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IDT Corporation (NYSE: IDT; IDT.C), a diversified telecommunications,
energy and consumer services company, said today that the New York Stock
Exchange (NYSE) will continue to conditionally list IDT’s Common Stock
and Class B Common Stock while the Company works to regain compliance
with NYSE listing criteria within the Exchange’s prescribed timeframe.
As part of its effort to attain the NYSE’s minimum share price
requirement, IDT will execute a one-for-three reverse stock split for
each class of its outstanding shares early next year. In addition, IDT’s
Board of Directors has expanded its authorization for stock repurchases
to twenty-five million shares of the Company’s Common Stock and Class B
Common Stock.
In a letter dated December 19, 2008, the NYSE informed IDT that it had
accepted IDT’s business plan submission to regain compliance with the
NYSE’s listing criteria. The continued listing is subject to quarterly
reviews of IDT’s progress toward satisfying the interim goals and
milestones outlined in IDT’s NYSE submission. Failure of IDT to meet
these interim objectives would result in IDT being subject to NYSE
trading suspension. Subject to the outcome of these reviews, the Company
has until April 2009 to meet the NYSE’s minimum share price requirements
and has until March 2010 to meet the NYSE’s average global market
capitalization requirement.
“Our stockholders realize significant benefits from our listing on the
New York Stock Exchange,” said Howard Jonas, IDT’s Chairman, “and we are
working hard to retain it. As we continue to execute on our business
plan, we expect that the market will better reflect IDT’s underlying
value.”
IDT’s Board of Directors approved a one-for-three reverse stock split of
all classes of IDT common stock on December 17, 2008. The reverse split
will apply to all IDT stockholders of record at the close of business on
January 20, 2009.
IDT’s Board of Directors also expanded its stock repurchase
authorization to cover up to an aggregate of twenty-five million shares
of IDT Class B Common Stock and Common Stock. IDT has repurchased 15
million shares since June 2006 under the previous stock repurchase
program, including 7.3 million shares during the first and second
quarters of the current (2009) fiscal year.
“We will continue to repurchase stock at a pace consistent with our
businesses’ working capital requirements and available resources,” said
IDT CEO Jim Courter.
About IDT Corporation:
IDT
Corporation (www.idt.net)
is a consumer-focused multinational holding company.
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 within
the meaning of the Private Securities Litigation Reform Act of 1995.All
forward-looking statements and risk factors included in this document
are made as of the date hereof, based on information available to IDT as
of the date thereof, and IDT assumes no obligation to update any
forward-looking statements or risk factors.
IDT Corporation
Investor Relations:
Bill Ulrey, 973-438-3838
