Boston, MA 10/08/2014 (wallstreetpr) – IDT Corporation (NYSE:IDT) reported the financial results of fiscal 2014 (FY2014) ended July 31, 2014. The company’s CEO, Shmuel Jonas said that the Boss Revolution marketing program continue to drive positive growth opportunities as it integrates the services with the company’s product offerings.
Highlights
IDT’s total revenues during FY2014 were $1,651.51 million compared to $1,620.6 million in FY2013. Adjusted EBITDA increased to $45.3 million from $39.4 million In FY2013.
IDT Corporation (NYSE:IDT) generated net income of $18.8 million versus net income of $11.6 million in FY2013. Consequently, the adjusted diluted EPS during the period improved to $1.41 from $1.09 in the same period last year.
- Telecom Platform Services (TPS)
TPS accounted the majority of the revenues with $1,615.6 million, up by 1.7% compared to revenues in FY2013 due to high-margin retail communications than low-margin wholesale terminations services.
It includes Retail Communications’ revenues of $695.8 million (+5.9%), Wholesale Termination Services’ revenue of $672.3 million (-2.3%); Payment Services’ revenue of $202.5 million (+4.6%) and Hosted Platform Solutions’ revenue of $45.0 million (-10.0%).
Positive growth in retail and payment services improved the segment adjusted EBITDA to $58.2 million, up by 12.4% compared to FY2013 due to increasing in revenues.
- Zedge
The segment reported organic growth with increasing addition of mobile phone consumers for apps, games and customized contents. As of July 31, 2014, the company had 49 million active installations on iOS and Android versus 31 million at the same time in 2013.
In FY2014, the segment’s revenues increased by 12.5% to $6.5 million from $5.8 million in FY2013 and adjusted EBITDA for Zedge was $1.3 million compared to $1.1 million in FY2013
- Consumer Phone Services (CPS)
The decreasing local and long distance services in the U.S. reduced the CPS’ revenues by 24.1% to $11 million from $14.5 million in FY2013.
- Others
Fabrix’s business increased the other business revenues by 50.7% to $18.4 million from $12.2 million in FY2013. But, IDT is selling Fabrix to Ericsson.
Financial position
IDT Corporation (NYSE:IDT) generated lower net cash of $45.7 million from its operating activities in FY 2014 compared to $57.2 million in previous year period. As of July 31, 2014, IDT had a cash balance of $166.7 million including cash, cash equivalents and marketable securities.
