Delaware
|
1-16371
|
22-3415036
|
||
(State or other jurisdiction
of incorporation)
|
(Commission File Number)
|
(IRS Employer
Identification No.)
|
520 Broad Street Newark, New Jersey
|
07102
|
|
(Address of principal executive offices)
|
(Zip Code)
|
¨
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
¨
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
¨
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
¨
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Item 2.02.
|
Results of Operations and Financial Condition
|
Item 9.01.
|
Financial Statements and Exhibits.
|
(d)
|
Exhibits.
|
Exhibit No.
|
|
Document
|
99.1
|
|
Earnings Release, dated March 7, 2013, reporting the results of operations for IDT Corporation’s fiscal quarter ended January 31, 2013.
|
IDT CORPORATION
|
||
By:
|
/s/ Howard S. Jonas
|
|
Name:
|
Howard S. Jonas
|
|
Title:
|
Chief Executive Officer
|
Exhibit
Number
|
Document
|
|
99.1
|
Earnings Release, dated March 7, 2013, reporting the results of operations for IDT Corporation’s fiscal quarter ended January 31, 2013.
|
●
|
Revenue increased 12.7% to $411.7 million, the 12th consecutive quarter of year over year revenue growth
|
●
|
Minutes of use increased 19.1% to 8.8 billion
|
●
|
Gross profit increased 13.7% to $67.2 million
|
●
|
Gross margin increased 10 basis points to 16.3%
|
●
|
SG&A expense increased 9.4% to $56.4 million
|
●
|
Adjusted EBITDA increased 39.8% to $9.0 million
|
●
|
Income from operations increased 30.3% to $5.3 million
|
●
|
Net income attributable to IDT increased to $3.0 million compared to $2.7 million
|
●
|
Non-GAAP net income increased to $9.0 million compared to $6.2 million
|
●
|
Diluted non-GAAP EPS increased to $0.41 compared to $0.29
|
●
|
Net cash provided by operating activities decreased to $12.5 million compared to $19.9 million
|
●
|
Retail Communications revenue increased 21.1% year over year and 4.8% sequentially to $161.1 million. Year over year, sales of pin-less calling services over the Boss Revolution platform continued to increase very strongly, as did sales from products distributed through large nationwide retail partners. These gains more than offset declines in sales of traditional disposable calling cards, sales of IDT’s PennyTalk calling service, and retail sales in Europe and South America. Retail Communications revenue constituted 40.0% of total TPS revenue in 2Q13.
|
●
|
Wholesale Termination Services revenue increased 4.8% year over year and 0.3% sequentially to $182.2 million. Continued growth in minutes of use more than offset further declines in revenue per minute. Wholesale Termination Services revenue constituted 45.2% of total TPS revenue in 2Q13.
|
●
|
Payment Services revenue increased 27.9% year over year and 6.5% sequentially to $46.6 million primarily reflecting continued growth of international mobile top-up (IMTU) sales. Payment Services revenue constituted 11.6% of total TPS revenue in 2Q13.
|
●
|
Hosted Platform Solutions revenue declined 9.5% year over year and 0.9% sequentially to $12.9 million. Cable telephony, which is in harvest mode, led the revenue decline. Hosted Platform Solutions revenue constituted 3.2% of total TPS revenue in 2Q13.
|
●
|
IDT will host a conference call at 6:00 PM ET this evening, March 7th, beginning with management’s discussion of financial and operational results, business outlook and strategy followed by Q&A.
|
●
|
To listen to the conference call and/or participate in the Q&A, dial toll-free 1-877-317-6789 (from U.S.) or 1-412-317-6789 (international) and request the IDT Corporation call.
|
●
|
An audio replay of the conference call will be available starting one hour after the call concludes through March 14, 2013 by dialing 1-877-344-7529 (conference code #10025458), and afterwards by streaming from the IDT website investor relations site: www.idt.net/about/ir.
|
●
|
Copies of this release - including the reconciliation of the non-GAAP financial measures that are both used herein and referenced during management’s discussion of results - are available in the Investor Relations portion of IDT’s website, at www.idt.net/about/ir.
|
January 31,
2013
|
July 31,
2012
|
|||||||
(Unaudited)
|
||||||||
(in thousands)
|
||||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 150,634 | $ | 151,504 | ||||
Restricted cash and cash equivalents—short-term
|
23,377 | 12,636 | ||||||
Trade accounts receivable, net of allowance for doubtful accounts of $14,519 at January 31, 2013 and $13,055 at July 31, 2012
|
72,244 | 83,054 | ||||||
Prepaid expenses
|
19,517 | 18,800 | ||||||
Investments—short-term
|
78 | 86 | ||||||
Deferred income tax assets, net—current portion
|
3,623 | 5,142 | ||||||
Other current assets
|
11,700 | 17,436 | ||||||
Total current assets
|
281,173 | 288,658 | ||||||
Property, plant and equipment, net
|
85,842 | 85,567 | ||||||
Goodwill
|
14,880 | 14,614 | ||||||
Other intangibles, net
|
1,602 | 1,907 | ||||||
Investments—long-term
|
8,757 | 7,133 | ||||||
Restricted cash and cash equivalents—long-term
|
11,471 | 9,466 | ||||||
Deferred income tax assets, net—long-term portion
|
27,581 | 31,744 | ||||||
Other assets
|
9,811 | 12,025 | ||||||
Total assets
|
$ | 441,117 | $ | 451,114 | ||||
Liabilities and equity
|
||||||||
Current liabilities:
|
||||||||
Trade accounts payable
|
$ | 33,798 | $ | 39,845 | ||||
Accrued expenses
|
157,646 | 161,266 | ||||||
Deferred revenue
|
88,155 | 84,588 | ||||||
Customer deposits
|
20,656 | 10,524 | ||||||
Income taxes payable
|
765 | 1,337 | ||||||
Notes payable—current portion
|
22,274 | 560 | ||||||
Other current liabilities
|
3,682 | 3,245 | ||||||
Total current liabilities
|
326,976 | 301,365 | ||||||
Notes payable—long-term portion
|
6,755 | 29,716 | ||||||
Other liabilities
|
10,371 | 17,308 | ||||||
Total liabilities
|
344,102 | 348,389 | ||||||
Commitments and contingencies
|
||||||||
Equity:
|
||||||||
IDT Corporation stockholders’ equity:
|
||||||||
Preferred stock, $.01 par value; authorized shares—10,000; no shares issued
|
— | — | ||||||
Class A common stock, $.01 par value; authorized shares—35,000; 3,272 shares issued and 1,574 shares outstanding at January 31, 2013 and July 31, 2012
|
33 | 33 | ||||||
Class B common stock, $.01 par value; authorized shares—200,000; 24,155 and 24,112 shares issued and 21,277 and 21,342 shares outstanding at January 31, 2013 and July 31, 2012, respectively
|
242 | 241 | ||||||
Additional paid-in capital
|
397,859 | 395,869 | ||||||
Treasury stock, at cost, consisting of 1,698 and 1,698 shares of Class A common stock and 2,878 and 2,770 shares of Class B common stock at January 31, 2013 and July 31, 2012, respectively
|
(98,836 | ) | (97,757 | ) | ||||
Accumulated other comprehensive income
|
3,522 | 202 | ||||||
Accumulated deficit
|
(206,915 | ) | (196,358 | ) | ||||
Total IDT Corporation stockholders’ equity
|
95,905 | 102,230 | ||||||
Noncontrolling interests
|
1,110 | 495 | ||||||
Total equity
|
97,015 | 102,725 | ||||||
Total liabilities and equity
|
$ | 441,117 | $ | 451,114 |
Three Months Ended
January 31,
|
Six Months Ended
January 31,
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
(in thousands, except per share data)
|
||||||||||||||||
Revenue
|
$ | 411,685 | $ | 365,449 | $ | 812,270 | $ | 742,226 | ||||||||
Direct cost of revenue (exclusive of depreciation and amortization)
|
(344,499 | ) | (306,365 | ) | (679,763 | ) | (625,717 | ) | ||||||||
Gross profit
|
67,186 | 59,084 | 132,507 | 116,509 | ||||||||||||
Operating expenses:
|
||||||||||||||||
Selling, general and administrative (i)
|
56,399 | 51,552 | 111,625 | 103,335 | ||||||||||||
Depreciation and amortization
|
3,865 | 4,231 | 7,000 | 8,673 | ||||||||||||
Research and development
|
1,819 | 1,119 | 3,201 | 2,129 | ||||||||||||
Total operating expenses
|
62,083 | 56,902 | 121,826 | 114,137 | ||||||||||||
Other operating gains (losses), net
|
149 | 1,850 | (201 | ) | (9,402 | ) | ||||||||||
Income (loss) from operations
|
5,252 | 4,032 | 10,480 | (7,030 | ) | |||||||||||
Interest expense, net
|
(455 | ) | (1,350 | ) | (346 | ) | (1,828 | ) | ||||||||
Other income (expense), net
|
1,815 | (429 | ) | 2,700 | (240 | ) | ||||||||||
Income (loss) from continuing operations before income taxes
|
6,612 | 2,253 | 12,834 | (9,098 | ) | |||||||||||
(Provision for) benefit from income taxes
|
(3,117 | ) | 676 | (5,171 | ) | 3,939 | ||||||||||
Income (loss) from continuing operations
|
3,495 | 2,929 | 7,663 | (5,159 | ) | |||||||||||
Discontinued operations, net of tax:
|
||||||||||||||||
Income from discontinued operations
|
— | — | — | 1,015 | ||||||||||||
Income on sale of discontinued operations
|
— | — | — | 2,000 | ||||||||||||
Total discontinued operations
|
— | — | — | 3,015 | ||||||||||||
Net income (loss)
|
3,495 | 2,929 | 7,663 | (2,144 | ) | |||||||||||
Net (income) loss attributable to noncontrolling interests
|
(542 | ) | (273 | ) | (1,096 | ) | 474 | |||||||||
Net income (loss) attributable to IDT Corporation
|
$ | 2,953 | $ | 2,656 | $ | 6,567 | $ | (1,670 | ) | |||||||
Amounts attributable to IDT Corporation common stockholders:
|
||||||||||||||||
Income (loss) from continuing operations
|
$ | 2,953 | $ | 2,656 | $ | 6,567 | $ | (5,580 | ) | |||||||
Income from discontinued operations
|
— | — | — | 3,910 | ||||||||||||
Net income (loss)
|
$ | 2,953 | $ | 2,656 | $ | 6,567 | $ | (1,670 | ) | |||||||
Earnings per share attributable to IDT Corporation common stockholders:
|
||||||||||||||||
Basic:
|
||||||||||||||||
Income (loss) from continuing operations
|
$ | 0.14 | $ | 0.13 | $ | 0.32 | $ | (0.27 | ) | |||||||
Income from discontinued operations
|
— | — | — | 0.19 | ||||||||||||
Net income (loss)
|
$ | 0.14 | $ | 0.13 | $ | 0.32 | $ | (0.08 | ) | |||||||
Weighted-average number of shares used in calculation of basic earnings per share
|
20,829 | 20,492 | 20,818 | 20,429 | ||||||||||||
Diluted:
|
||||||||||||||||
Income (loss) from continuing operations
|
$ | 0.13 | $ | 0.12 | $ | 0.30 | $ | (0.27 | ) | |||||||
Income from discontinued operations
|
— | — | — | 0.19 | ||||||||||||
Net income (loss)
|
$ | 0.13 | $ | 0.12 | $ | 0.30 | $ | (0.08 | ) | |||||||
Weighted-average number of shares used in calculation of diluted earnings per share
|
22,089 | 21,811 | 22,087 | 20,429 | ||||||||||||
Dividends declared per common share
|
$ | — | $ | 0.13 | $ | 0.75 | $ | 0.36 | ||||||||
(i) Stock-based compensation included in selling, general and administrative expenses
|
$ | 1,806 | $ | 932 | $ | 4,031 | $ | 1,616 |
Six Months Ended
January 31,
|
||||||||
2013
|
2012
|
|||||||
(in thousands)
|
||||||||
Operating activities
|
||||||||
Net income (loss)
|
$ | 7,663 | $ | (2,144 | ) | |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
||||||||
Net income from discontinued operations
|
— | (3,015 | ) | |||||
Depreciation and amortization
|
7,000 | 8,673 | ||||||
Deferred income taxes
|
5,681 | (997 | ) | |||||
Provision for doubtful accounts receivable
|
1,786 | 954 | ||||||
Interest in the equity of investments
|
(600 | ) | 798 | |||||
Stock-based compensation
|
4,031 | 1,616 | ||||||
Change in assets and liabilities:
|
||||||||
Trade accounts receivable
|
13,293 | (6,818 | ) | |||||
Prepaid expenses, other current assets and other assets
|
3,640 | 5,893 | ||||||
Trade accounts payable, accrued expenses, other current liabilities and other liabilities
|
(16,692 | ) | 518 | |||||
Customer deposits
|
10,304 | 3,199 | ||||||
Income taxes payable
|
(572 | ) | (2,160 | ) | ||||
Deferred revenue
|
2,655 | 25 | ||||||
Net cash provided by operating activities
|
38,189 | 6,542 | ||||||
Investing activities
|
||||||||
Capital expenditures
|
(7,462 | ) | (4,439 | ) | ||||
Collection of notes receivable
|
750 | — | ||||||
Increase in investments
|
(1,069 | ) | — | |||||
Proceeds from sale and redemption of investments
|
99 | 3,017 | ||||||
Increase in restricted cash and cash equivalents
|
(12,661 | ) | (2,594 | ) | ||||
Proceeds from maturities of certificates of deposit
|
— | 3,540 | ||||||
Net cash used in investing activities
|
(20,343 | ) | (476 | ) | ||||
Financing activities
|
||||||||
Dividends paid
|
(17,124 | ) | (8,185 | ) | ||||
Cash of subsidiaries deconsolidated as a result of the Genie spin-off
|
— | (104,243 | ) | |||||
Distributions to noncontrolling interests
|
(816 | ) | (650 | ) | ||||
Purchases of stock of subsidiary
|
(1,804 | ) | — | |||||
Proceeds from sale of stock of subsidiary
|
145 | 133 | ||||||
Repayments of capital lease obligations
|
— | (1,781 | ) | |||||
Repayments of borrowings
|
(118 | ) | (215 | ) | ||||
Repurchases of Class B common stock
|
(1,078 | ) | (210 | ) | ||||
Net cash used in financing activities
|
(20,795 | ) | (115,151 | ) | ||||
Discontinued operations
|
||||||||
Net cash used in operating activities
|
— | (889 | ) | |||||
Net cash used in investing activities
|
— | (2,048 | ) | |||||
Net cash used in discontinued operations
|
— | (2,937 | ) | |||||
Effect of exchange rate changes on cash and cash equivalents
|
2,079 | (1,887 | ) | |||||
Net decrease in cash and cash equivalents
|
(870 | ) | (113,909 | ) | ||||
Cash and cash equivalents at beginning of period
|
151,504 | 244,301 | ||||||
Cash and cash equivalents at end of period
|
$ | 150,634 | $ | 130,392 | ||||
Supplemental schedule of non-cash investing and financing activities
|
||||||||
Escrow account overages included in other current assets used to reduce notes payable
|
$ | 1,340 | $ | — | ||||
Net assets excluding cash and cash equivalents of subsidiaries deconsolidated as a result of the Genie spin-off
|
$ | — | $ | 18,803 |
IDT Corporation
Reconciliation of Adjusted EBITDA to Income (Loss) from Operations
(unaudited)
in millions
Figures may not foot or cross-foot due to rounding to millions.
|
Total IDT
Corporation
|
Telecom
Platform
Services
|
Consumer
Phone
Services
|
All Other
|
Corporate
|
|||||||||||||||||
Three Months Ended January 31, 2013 (2Q13)
|
|||||||||||||||||||||
Revenue
|
$ | 411.7 | $ | 402.8 | $ | 3.7 | $ | 5.2 | $ | - | |||||||||||
Direct cost of revenue
|
344.5 | 342.1 | 1.7 | 0.6 | - | ||||||||||||||||
Gross profit
|
67.2 | 60.6 | 2.0 | 4.6 | - | ||||||||||||||||
Selling, general and administrative
|
56.4 | 47.3 | 1.5 | 3.1 | 4.4 | ||||||||||||||||
Research and development
|
1.8 | - | - | 1.8 | - | ||||||||||||||||
Adjusted EBITDA
|
9.0 | 13.3 | 0.4 | (0.3 | ) | (4.4 | ) | ||||||||||||||
Subtract (Add):
|
|||||||||||||||||||||
Depreciation and amortization
|
3.9 | 3.2 | - | 0.6 | - | ||||||||||||||||
Other operating gain
|
(0.1 | ) | - | - | (0.1 | ) | - | ||||||||||||||
Income (loss) from operations
|
$ | 5.3 | $ | 10.1 | $ | 0.4 | $ | (0.8 | ) | $ | (4.4 | ) |
Total IDT
Corporation
|
Telecom
Platform
Services
|
Consumer
Phone
Services
|
All Other
|
Corporate
|
|||||||||||||||||
Three Months Ended October 31, 2012 (1Q13)
|
|||||||||||||||||||||
Revenue
|
$ | 400.6 | $ | 392.0 | $ | 4.0 | $ | 4.5 | $ | - | |||||||||||
Direct cost of revenue
|
335.3 | 333.0 | 1.7 | 0.6 | - | ||||||||||||||||
Gross profit
|
65.3 | 59.0 | 2.4 | 3.9 | - | ||||||||||||||||
Selling, general and administrative
|
55.2 | 47.1 | 1.8 | 3.6 | 2.8 | ||||||||||||||||
Research and development
|
1.4 | - | - | 1.4 | - | ||||||||||||||||
Adjusted EBITDA
|
8.7 | 11.9 | 0.6 | (1.1 | ) | (2.8 | ) | ||||||||||||||
Subtract:
|
|||||||||||||||||||||
Depreciation and amortization
|
3.1 | 2.5 | - | 0.6 | - | ||||||||||||||||
Other operating loss
|
0.4 | 0.4 | - | - | - | ||||||||||||||||
Income (loss) from operations
|
$ | 5.2 | $ | 9.0 | $ | 0.6 | $ | (1.6 | ) | $ | (2.8 | ) |
|
Total IDT
Corporation
|
Telecom
Platform
Services
|
Consumer
Phone
Services
|
All Other
|
Corporate
|
||||||||||||||||
Three Months Ended January 31, 2012 (2Q12)
|
|||||||||||||||||||||
Revenue
|
$ | 365.4 | $ | 357.6 | $ | 5.0 | $ | 2.9 | $ | - | |||||||||||
Direct cost of revenue
|
306.4 | 303.6 | 2.2 | 0.5 | - | ||||||||||||||||
Gross profit
|
59.1 | 54.0 | 2.7 | 2.4 | - | ||||||||||||||||
Selling, general and administrative
|
51.6 | 45.6 | 1.7 | 1.0 | 3.2 | ||||||||||||||||
Research and development
|
1.1 | - | - | 1.1 | - | ||||||||||||||||
Adjusted EBITDA
|
6.4 | 8.4 | 1.0 | 0.3 | (3.2 | ) | |||||||||||||||
Subtract (Add):
|
|||||||||||||||||||||
Depreciation and amortization
|
4.2 | 3.6 | - | 0.5 | 0.1 | ||||||||||||||||
Other operating gains
|
(1.9 | ) | (1.8 | ) | - | - | (0.1 | ) | |||||||||||||
Income (loss) from operations
|
$ | 4.0 | $ | 6.5 | $ | 1.0 | $ | (0.3 | ) | $ | (3.2 | ) |
IDT Corporation
Reconciliation of Adjusted EBITDA to Income (Loss) from Operations
(unaudited)
in millions
Figures may not foot or cross-foot due to rounding to millions.
|
Total IDT
Corporation
|
Telecom
Platform
Services
|
Consumer
Phone
Services
|
All Other
|
Corporate
|
|||||||||||||||||
Six Months Ended January 31, 2013
|
|||||||||||||||||||||
Revenue
|
$ | 812.3 | $ | 794.8 | $ | 7.7 | $ | 9.7 | $ | - | |||||||||||
Direct cost of revenue
|
679.8 | 675.1 | 3.4 | 1.2 | - | ||||||||||||||||
Gross profit
|
132.5 | 119.6 | 4.3 | 8.5 | - | ||||||||||||||||
Selling, general and administrative
|
111.6 | 94.4 | 3.3 | 6.7 | 7.2 | ||||||||||||||||
Research and development
|
3.2 | - | - | 3.2 | - | ||||||||||||||||
Adjusted EBITDA
|
17.7 | 25.2 | 1.0 | (1.4 | ) | (7.2 | ) | ||||||||||||||
Subtract (Add):
|
|||||||||||||||||||||
Depreciation and amortization
|
7.0 | 5.8 | - | 1.2 | - | ||||||||||||||||
Other operating loss (gain), net
|
0.2 | 0.4 | - | (0.1 | ) | - | |||||||||||||||
Income (loss) from operations
|
$ | 10.5 | $ | 19.1 | $ | 1.0 | $ | (2.4 | ) | $ | (7.2 | ) |
Total IDT
Corporation
|
Telecom
Platform
Services
|
Consumer
Phone
Services
|
All Other
|
Corporate
|
|||||||||||||||||
Six Months Ended January 31, 2012
|
|||||||||||||||||||||
Revenue
|
$ | 742.2 | $ | 726.7 | $ | 10.4 | $ | 5.2 | $ | - | |||||||||||
Direct cost of revenue
|
625.7 | 620.0 | 4.7 | 1.0 | - | ||||||||||||||||
Gross profit
|
116.5 | 106.6 | 5.7 | 4.2 | - | ||||||||||||||||
Selling, general and administrative
|
103.3 | 90.6 | 3.4 | 2.2 | 7.2 | ||||||||||||||||
Research and development
|
2.1 | - | - | 2.1 | - | ||||||||||||||||
Adjusted EBITDA
|
11.0 | 16.1 | 2.2 | (0.1 | ) | (7.2 | ) | ||||||||||||||
Subtract (Add):
|
|||||||||||||||||||||
Depreciation and amortization
|
8.7 | 7.4 | - | 1.1 | 0.2 | ||||||||||||||||
Other operating losses (gains), net
|
9.4 | 9.5 | - | - | (0.1 | ) | |||||||||||||||
(Loss) income from operations
|
$ | (7.0 | ) | $ | (0.8 | ) | $ | 2.2 | $ | (1.1 | ) | $ | (7.3 | ) |
IDT Corporation
Reconciliations of Net Income (Loss) to Non-GAAP Net Income and Earnings Per Share to Non-GAAP EPS
(unaudited)
in millions, except per share data
Figures may not foot due to rounding to millions.
|
2Q13 | 1Q13 | 2Q12 |
Six Months
Ended
January 31,
2013
|
Six Months
Ended
January 31,
2012
|
||||||||||||||||
Net income (loss)
|
$ | 3.5 | $ | 4.2 | $ | 2.9 | $ | 7.7 | $ | (2.1 | ) | |||||||||
Adjustments (add) subtract:
|
||||||||||||||||||||
Stock-based compensation
|
(1.8 | ) | (2.2 | ) | (0.9 | ) | (4.0 | ) | (1.6 | ) | ||||||||||
Depreciation and amortization
|
(3.9 | ) | (3.1 | ) | (4.2 | ) | (7.0 | ) | (8.7 | ) | ||||||||||
Other operating gains (losses), net
|
0.1 | (0.4 | ) | 1.9 | (0.2 | ) | (9.4 | ) | ||||||||||||
Income from discontinued operations
|
- | - | - | - | 3.0 | |||||||||||||||
Total adjustments
|
(5.5 | ) | (5.7 | ) | (3.3 | ) | (11.2 | ) | (16.7 | ) | ||||||||||
Non-GAAP net income
|
$ | 9.0 | $ | 9.9 | $ | 6.2 | $ | 18.9 | $ | 14.5 | ||||||||||
Earnings per share:
|
||||||||||||||||||||
Basic
|
$ | 0.14 | $ | 0.17 | $ | 0.13 | $ | 0.32 | $ | (0.08 | ) | |||||||||
Total adjustments
|
0.29 | 0.30 | 0.17 | 0.59 | 0.79 | |||||||||||||||
Non-GAAP EPS - basic
|
$ | 0.43 | $ | 0.47 | $ | 0.30 | $ | 0.91 | $ | 0.71 | ||||||||||
Weighted-average number of shares used in calculation of basic earnings per share
|
20.8 | 20.8 | 20.5 | 20.8 | 20.4 | |||||||||||||||
Diluted
|
$ | 0.13 | $ | 0.16 | $ | 0.12 | $ | 0.30 | $ | (0.08 | )* | |||||||||
Total adjustments
|
0.28 | 0.29 | 0.17 | 0.56 | 0.74 | |||||||||||||||
Non-GAAP EPS - diluted
|
$ | 0.41 | $ | 0.45 | $ | 0.29 | $ | 0.86 | $ | 0.66 | ||||||||||
Weighted-average number of shares used in calculation of diluted earnings per share
|
22.1 | 22.1 | 21.8 | 22.1 | 22.0 | |||||||||||||||
* For the six months ended January 31, 2012, the diluted earnings per share equals basic earnings per share because IDT had a loss from continuing operations and the effect of the dilutive securities would have been anti-dilutive.
|
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