Back to press releases· Revenues Up 24.4% Year-over-Year to a Record $565.7 Million
· Gross Profit Dollars Up 27.1% Year-over-Year, to a Record $136.9 Million
· IDT Entertainment Revenues Surge for Second Consecutive Quarter; Division Generates Operating Income
· Reorganization of IDT Solutions/Winstar Well Underway
NEWARK, N.J. — June 10, 2004 —IDT Corporation (NYSE: IDT, IDT.C) today reported record revenues of $565.7 million for the third quarter of its Fiscal Year 2004, the three months ended April 30, 2004. Revenues for the third quarter increased 7.3% from the prior quarter and 24.4% year-over-year.
Gross profits for the third quarter of Fiscal Year 2004 were $136.9 million, or 24.2% of revenues, as compared to gross profits of $130.9 million, or 24.8% of revenues last quarter, and gross profits of $107.8 million, or 23.7% of revenues, in the third quarter of Fiscal Year 2003. SG&A expenses in the quarter increased to 23.3% of revenues, compared with 22.0% in the preceding quarter and 23.1% in the year-ago period. On May 12, 2004, the Company announced a reorganization of its Winstar/IDT Solutions division and a reutilization plan for the Winstar assets. The Company recorded restructuring and impairment charges of $39.9 million in the quarter, of which $28.1 million related to the reorganization of Winstar/IDT Solutions and $10.4 million related to undersea fiber that Tycom was to deliver to IDT in connection with the settlement of a litigation, but failed to do.
The loss from operations for the third quarter of Fiscal Year 2004 was $58.4 million, compared to losses from operations of $16.2 million and $37.9 million for the second quarter of Fiscal Year 2004 and the third quarter of Fiscal Year 2003, respectively. The net loss for the third quarter of Fiscal Year 2004 was $76.8 million, or ($0.84) per share, as compared to a net loss of $9.3 million, or ($0.12) per share, in the third quarter of Fiscal Year 2003.
Cash balances and marketable securities stood at $1.045 billion, including $136.8 million held by Net2Phone, as of the close of the third quarter of Fiscal Year 2004.
Please click on “Attachment” for the entire release, which includes the financial tables. The financial tables also are presented separately in the Financials section of the IDT Corporation IR website.
