IDT Corp. (IDT, Financial) filed Quarterly Report for the period ended 2012-04-30.
Idt Corp-cl B has a market cap of $197.1 million; its shares were traded at around $8.52 with a P/E ratio of 20.6 and P/S ratio of 0.1. The dividend yield of Idt Corp-cl B stocks is 5.3%.
Wholesale Termination Services revenue (49.2% and 48.2% of Telecom Platform Services revenue in the nine months ended April 30, 2012 and 2011, respectively) grew 10.6% and 16.4% in the three and nine months ended April 30, 2012, respectively, compared to the similar periods in fiscal 2011. Our web-based prepaid international long distance termination services offering was the main driver of the increase in the three months ended April 30, 2012 compared to the similar period in fiscal 2011. The growth in the nine months ended April 30, 2012 compared to the similar period in fiscal 2011 was due to our continued commitment and investments in being a recognized leader in the wholesale carrier marketplace as well as the significant increase in revenues from our web-based prepaid termination service.
Hosted Platform Solutions revenue (3.9% and 6.1% of Telecom Platform Services revenue in the nine months ended April 30, 2012 and 2011, respectively) declined 26.1% and 26.5% in the three and nine months ended April 30, 2012, respectively, compared to the similar periods in fiscal 2011. The decline in revenue is primarily due to the loss of our largest cable telephony customer, Bresnan Broadband Holdings, LLC (or Bresnan), which terminated its agreement with us as part of its sale to Cablevision. In December 2010, Cablevision paid us $14.4 million in cash to terminate the agreement, and we provided transition services to Bresnan through the fourth quarter of fiscal 2011.
Total minutes of use for Telecom Platform Services increased 18.3% and 17.1% in the three and nine months ended April 30, 2012, respectively, compared to the similar periods in fiscal 2011. Minutes of use relating to our Consumer Phone Services segment is not tracked as a meaningful business metric as the domestic traffic generated by this segment is not carried on our network, and the international traffic generated by this segment, though carried on our own network, is insignificant. Within Telecom Platform Services, minutes of use relating to Wholesale Termination Services increased 23.9% and 24.4% in the three and nine months ended April 30, 2012, respectively, compared to the similar periods in fiscal 2011. Minutes of use from Retail Communications increased 10.9% and 7.1% in the three and nine months ended April 30, 2012, respectively, compared to the similar periods in fiscal 2011, which was driven by the volume growth in the U.S., Asia and South America, which more than offset the decrease in minutes of use in Europe. Hosted Platform Solutions minutes of use decreased 16.8% and 16.7% in the three and nine months ended April 30, 2012, respectively, compared to the similar periods in fiscal 2011, primarily as a result of the loss of Bresnan as a customer. In general, since our Hosted Platform Solutions business revenues and cash flows are driven far more by the number of existing subscribers in the form of a per-subscriber fee rather than by subscriber minutes of use, we do not view Hosted Platform Solutions minutes of use as a very significant metric.
General and Administrative. The decrease in Corporate general and administrative expenses in the three and nine months ended April 30, 2012 compared to the similar periods in fiscal 2011 was primarily due to decreases in payroll and professional fees. These decreases were the result of the fees charged to Genie for services provided pursuant to the Transition Services Agreement, which reduced Corporate general and administrative expenses by $0.6 million and $1.3 million in the three and nine months ended April 30, 2012, respectively. We began providing services to Genie in the second quarter of fiscal 2012 to facilitate Genie s transition into a separate publicly-traded company. In addition, the decrease in Corporate general and administrative expenses in the nine months ended April 30, 2012 compared to the similar period in fiscal 2011 was also due to a decrease in stock-based compensation expense, which declined primarily as a result of the decline in the fair value on the grant date of the annual automatic grant of Class B common stock to the non-employee members of our Board of Directors. Our Corporate general and administrative expenses in the three months ended April 30, 2012 of $2.9 million were consistent with our projected annual run rate of $12 million to $15 million. As a percentage of our total consolidated revenues from continuing operations, Corporate general and administrative expenses decreased from 1.3% and 1.2% in the three and nine months ended April 30, 2011, respectively, to 0.8% and 0.9% in the three and nine months ended April 30, 2012, respectively.
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Idt Corp-cl B has a market cap of $197.1 million; its shares were traded at around $8.52 with a P/E ratio of 20.6 and P/S ratio of 0.1. The dividend yield of Idt Corp-cl B stocks is 5.3%.
Highlight of Business Operations:
Revenues. IDT Telecom revenues increased in the three and nine months ended April 30, 2012 compared to the similar periods in fiscal 2011 due to an increase in Telecom Platform Services revenues, which more than offset a decline in Consumer Phone Services revenues. As a percentage of IDT Telecom s total revenues, Telecom Platform Services revenues increased from 97.9% in the nine months ended April 30, 2011 to 98.7% in the nine months ended April 30, 2012, and Consumer Phone Services revenues decreased from 2.1% in the nine months ended April 30, 2011 to 1.3% in the nine months ended April 30, 2012.Wholesale Termination Services revenue (49.2% and 48.2% of Telecom Platform Services revenue in the nine months ended April 30, 2012 and 2011, respectively) grew 10.6% and 16.4% in the three and nine months ended April 30, 2012, respectively, compared to the similar periods in fiscal 2011. Our web-based prepaid international long distance termination services offering was the main driver of the increase in the three months ended April 30, 2012 compared to the similar period in fiscal 2011. The growth in the nine months ended April 30, 2012 compared to the similar period in fiscal 2011 was due to our continued commitment and investments in being a recognized leader in the wholesale carrier marketplace as well as the significant increase in revenues from our web-based prepaid termination service.
Hosted Platform Solutions revenue (3.9% and 6.1% of Telecom Platform Services revenue in the nine months ended April 30, 2012 and 2011, respectively) declined 26.1% and 26.5% in the three and nine months ended April 30, 2012, respectively, compared to the similar periods in fiscal 2011. The decline in revenue is primarily due to the loss of our largest cable telephony customer, Bresnan Broadband Holdings, LLC (or Bresnan), which terminated its agreement with us as part of its sale to Cablevision. In December 2010, Cablevision paid us $14.4 million in cash to terminate the agreement, and we provided transition services to Bresnan through the fourth quarter of fiscal 2011.
Total minutes of use for Telecom Platform Services increased 18.3% and 17.1% in the three and nine months ended April 30, 2012, respectively, compared to the similar periods in fiscal 2011. Minutes of use relating to our Consumer Phone Services segment is not tracked as a meaningful business metric as the domestic traffic generated by this segment is not carried on our network, and the international traffic generated by this segment, though carried on our own network, is insignificant. Within Telecom Platform Services, minutes of use relating to Wholesale Termination Services increased 23.9% and 24.4% in the three and nine months ended April 30, 2012, respectively, compared to the similar periods in fiscal 2011. Minutes of use from Retail Communications increased 10.9% and 7.1% in the three and nine months ended April 30, 2012, respectively, compared to the similar periods in fiscal 2011, which was driven by the volume growth in the U.S., Asia and South America, which more than offset the decrease in minutes of use in Europe. Hosted Platform Solutions minutes of use decreased 16.8% and 16.7% in the three and nine months ended April 30, 2012, respectively, compared to the similar periods in fiscal 2011, primarily as a result of the loss of Bresnan as a customer. In general, since our Hosted Platform Solutions business revenues and cash flows are driven far more by the number of existing subscribers in the form of a per-subscriber fee rather than by subscriber minutes of use, we do not view Hosted Platform Solutions minutes of use as a very significant metric.
General and Administrative. The decrease in Corporate general and administrative expenses in the three and nine months ended April 30, 2012 compared to the similar periods in fiscal 2011 was primarily due to decreases in payroll and professional fees. These decreases were the result of the fees charged to Genie for services provided pursuant to the Transition Services Agreement, which reduced Corporate general and administrative expenses by $0.6 million and $1.3 million in the three and nine months ended April 30, 2012, respectively. We began providing services to Genie in the second quarter of fiscal 2012 to facilitate Genie s transition into a separate publicly-traded company. In addition, the decrease in Corporate general and administrative expenses in the nine months ended April 30, 2012 compared to the similar period in fiscal 2011 was also due to a decrease in stock-based compensation expense, which declined primarily as a result of the decline in the fair value on the grant date of the annual automatic grant of Class B common stock to the non-employee members of our Board of Directors. Our Corporate general and administrative expenses in the three months ended April 30, 2012 of $2.9 million were consistent with our projected annual run rate of $12 million to $15 million. As a percentage of our total consolidated revenues from continuing operations, Corporate general and administrative expenses decreased from 1.3% and 1.2% in the three and nine months ended April 30, 2011, respectively, to 0.8% and 0.9% in the three and nine months ended April 30, 2012, respectively.
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