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Tech Industry

IDT reports first quarter loss

    IDT Corp. (Nasdaq: IDTC) said Thursday it reported a loss for its fiscal first quarter, down from a profit in the same quarter a year ago.

    Shares closed up 1.13 to 24.06 Wednesday.

    Revenue was $276.6 million, up 4 percent sequentially. Excluding the impact of $20 million in non-recurring wholesale carrier revenue recorded in the first quarter of 2000, revenues were 8 percent higher than during the same quarter a year ago.

    Net loss was $22.3 million, or 58 cents a share, as compared to a net income of $1.1 million, or 3 cents a share, in last year's first quarter. The shortfall was narrower than a net loss of $55.4 million, or $1.43 per share, in the fourth quarter of 2000. First Call did not have a consensus estimate for the company.

    Including non-operating income and one-time items, net income for the quarter was $869.6 million, or $22.53 per diluted share. One-time items included $666.4 million related to the sale of Net2Phone (Nasdaq: NTOP) shares to AT&T (NYSE: T), $250.8 million related to the settlement of a lawsuit with Tycom Ltd, and a loss of $25.3 million related to the sale of Terra Networks shares.

    "In these chaotic times in the telecommunications industry, IDT will prove its mettle and its ability to execute its plans,'' said CEO Howard Jonas in a release. "As our competitors are falling by the wayside, we recorded record quarterly revenues, and took great strides this quarter in our journey back to profitability.''

    IDT said it has over $1.2 billion in cash and a "razor-sharp focus on profitability."

    Projections for upcoming quarters include a narrowing of operating loss in the second quarter as a cost-cutting program is realized, and increasingly strong revenues form its wireless division.