IDT Reports Results for First Quarter of Fiscal Year 2004 |
· Consolidated Revenues Increase 15.8%; Gross Profits Up 15.3%
· IDT Telecom Sets Record Operating Profits, Up 66% from Year Ago
· IDT Entertainment Launches Revenue Growth
NEWARK, N.J. — December 11, 2003 —IDT Corporation (NYSE: IDT, IDT.C) today reported record revenues of $513.1 million for the first quarter of its Fiscal Year 2004, the three months ended October 31, 2003. Revenues for the first quarter increased 5.6% from the fourth quarter of Fiscal Year 2003, and 15.8% over the revenues recorded during the first quarter of Fiscal Year 2003.
The Company reported a net loss for the first quarter of Fiscal Year 2004 of $14.0 million, or ($0.17) per share, as compared to a net loss of $4.1 million, or ($0.05) per share, in Fiscal Year 2003’s first quarter, and net income of $8.3 million, or $0.10 per diluted share, in Fiscal Year 2003’s fourth quarter.
As of the close of the first quarter of Fiscal Year 2004, consolidated cash, restricted cash, cash equivalents and marketable securities stood at $1.024 billion, which includes $87.9 million held by Net2Phone.
IDT recorded a loss from operations of $18.4 million for the first quarter of Fiscal Year 2004. This compares with income from operations of $24.3 million in Fiscal Year 2003’s first quarter (which included a $58.4 million gain from the settlement of certain Net2Phone litigation), and a loss from operations of $29.4 million in Fiscal Year 2003’s fourth quarter.
Excluding the operating results of Net2Phone (IDT’s Internet Telephony business segment)1, the loss from operations in the first quarter of Fiscal Year 2004 was $10.8 million, compared with a loss from operations of $21.1 million in Q1 of Fiscal Year 2003, and a loss from operations of $13.3 million in the fourth quarter of Fiscal Year 2003.
Click here for Q1 2004 Financial Tables
Please see attached document for entire release.
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Dec 11, 2003 |
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