IDT Reports Results for Fourth Quarter and Fiscal 2005.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) today reported fiscal 2005 revenues of $2.469 billion, up 11.3% from fiscal 2004's $2.217 billion. Revenues for the fourth quarter, the three months ended July July: see month. 31, 2005, were $623.3 million, a. 2.0% increase versus revenues of $611.2 million in the fourth quarter of fiscal 2004 and a 2.7% increase from the prior quarter's $606.7 million. The net loss for fiscal year 2005 was $43.8 million or ($0.45) per share, compared with a net loss in fiscal year 2004 of $58.9 million or ($0.67) per share. The net loss for the fourth quarter of fiscal 2005 was nil, or $0.00 per share, compared to a net loss of $23.3 million, or ($0.25) per share, in the fourth quarter of fiscal 2004, and a net loss of $14.3 million, or ($0.15) per share, in the third quarter of fiscal 2005. In the fourth quarter of fiscal 2005, IDT received $44.0 million in settlement of a lawsuit lawsuit: see procedure; tort. against Telefonica S.A., Terra Networks Terra Networks, S. A., usually referred to as "Terra", is an Internet multinational company with headquarters in Spain. Part of Telefónica Group (the former Spain's public telephone monopoly and now one of the most important telecommunications companies in the world), Terra , S.A., and Terra Networks, U.S.A., Inc. In preparing our fourth quarter and year end fiscal 2005 financial statements, and as part of the Sarbanes Oxley Oxley refers to several things: People
tr.v. o·ver·stat·ed, o·ver·stat·ing, o·ver·states To state in exaggerated terms. See Synonyms at exaggerate. o of our accrual accrual, n continually recurring short-term liabilities. Examples are accrued wages, taxes, and interest. for income taxes related to the first quarter of fiscal 2004. Accordingly, we restated our financial statements for the first quarter and fiscal year 2004 and recorded a $36.8 million decrease in our deferred tax liability on our balance sheet with a corresponding increase in benefit from income taxes. As a result reported net loss for the year ended July 31, 2004 decreased from $95.7 million to $58.9 million, and reported net loss per share decreased from ($1.09) per share to ($0.67) per share. As of July 31, 2005, cash and cash equivalents, 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 , and restricted cash and marketable securities stood at $952.4 million, including $98.0 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):
Revenues
$ Millions FY 2005 FY 2004 Q4 '05 Q3 '05 Q4 '04
------- ------- ------ ------ ------
IDT Retail Telecom $1,616.6 $1,413.4 $402.4 $391.5 $411.7
IDT Wholesale Telecom 541.7 524.5 143.8 139.4 128.9
----- ----- ----- ----- -----
IDT Telecom Total 2,158.3 1,937.9 546.2 531.0 540.6
IDT Entertainment 187.2 106.7 39.8 46.0 30.7
Voice over IP 73.6 78.0 20.3 17.1 19.7
IDT Capital 39.7 22.7 14.8 11.1 6.6
IDT Solutions 9.6 71.6 2.2 1.6 13.7
Corporate 0.0 0.0 0.0 0.0 0.0
--- --- --- --- ---
Total IDT $2,468.5 $2,216.9 $623.3 $606.7 $611.2
Income (Loss) from Operations
$ Millions FY 2005 FY 2004 Q4 '05 Q3 '05 Q4 '04
------- ------- ------ ------ ------
IDT Retail Telecom $67.9 $96.0 $12.9 $16.7 $21.6
IDT Wholesale Telecom (18.5) (17.6) (4.5) (4.6) (5.0)
------ ------ ----- ----- -----
IDT Telecom Total 49.4 78.4 8.4 12.1 16.7
IDT Entertainment 7.5 (0.6) (2.2) 3.1 (1.2)
Voice over IP (53.5) (21.9) (25.4) (11.5) (6.5)
IDT Capital (14.2) (21.2) (4.5) (3.3) (5.8)
IDT Solutions (38.4) (112.5) (5.4) (8.8) (21.6)
Corporate (66.7) (44.2) (26.5) (15.4) (10.5)
------ ------ ------ ------ ------
Total IDT ($115.8)($121.9)($55.6)($23.8)($29.0)
"Fiscal 2005 was very 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 weathered a difficult and turbulent regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. environment in our telecom division, but we're we're Contraction of we are. we're we are getting back on track with our bundled bun·dle n. 1. A group of objects held together, as by tying or wrapping. 2. Something wrapped or tied up for carrying; a package. 3. Biology A cluster or strand of closely bound muscle or nerve fibers. offering. Our investments in Entertainment and other projects should start to bear fruit this year and next. Ultimately, the sky really is the only limit." MAJOR DEVELOPMENTS On August 29, 2005 our subsidiary, IDT Spectrum, Inc., announced that it filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering of its common stock. WR Hambrecht + Co WR Hambrecht + Co. is a full service investment bank with headquarters in New York and San Francisco. It specializes in using its unique auction process called OpenIPO to compete with the traditional methods of larger and more established banks. ., LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , is acting as the lead manager of the offering. The registration statement relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc these securities has not yet become effective, and these securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. Note that this press release shall not constitute an offer to sell or the solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful Contrary to or unauthorized by law; illegal. When applied to promises, agreements, or contracts, the term denotes that such agreements have no legal effect. The law disapproves of such conduct because it is immoral or contrary to public policy. prior to registration or qualification under the securities laws of any such State. On June June: see month. 28, 2005, we delivered to the Board of Directors of Net2Phone notice of our intention to commence a tender offer for all outstanding shares of common stock of Net2Phone we do not already own, at a price of $1.70 per share, net to the sellers in cash, without interest. We currently, directly and indirectly, own 2.8 million shares of Net2Phone common stock and 28.9 million shares of Net2Phone class A common stock representing approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 41% of Net2Phone's outstanding equity securities and approximately 57% of the total voting power of Net2Phone's outstanding equity securities. On September September: see month. 6, 2005 we announced that we were changing the form of consideration in its proposed offer from $1.70 in cash to $1.70 in value of IDT's Class B Common Stock, based on the average closing price for the Class B Common Stock on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. of $13.25 per share for the week ending September 2, 2005. This is equivalent to a ratio of 0.1283 IDT shares for each share of Net2Phone. Net2Phone's independent committee of the Board of Directors has responded that neither proposed offer is acceptable, and we continue to discuss the terms of the offer with them. RESULTS OF OPERATIONS IDT Telecom For the year, IDT Telecom revenues increased 11.4%, to $2.158 billion, compared to fiscal 2004's revenues of $1.938 billion, while full year operating profits Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. decreased by 37.0%, to $49.4 million, from $78.4 million in fiscal 2004. The fourth quarter was the sixteenth consecutive quarter during which IDT Telecom produced revenue growth from the year-ago figure. Revenues for the fourth quarter of fiscal 2005 increased 1.0% year-over-year and 2.9% sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen . Gross profits were $515.9 million in fiscal year 2005 and $125.3 million in the fourth quarter of fiscal 2005, representing an increase of 15.7% for the year, and a decrease of 1.0% for the fourth quarter versus the year-ago quarter and a decrease of 0.1% versus the third quarter of fiscal 2005. Selling, general and administrative (SG&A) expenses for IDT Telecom were $372.2 million in the fiscal year, and $91.8 million in the fourth quarter, versus $293.9 million in fiscal year 2004, $89.1 million in the fourth quarter of fiscal year 2004 and $87.0 million in the third quarter of fiscal year 2005. Gross margin for fiscal year 2005 was 23.9%, an increase of 90 basis points from the 23.0% of fiscal year 2004. The increase in gross margin was due to both a slight shift in our revenue mix towards retail services and a 120 basis point increase in retail gross margin, which more than offset a 130 basis point decline in wholesale gross margin because retail revenues accounted for about 75% of the total IDT Telecom revenues. The retail gross margin improvement was due to a shift in mix and a gain in calling card margin, both of which are described more completely below. The wholesale gross margin decline was caused by a decision to temporarily pursue market share at the expense of gross margin, particularly during the fourth quarter. Gross margin for the fourth quarter was 22.9%, a decrease of 50 basis points from the year-ago period, and 70 basis points lower than that recorded in Q3 of fiscal 2005. In comparison with the year-ago period, our quarterly revenue mix shifted slightly towards wholesale, where we realize a lower gross margin, and the wholesale gross margin declined 170 basis points. In comparison to the third quarter, the revenue mix was stable but the gross margin declined in both wholesale and retail. IDT Telecom income from operations was $49.4 million in the fiscal year and $8.4 million in the fourth quarter, representing $29.0 million and $3.7 million declines, respectively, when compared to the prior year period. The decrease in operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before is due mostly to higher SG&A expenses in our retail businesses which are discussed below, as well as an increase in depreciation charges, reflecting the ongoing expansion of our worldwide telecommunications network A telecommunications network is a of telecommunications links and nodes arranged so that messages may be passed from one part of the network to another over multiple links and through various nodes. . These increases more than offset the increase in gross margin for the full year. IDT Telecom minutes of use for the fourth quarter of fiscal 2005 increased 4.3% year-over-year to 6.102 billion minutes from 5.849 billion minutes, and increased 4.9% from fiscal third quarter 2005's 5.817 billion minutes. For fiscal 2005, minutes of use increased 15.2% to 23.565 billion minutes from 20.456 billion minutes. Retail minutes of use increased for fiscal 2005 by 10.8%, to 17.312 billion, while wholesale minutes of use advanced 29.5%, to 6.253 billion.
IDT Telecom Line of Business Detail(1)
Revenues
--------
$ Millions FY 2005 FY 2004 Q4 '05 Q3 '05 Q4 '04
------- ------- ------ ------ ------
Calling Card $1,283.2 $1,188.6 $327.5 $308.4 $333.2
Consumer Phone Services 333.5 224.9 74.8 83.1 78.5
----- ----- ---- ---- ----
Total Retail 1,616.6 1,413.40 402.4 391.5 411.7
Wholesale 541.7 524.5 143.8 139.4 128.9
----- ----- ----- ----- -----
Total Telecom $2,158.3 $1,937.9 $546.2 $531.0 $540.6
Gross Margin
------------
$ Millions FY 2005 FY 2004 Q4 '05 Q3 '05 Q4 '04
------- ------- ------ ------ ------
Calling Card 23.5% 23.1% 23.6% 23.6% 22.4%
Consumer Phone Services 49.0% 50.8% 46.5% 47.8% 49.3%
----- ----- ----- ----- -----
Total Retail 28.7% 27.5% 27.9% 28.7% 27.6%
Wholesale 9.5% 10.9% 9.2% 9.4% 10.3%
---- ----- ---- ---- -----
Total Telecom 23.9% 23.0% 22.9% 23.6% 23.4%
Retail Telecom For fiscal year 2005 Retail Telecom revenues increased 14.4%. For the fourth quarter revenues declined 2.3% year-over-year to $402.4 million, and increased 2.8% from the third quarter of fiscal 2005. Retail Telecom income from operations declined 29.2% in fiscal year 2005, to $67.9 million. Income from operations for the fourth quarter was $12.9 million, a 40.1% decline year-over-year and a 22.7% decrease from the third quarter. --Calling card revenues increased 8.0% versus fiscal year 2004. In the fourth quarter of fiscal 2005 calling card revenues declined 1.7% versus the year-ago period and increased 6.2% versus the third quarter of fiscal 2005. Both the growth versus the year-ago figure and sequential One after the other in some consecutive order such as by name or number. quarter-over-quarter figure as well as the fourth quarter year-over-year decline were broadly based geographically ge·o·graph·ic also ge·o·graph·i·cal adj. 1. Of or relating to geography. 2. Concerning the topography of a specific region. ge , with the exception of our calling card operations in Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. and Asia. These businesses continued to make steady market share progress. Gross profits for calling cards increased 9.6% for the fiscal year, and those of the fourth quarter increased 3.5% year-over-year and 6.4% versus those of the third quarter of fiscal year 2005, as gross margin on calling cards improved by 40 basis points for the fiscal year. For the fourth quarter gross margin improved 120 basis points versus the year-ago period and was unchanged versus the third quarter. --Consumer phone services revenues increased 48.3% versus fiscal year 2004. However, in the fourth quarter of fiscal 2005 consumer phone service revenues were 4.7% lower than those recorded in the year-ago period and 10.0% below those of the third quarter of fiscal 2005. The customer base for America America [for Amerigo Vespucci], the lands of the Western Hemisphere—North America, Central (or Middle) America, and South America. The world map published in 1507 by Martin Waldseemüller is the first known cartographic use of the name. Unlimited, the IDT calling plan which features 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. for a fixed monthly rate, was approximately 220,000 as of July 31, 2005. In addition, we had approximately 325,000 long distance-only customers at July 31, 2005. The 10.9% decrease in our combined customer base since April 30, 2005 occurred because we delayed the resumption RESUMPTION. To reassume; to promise again; as, the resumption of payment of specie by the banks is general. It also signifies to take things back; as the government has resumed the possession of all the lands which have not been paid for according to the requisitions of the law, and the of advertising for our America Unlimited plan until we signed a long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. services agreement for local phone service with Verizon Communications
Verizon Communications, Inc. , Inc., which became effective August 1.
In the United Kingdom, we continue to build the customer base
for our Toucan consumer phone service. As of July 31, 2005, we
had approximately 147,000 active customers, up from
approximately 138,000 active customers on April 30, 2005. The
expansion of the Toucan brand, which has already gained
significant recognition in the U.K. market, involves both a
broadening of the suite of service offerings, as well as
expansion into other markets. During the second quarter of
fiscal 2005, we added Internet access to our offering and
during the fourth quarter of fiscal 2005 we launched
ToucanMobile, our mobile phone service. Our Internet access
service offerings include both dial-up and broadband access
services, marketed under the ToucanSurf brand, which had 9,000
customers as of July 31, 2005. ToucanMobile offers users in
the U.K. a simple post-paid pricing structure with a number of
price plans. We plan to expand Toucan to other European
markets and anticipate the launch of the service in the
Netherlands during the first half of Fiscal 2006.
--Earlier this month, we announced the launch of TuYo Mobile, a new prepaid pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. wireless service. TuYo Mobile is designed especially for the
mobile communications needs of the Hispanic Hispanic Multiculture A person of Mexican, Puerto Rican, Cuban, Central or South American, or other Spanish culture or origin, regardless of race Social medicine Any of 17 major Latino subcultures, concentrated in California, Texas, Chicago, Miam, NY, and elsewhere population in the United
States. In offering TuYo Mobile, we will be acting as a reseller An organization that sells hardware and software to the general public. Resellers purchase products from software publishers and hardware manufacturers. , under
our own brand name, of a major GSM (Global System for Mobile Communications) A digital cellular phone technology based on TDMA that is the predominant system in Europe, but also used worldwide. Developed in the 1980s, GSM was first deployed in seven European countries in 1992. wireless carrier and offer equipment
and services competitive with the leading wireless companies. TuYo
Mobile will leverage IDT's expertise, experience and infrastructure
in the prepaid telecom market that includes an unmatched distribution
channel in the urban market, an international long distance network, an
innovative prepaid platform and leading calling card brands. We expect
to begin the roll out of TuYo Mobile in selected markets by the end of
calendar year 2005.
Retail Telecom gross margin for fiscal year 2005 improved 120 basis points from fiscal year 2004 due to the increased relative proportion of consumer phone services, with its higher gross margin, in our mix and to a 34 basis point increase in the gross margin realized in our calling card services The software support for PC Cards. PC Card applications talk to Card Services. See PC Card. . These factors outweighed a 180 basis point decline in consumer phone service overall margin. The overall decrease in consumer phone services margin is primarily due to the suspension suspension, in vehicles suspension, in automobiles, system of springs used to suspend the frame, body, engine, and power train above the wheels. Its principal purpose is to lessen the jarring of the automobile that is caused by irregularities in the roads of marketing of America Unlimited, which has higher gross margin than our internationally-based consumer phone services offerings, during a portion of the period. In the fourth quarter of fiscal 2005 retail telecom gross margin increased 30 basis points from their year-ago level and decreased 80 basis points from the third quarter of fiscal year 2005. The improvement was due to an improvement in calling card gross margin as described above; the decline was due to the increased proportion of internally-based business, with its lower gross margins, in the overall mix. Retail Telecom SG&A expenses for fiscal year 2005 increased $83.7 million to $325.6 million and for the fourth quarter of fiscal year 2005 increased $2.7 million year-over-year and $5.0 million compared with the third quarter of fiscal year 2005. The increases were driven primarily by increased advertising expenditures related to our consumer phone services businesses in the United States (during the first half of the fiscal year) and the United Kingdom (throughout the fiscal year), expenditures incurred in the development of new businesses, and increased headcount head count or head·count n. 1. The act of counting people in a particular group. 2. The number of people counted in this way. Noun 1. , resulting primarily from ongoing geographic geographic /geo·graph·ic/ (je?o-graf´ik) in pathology, of or referring to a pattern that is well demarcated, resembling outlines on a map. geographic pertaining to geography. expansion. Wholesale Telecom For fiscal year 2005 Wholesale Telecom revenues increased 3.3% to $541.7 million. For the fourth quarter they increased 11.5% year-over-year to $143.8 million, and 3.1% from the third quarter of fiscal 2005. Wholesale Telecom's loss from operations increased 5.3% in fiscal year 2005, to $18.5 million. However, its loss from operations for the fourth quarter was $4.5 million, a 9.1% decline year-over-year and a 2.3% decline from the third quarter. Wholesale Telecom gross margin was 9.5% for the year and 9.2% in the fourth quarter, down from 9.4% in the third quarter, and 10.3% in last year's fourth quarter. The reduction in margin was the result of a decline in per-minute price realizations, arising from a strategic decision undertaken during the year to temporarily sacrifice sacrifice [Lat. sacrificare=to make holy], a type of religious offering, or gift to a superior or supreme being, in which the offering is consecrated through its destruction. margin in order to drive volumes and market share. IDT Entertainment IDT Entertainment generated revenues of $187.2 million in fiscal 2005, up 75.5% from the $106.7 million of revenues generated in fiscal year 2004. Most of the revenue increase is due to the inclusion of revenue from a series of acquisitions that took place during the prior fiscal year. In the fourth quarter of fiscal year 2005 IDT Entertainment recorded revenues of $39.8 million, compared to $30.7 million of revenues recorded in the fourth quarter of fiscal 2004 and $46.0 million of revenues generated in the third quarter of fiscal 2005. The revenue increase versus the year-ago period occurred primarily at our video distribution business, and the decline compared with the third quarter is due to seasonal factors, also primarily in our video distribution business. IDT Entertainment's income from operations was $7.5 million in fiscal year 2005, versus a loss from operations of $0.6 million in fiscal year 2004. In the fourth quarter of fiscal year 2005 IDT Entertainment lost $2.2 million from operations, versus a loss from operations of $1.2 million in the year-ago period and income from operations of $3.1 million in the previous quarter. The fiscal 2005 increase in income from operations versus the prior year is due to the inclusion of all our acquisitions for a full year. The fourth quarter loss from operations is due to the fact that both our video distribution and production services businesses experience seasonal fluctuations and the fourth quarter is typically the weakest for each business. In addition, our video distribution business experienced unusually high returns during the quarter. Major achievements for IDT Entertainment during fiscal year 2005 include the following: --The company augmented its management team with several industry veterans, naming Janet Janet: see Clouet, Jean. JANET - Joint Academic NETwork Healy Healy may refer to: Persons with the surname Healy:
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. , Neil Braun Braun , Eva 1912-1945. German lover and later wife of Adolf Hitler. They began living together in 1936, but the liaison was kept secret, and she was never seen in public with him. They were married hours before their double suicide on April 30, 1945. President of Feature Films & Television, and Jerry Jer·ry n. pl. Jer·ries Chiefly British Slang A German, especially a German soldier. [Alteration of German. Davis Chief Creative Officer. Ms. Healy's credits include SharkTale, Dinosaur dinosaur (dī`nəsôr) [Gr., = terrible lizard], extinct land reptile of the Mesozoic era. The dinosaurs, which were egg-laying animals, ranged in length from 2 1-2 ft (91 cm) to about 127 ft (39 m). , Tarzan Tarzan jungle man leads adventurous life. [Am. Lit.: Tarzan of the Apes] See : Adventurousness Tarzan muscular English lord, reared by African apes, hero of novels and films. [Am. Lit.: Tarzan of the Apes (1914); Am. , Mulan, Jurassic Park, Terminator (1) A character that ends a string of alphanumeric characters. (2) A hardware component that is connected to the last peripheral device in a series or the last node in a network. 2 and Casper Casper, city (1990 pop. 46,742), alt. 5,123 ft (1,561 m), seat of Natrona co., E central Wyo., on the North Platte River; inc. 1889. It is a rail, distribution, processing, and trade center in a farming, ranching, and mineral-rich area. . Mr. Davis' include Robots, Ice Age, and Iron Giant. Prior to joining the company, Mr. Braun has served in several senior management positions in the entertainment industry, including President of the NBC NBC in full National Broadcasting Co. Major U.S. commercial broadcasting company. It was formed in 1926 by RCA Corp., General Electric Co. (GE), and Westinghouse and was the first U.S. company to operate a broadcast network. Television Network and CEO of Viacom
--The company signed a two-year, multi-picture distribution deal with Twentieth Century Fox, under which Twentieth Century Fox will release CG animated feature films produced by IDT Entertainment. --IDT Entertainment obtained a $50 million, five-year, 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 (which may be increased up to $75 million) from a bank syndicate Syndicate organized crime unit throughout major cities of the United States. [Am. Hist.: NCE, 2018] See : Gangsterism 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. The borrowings will be used to provide funding for the production of live action and animated features for television broadcast and home video distribution and to license home video titles for distribution into major retailers. --The company launched its live-action division, which is focused on the supernatural/thriller/horror genre genre (zhän`rə), in art-history terminology, a type of painting dealing with unidealized scenes and subjects of everyday life. Although practiced in ancient art, as shown by Pompeiian frescoes, and in the Middle Ages, genre was not recognized , and which began licensing the rights to its productions during fiscal Q3. The division's productions include, among others, the Masters of Horror Masters of Horror is an American television series created by director Mick Garris for the Showtime cable network. New episodes premiere every Friday at 10pm EST throughout the season. Series to be aired on the Showtime show·time or show time n. 1. The time at which an entertainment, such as the showing of a movie, is scheduled to start. 2. Slang The time at which an activity is to begin. Noun 1. Network beginning in October October: see month. . --Our home video distribution business reported revenue of $122.8 million. During fiscal 2005 the top selling videos were Third Rock from the Sun, Thomas the Tank Engine This article is about the fictional tank engine. For the television series, see Thomas the Tank Engine and Friends. Thomas the Tank Engine is a fictional anthropomorphic tank locomotive created by the Rev. W. V. and 21 Jump Street. --Historically, our video distribution business has been entirely focused on selling third party licensed properties. Due to significant investments in our proprietary projects beginning in fiscal 2005, we expect that an increasing proportion of revenues from our video distribution business will be derived de·rive v. de·rived, de·riv·ing, de·rives v.tr. 1. To obtain or receive from a source. 2. from these proprietary projects as we build our film library. We expect to begin recognizing revenue from these projects in fiscal 2006. In fiscal 2006, IDT Entertainment expects to bring several proprietary productions to the direct-to-video and broadcast markets, including 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. Christmas Christmas [Christ's Mass], in the Christian calendar, feast of the nativity of Jesus, celebrated in Roman Catholic and Protestant Churches on Dec. 25. In liturgical importance it ranks after Easter, Pentecost, and Epiphany (Jan. 6). Special with Harry Connick Harry Connick is the name of:
British chemist. He won a 1957 Nobel Prize for his study of nucleic acids and nucleotide structures. McFarlane's Spawn, Rob Zombie's The Haunted haunt v. haunt·ed, haunt·ing, haunts v.tr. 1. To inhabit, visit, or appear to in the form of a ghost or other supernatural being. 2. World of El Superbeasto, and Stan Lee For the fictional character of this name, see . Stan Lee (born Stanley Martin Lieber on December 28, 1922[1]) is an American writer, editor, former Chairman of Marvel Comics, and memoirist. Presents' Mosaic, Condor and a project starring Ringo Starr Noun 1. Ringo Starr - rock star and drummer for the Beatles (born in 1940) Richard Starkey, Starkey, Starr Beatles - a rock group from Liverpool who between 1962 and 1970 produced a variety of hit songs and albums (most of them written by Paul McCartney and . The company will also release several live action horror films horror film n → película de terror or miedo horror film horror n → film m d'épouvante horror film horror n including the Masters of Horror series. Voice over IP IDT's Voice over IP business segment consists primarily of our interest in Net2Phone, which is a separate publicly held corporation whose common stock is quoted 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 ." Net2Phone is subject to the reporting requirements of the Securities Exchange Act of 1934. The financial information relating to Net2Phone (which is consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: with our financial results) for the fiscal quarter and year ended July 31, 2005 reported in this press release is based on preliminary financial information provided to us by Net2Phone and is subject to further adjustment. Primarily because of the elimination of intercompany transactions Intercompany transaction Transaction carried out between two units of the same corporation. in our consolidated results, as well as adjustments by IDT to the carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. of goodwill associated with IDT's acquisitions of Net2Phone stock, Net2Phone's independently reported results of operations differ from those reported in our consolidated results. Accordingly, the financial information relating to Net2Phone (and our Voice over IP segment) reported herein will differ from the financial results of Net2Phone as a whole, which will be reported by Net2Phone in its press release and conference call scheduled for October 6, 2005. Set forth below is a brief description of Net2Phone's preliminary results as they are consolidated into IDT's results. Voice over IP's loss from operations for the fiscal year 2005 was $53.5 million on revenues of $73.6 million, compared to a loss of $21.9 million on revenues of $78.0 million in fiscal year 2004. For the fourth quarter of fiscal 2005 we recorded a loss from operations of $25.4 million on revenues of $20.3 million, compared with a loss of $6.5 million on revenues of $19.7 million in the fourth quarter of fiscal 2004 and a loss from operations of $11.5 million on revenues of $17.1 million recorded in the third quarter of fiscal 2005. The loss from operations include an impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charge to goodwill of $15.8 million, recorded by IDT during the fourth quarter of fiscal 2005, to write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. the carrying value of goodwill originally recorded by IDT on its purchases of Net2Phone stock.. This was the largest contributor to the increased loss from Voice over IP operations. Other factors were increased SG&A expenses associated with booking and launching cable telephony See cable telephone. service products and a decline in carrier and direct to consumer revenue. Notable achievements for the year include: --Service agreements signed with cable operators passing 3 million homes. --Commercial launches of Net2Phone's cable telephony product by Coditel, EST EST electroshock therapy. EST abbr. electroshock therapy , Bresnan, Millennium millennium [Lat.,=1,000 years], the period of 1,000 years in which, according to some schools of Christian eschatology, Christ will reign again gloriously on earth. Belief in the millennium, based on Rev. 20, has recurred in Christianity since the earliest times. , Northland north·land also North·land n. A region in the north of a country or an area. north land , Cable & Wireless
Cayman Islands Cayman Islands (kā`mən), British dependency (2005 est. pop. 44,300), 100 sq mi (259 sq km), comprising three islands in the West Indies. and Empresa Telecomunicaciones de Bogota Bo·go·tá The capital and largest city of Colombia, in the central part of the country on a high plain in the eastern Andes. It was a center of Chibcha culture before the Spanish established a settlement in 1538. Population: 6,980,000. . IDT's net loss for fiscal year 2005 and for the fourth quarter of fiscal year 2005 includes only its ownership stake in the loss of Net2Phone during each period. IDT's stake in Net2Phone increased from approximately 14% to about 40.9% on March 8, 2005, when we acquired all of Liberty Media Corporation's direct and indirect interests in Net2Phone in exchange for approximately 3.75 million shares of IDT Class B common stock. IDT's ownership stake in Net2Phone averaged 26.0% during fiscal year 2005 and 40.8% during the fourth quarter of fiscal year 2005. An adjustment to record the share of Net2Phone's net loss attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the other shareholders of Net2Phone has been made in 'minority interests' on IDT's Statement of Operations See Income statement. . IDT CONFERENCE CALL INFORMATION In connection with this release of quarterly results, IDT will be hosting a conference call today, September 27, 2005, for analysts, investors and the general public, at 5:00 PM Eastern Time. To access the call from the U.S., dial 1-866-594-2183. For international callers, the dial-in number is 1-973-935-8583. The conference ID #6522198 will speed your connection to the call. A replay of the teleconference will be available for one week after the conference call at 1-877-519-4471, passcode #6522198 for domestic callers, or 1-973-341-3080, passcode #6522198 for international callers. Alternatively, interested participants may access a webcast of the conference call by visiting the IDT Website, at www.idt.net. A direct link to the call will be placed on the website. Listening to the webcast of the call will require Windows Media Microsoft's audio and video framework for Windows, which embraces playback, encoding and streaming. Windows Media Player is the digital jukebox and media player that comes with every version of Windows. software. Please allow at least 15 minutes to download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. the necessary audio software prior to the call. An archived copy of the call will be available at the IDT Website in the Investor Relations Investor relations The process by which the corporation communicates with its investors. section's Presentations for at least six months after the call. A copy of this press release and additional financial and statistical information presented during the conference call will be 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 multinational Of, relating to, or being a company with subsidiaries or other operations in a number of countries. The diversity of operations of such companies subjects them to unique risks (for example, exchange rate changes or government nationalization) 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 offers retail and wholesale telecommunications services In telecommunication, the term telecommunications service has the following meanings: 1. Any service provided by a telecommunication provider. 2. including calling cards, consumer local, long distance, and wireless services; IDT Entertainment operates our animation and entertainment distribution businesses; IDT Capital develops and operates new business ventures; and Voice over IP consists primarily of Net2Phone, a global 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. Net2Phone is a separate publicly held corporation whose common stock is traded on the NASDAQ National Market under the symbol "NTOP." 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 Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. 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 The point where a line, channel or circuit ends. See SCSI termination and hybrid. capacity worldwide; 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; increases in 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
CONSOLIDATED STATEMENTS OF OPERATIONS
Year ended July 31 (in
thousands, except per share
data) 2005 2004 2003
------------------------------- ----------- ----------- -----------
(Restated)
REVENUES $2,468,522 $2,216,905 $1,834,547
COSTS AND EXPENSES:
Direct cost of revenues
(exclusive of depreciation
and amortization) 1,843,088 1,679,153 1,409,465
Selling, general and
administrative 563,615 492,103 421,829
Depreciation and
amortization 111,894 99,868 89,309
Settlement of litigation -- -- (58,034)
Non-cash compensation (all
of which is attributable to
selling, general and
administrative) 31,549 9,492 32,286
Restructuring and impairment
charges 34,212 58,220 13,312
------------------------------- ----------- ----------- -----------
TOTAL COSTS AND EXPENSES 2,584,358 2,338,836 1,908,167
------------------------------- ----------- ----------- -----------
Loss from operations (115,836) (121,931) (73,620)
Interest income, net 20,307 22,315 26,095
Other income (expense):
Gain on sale of subsidiary
stock -- 9,418 22,422
Arbitration award -- 21,618 --
Equity in loss of affiliates -- -- (4,425)
Investment and other income
(expense), net 66,196 16,767 (15,327)
------------------------------- ----------- ----------- -----------
Loss before minority interests
and income taxes (29,333) (51,813) (44,855)
Minority interests (2,583) (34,317) (43,035)
(Provision for) benefit from
income taxes (11,898) 27,219 70,373
------------------------------- ----------- ----------- -----------
------------------------------- ----------- ----------- -----------
NET LOSS $ (43,814) $ (58,911) $ (17,517)
------------------------------- ----------- ----------- -----------
Earnings per share:
Net loss:
Basic $ (0.45) $ (0.67) $ (0.22)
Diluted $ (0.45) $ (0.67) $ (0.22)
Weighted-average number of
shares used in calculation of
earnings per share:
Basic 97,049 87,920 80,176
Diluted 97,049 87,920 80,176
IDT CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data) Q4 2005 Q4 2004
------------------------------------------------ --------- ---------
REVENUES $623,253 $611,213
COSTS AND EXPENSES:
Direct cost of revenues (exclusive of
depreciation and amortization) 472,089 460,159
Selling, general and administrative 145,086 137,483
Depreciation and amortization 28,999 27,284
Non-cash compensation (all of which is
attributable to selling, general and
administrative) 13,447 2,117
Restructuring and impairment charges 19,220 13,137
------------------------------------------------ --------- ---------
TOTAL COSTS AND EXPENSES 678,841 640,180
------------------------------------------------ --------- ---------
Loss from operations (55,588) (28,967)
Interest income, net 4,072 5,829
Investment and other income (expense), net 51,714 1,648
------------------------------------------------ --------- ---------
Income (loss) before minority interests and
income taxes 198 (21,490)
Minority interests 546 (3,658)
(Provision for) benefit from income taxes (767) 1,836
------------------------------------------------ --------- ---------
------------------------------------------------ --------- ---------
NET LOSS $ (23) $(23,312)
------------------------------------------------ --------- ---------
Earnings per share:
Net loss:
Basic $ (0.00) $ (0.25)
Diluted $ (0.00) $ (0.25)
Weighted-average number of shares used in
calculation of earnings per share:
Basic 99,636 94,043
Diluted 99,636 94,043
IDT CORPORATION
CONSOLIDATED BALANCE SHEETS
July 31 (in thousands, except share data) 2005 2004
-------------------------------------------- ----------- -----------
ASSETS (Restated)
CURRENT ASSETS:
Cash and cash equivalents $ 171,959 $ 142,177
Marketable securities 761,045 897,130
Trade accounts receivable, net of
allowance for doubtful accounts of
$64,870 at July 31, 2005 and $57,384 at
July 31, 2004 194,707 166,357
Other current assets 135,799 94,928
-------------------------------------------- ----------- -----------
TOTAL CURRENT ASSETS 1,263,510 1,300,592
Property, plant and equipment, net 370,157 273,479
Goodwill 110,966 89,534
Licenses and other intangibles, net 32,591 32,928
Investments 50,941 66,870
Restricted cash and marketable securities 19,380 22,620
Other assets 130,045 70,125
-------------------------------------------- ----------- -----------
TOTAL ASSETS $1,977,590 $1,856,148
-------------------------------------------- ----------- -----------
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Trade accounts payable $ 115,999 $ 122,528
Accrued expenses 231,416 213,116
Deferred revenue 144,248 140,314
Capital lease obligations -- current
portion 32,728 21,793
Other current liabilities 26,009 9,404
-------------------------------------------- ----------- -----------
TOTAL CURRENT LIABILITIES 550,400 507,155
Deferred tax liabilities, net 108,237 108,237
Capital lease obligations -- long-term
portion 42,370 31,810
Notes payable - long-term portion 121,470 9,174
Other liabilities 27,025 39,044
-------------------------------------------- ----------- -----------
TOTAL LIABILITIES 849,502 695,420
Minority interests 89,891 132,695
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 July 31, 2005 and 2004;
18,014,723 and 19,140,933 shares
outstanding at July 31, 2005 and 2004,
respectively 251 251
Class A common stock, $.01 par value;
authorized shares -- 35,000,000; 9,816,988
shares issued and outstanding at July 31,
2005 and 2004 98 98
Class B common stock, $.01 par value;
authorized shares -- 100,000,000;
75,917,516 and 68,727,201 shares issued and
73,550,857 and 67,118,911 shares
outstanding at July 31, 2005 and 2004,
respectively 759 687
Additional paid-in capital 907,223 800,618
Treasury stock, at cost, consisting of
7,060,137 and 5,933,927 shares of common
stock and 2,366,659 and 1,608,290 shares of
Class B common stock at July 31, 2005 and
2004, respectively (147,690) (122,044)
Deferred compensation (19,043) (13,795)
Accumulated other comprehensive income
(loss) (1,896) 19,909
Retained earnings 295,095 342,309
-------------------------------------------- ----------- -----------
TOTAL STOCKHOLDERS' EQUITY 1,038,197 1,028,033
-------------------------------------------- ----------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $1,977,590 $1,856,148
-------------------------------------------- ----------- -----------
IDT CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year ended July 31 (in
thousands) 2005 2004 2003
----------------------------- ------------- ------------- ------------
(Restated)
OPERATING ACTIVITIES
Net loss $(43,814) $(58,911) $(17,517)
Adjustments to reconcile net
loss to net cash provided by
(used in) operating
activities:
Depreciation and
amortization 111,894 99,868 89,309
Restructuring and
impairment charges 19,975 52,366 12,666
Minority interests 2,583 34,317 (43,035)
Price guarantee of Class B
common stock -- (2,680) (470)
Settlement of litigation -- 14,300 (38,929)
Gain on buyout of minority
interests by Net2Phone -- (12,182) --
Deferred tax liabilities (59) (35,305) (69,627)
Provision for doubtful
accounts and sales
returns 35,526 34,324 24,606
Net realized (gains)
losses from sales of
marketable securities and
investments (38,917) (1,906) 15,798
Equity in loss of
affiliates 1,085 -- 4,425
Write-off of investments 11,922 -- --
Non-cash compensation 31,549 9,492 32,286
Gain on sale of subsidiary
stock -- (9,418) (22,422)
Change in assets and
liabilities:
Trade accounts receivable (58,089) (69,930) (20,889)
Prepaid royalties, film
licenses and acquired
rights (12,178) (16,262) --
Film costs (35,870) (2,207) (4,809)
Other assets (42,228) 13,703 (2,614)
Trade accounts payable,
accrued expenses and
other liabilities 17,678 32,678 (17,568)
Deferred revenue (4,877) (5,494) 9,814
----------------------------- ------------- ------------- ------------
Net cash provided by (used
in) operating activities (3,820) 76,753 37,094
INVESTING ACTIVITIES
Capital expenditures (112,265) (89,334) (63,157)
Collection (Issuance) of
notes receivable (14,042) 15,234 (20,712)
Investments and acquisitions,
net of cash acquired 1,697 (91,330) (16,595)
Proceeds from sales and
maturities of marketable
securities 5,711,187 3,944,007 1,487,726
Purchases of marketable
securities (5,584,102) (3,877,070) (1,722,160)
----------------------------- ------------- ------------- ------------
Net cash provided by (used
in) investing activities 2,475 (98,493) (334,898)
FINANCING ACTIVITIES
Distributions to minority
shareholders of subsidiaries (27,865) (27,335) (21,994)
Proceeds from exercise of
stock options 3,940 53,862 24,504
Proceeds from employee stock
purchase plan 1,976 877 --
Proceeds from exercise of
stock options of Net2Phone 53 5,436 1,055
Proceeds from offering of
common stock by Net2Phone -- 53,019 --
Proceeds from borrowings 45,680 -- --
Proceeds from sale lease back
transactions on capital
leases 39,226 6,999 16,505
Repayment of capital lease
obligations (19,966) (31,442) (43,317)
Repayment of borrowings (707) -- --
Proceeds from sale of
subsidiary stock -- -- 25,000
Cash and marketable
securities restricted
against letters of credit 3,241 444 (23,064)
Repurchases of common stock
and Class B common stock (14,660) -- --
------------- ------------- ------------
Net cash provided by (used
in) financing activities 30,918 61,860 (21,311)
Effect of exchange rate
changes on cash and cash
equivalents 209 3,011 2,697
Net increase (decrease) in
cash and cash equivalents 29,782 43,131 (316,418)
Cash and cash equivalents at
beginning of year 142,177 99,046 415,464
----------------------------- ------------- ------------- ------------
CASH AND CASH EQUIVALENTS AT
END OF YEAR $171,959 $142,177 $99,046
----------------------------- ------------- ------------- ------------
SUPPLEMENTAL DISCLOSURE OF
CASH FLOW INFORMATION
Cash payments made for
interest $4,518 $4,162 $4,583
----------------------------- ------------- ------------- ------------
Cash payments made for
income taxes $5,099 $12,566 $10,876
----------------------------- ------------- ------------- ------------
SUPPLEMENTAL SCHEDULE OF NON-
CASH INVESTING AND FINANCING
ACTIVITIES
Purchases of property,
plant and equipment
through capital lease
obligations $2,230 $1,349 $8,041
----------------------------- ------------- ------------- ------------
Issuance of Class B common
stock for acquisitions and
exchanges $59,835 $89,248 $ --
----------------------------- ------------- ------------- ------------
Issuance of Class B common
stock for purchase of
property $ -- $4,131 $ --
----------------------------- ------------- ------------- ------------
Non-cash proceeds received
from exercise of stock
options $ -- $27,500 $ --
----------------------------- ------------- ============= ============
Purchase of leasehold
interests and property
through debt $68,334 $ -- $ --
----------------------------- ------------- ============= ============
Issuance of debt for
acquisitions $3,850 $ -- $ --
----------------------------- ------------- ------------- ------------
IDT CORPORATION
SELECTED CONSOLIDATED FINANCIAL DATA
THREE MONTHS ENDED JULY 31, 2005
(Segment data is shown net of effect of inter-segment transactions)
----------------------------------------------------------------------
Total IDT Retail Wholesale IDT
(In thousands) Corporation Telecom Telecom Entertainment
----------- --------------------------------
STATEMENT OF OPERATIONS
DATA
Revenues 623,253 $402,356 $143,831 $39,772
Costs and expenses:
Direct cost of revenues
(exclusive of
depreciation and
amortization) 472,089 290,266 130,574 27,322
Selling, general and
administrative 145,086 80,193 11,637 11,134
Depreciation and
amortization 28,999 15,845 5,563 3,194
Non-cash compensation
(all of which
is attributable to
selling, general and
administrative) 13,447 3,071 571 308
Restructuring and
impairment charges 19,220 33 - -
----------- --------------------------------
Total costs and expenses 678,841 389,407 148,346 41,957
----------- --------------------------------
Income (loss) from
operations (55,588) $12,949 $(4,515) $(2,185)
--------------------------------
Interest income, net 4,072
Investment and other
income, net 51,714
-----------
Income before minority
interests and income
taxes 198
Minority interests 546
Provision for income taxes (767)
-----------
Net loss $(23)
===========
-----------
------------------------------------
Voice IDT IDT
(In thousands) Over IP Capital Solutions Corporate
------------------------------------
STATEMENT OF OPERATIONS DATA
Revenues $20,331 $14,810 $2,152 $-
Costs and expenses:
Direct cost of revenues
(exclusive of depreciation and
amortization) 11,469 10,005 2,454 -
Selling, general and
administrative 14,764 5,207 3,804 18,346
Depreciation and amortization 2,369 1,463 1 564
Non-cash compensation (all of
which is attributable to
selling, general and
administrative) 1,098 822 26 7,552
Restructuring and impairment
charges 16,068 1,848 1,271 -
------------------------------------
Total costs and expenses 45,768 19,345 7,556 26,463
------------------------------------
Income (loss) from operations $(25,437)$(4,535) $(5,403)$(26,463)
------------------------------------
Interest income, net
Investment and other income, net
Income before minority interests
and income taxes
Minority interests
Provision for income taxes
Net loss
IDT CORPORATION
SELECTED CONSOLIDATED FINANCIAL DATA
FISCAL YEAR ENDED JULY 31, 2005
(Segment data is shown net of effect of inter-segment transactions)
----------- ----------------------------------
Total IDT Retail Wholesale IDT
(In thousands) Corporation Telecom Telecom Entertainment
----------- ----------------------------------
STATEMENT OF OPERATIONS
DATA
Revenues 2,468,522 $1,616,628 $541,683 $187,233
Costs and expenses:
Direct cost of
revenues (exclusive
of depreciation and
amortization) 1,843,088 1,152,392 489,991 122,600
Selling, general and
administrative 563,615 325,645 46,600 43,831
Depreciation and
amortization 111,894 60,674 21,526 12,078
Non-cash compensation
(all of which is
attributable to
selling, general and
administrative) 31,549 9,934 2,074 1,221
Restructuring and
impairment charges 34,212 33 -
----------- ----------------------------------
Total costs and expenses 2,584,358 1,548,679 560,192 179,730
----------- ----------------------------------
Income (loss) from
operations (115,826) $67,949 $(18,509) $7,503
----------------------------------
Interest income, net 20,307
Investment and other
income, net 66,196
-----------
Loss before minority
interests and income
taxes (29,333)
Minority interests (2,583)
Provision for income
taxes (11,898)
-----------
Net loss ($43,814)
===========
--------------------------------------
Voice IDT IDT
(In thousands) Over IP Capital Solutions Corporate
--------------------------------------
STATEMENT OF OPERATIONS DATA
Revenues $73,623 $39,719 $9,636 $-
Costs and expenses:
Direct cost of revenues
(exclusive of depreciation
and amortization) 41,300 21,910 14,894 -
Selling, general and
administrative 54,782 24,980 16,159 51,617
Depreciation and amortization 8,717 4,137 2,607 2,155
Non-cash compensation (all of
which is attributable to
selling, general and
administrative) 4,126 1,097 167 12,929
Restructuring and impairment
charges 18,160 1,834 14,184 -
--------------------------------------
Total costs and expenses 127,086 53,959 48,011 66,701
--------------------------------------
Income (loss) from operations $(53,454) $(14,239) $(38,375)$(66,701)
--------------------------------------
Interest income, net
Investment and other income, net
Loss before minority interests
and income taxes
Minority interests
Provision for income taxes
Net loss
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