-----------
Loss before
minority
interests and
income taxes (23,666)
Minority
interests (1,396)
Provision for
income taxes (2,862)
-----------
Net loss (27,924)
===========
Total IDT IDT IDT
(In thousands) Corporation Capital Solutions Corporate
------------ ----------------------------------
STATEMENT OF
OPERATIONS DATA
Revenues 623,099 $ 31,437 $ 1,395 $ -
Costs and expenses:
Direct cost of
revenues (exclusive
of depreciation and
amortization) 467,757 23,324 2,264 -
Selling, general
and administrative
(includes
stock-based
compensation of
$7.1 million) 154,403 10,069 4,002 16,226
Depreciation and
amortization 27,967 1,654 6 539
Restructuring and
impairment charges 814 - 1,370 -
------------- ----------------------------------
Total costs and
expenses 650,942 35,047 7,643 16,764
------------- ----------------------------------
Income (loss) from
operations (27,843) $ (3,610) $ (6,247) $(16,764)
----------------------------------
Interest income, net 3,081
Investment and other
income, net 1,096
-------------
Loss before minority
interests and income
taxes (23,666)
Minority interests (1,396)
Provision for income
taxes (2,862)
-------------
Net loss (27,924)
=============
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