Back to press releasesIDT Corporation (NYSE: IDT, IDT.C) today announced that it had appointed
Grant Thornton LLP as its independent auditors for the remainder of the
current fiscal year. Grant Thornton replaces Ernst & Young LLP, and will
issue a report on IDT‘s financial statements
for fiscal 2008.
The change was approved by IDT‘s Audit
Committee as part of the Company‘s ongoing
effort to reduce corporate overhead. It was not the result of any
disagreement between the company and Ernst & Young LLP on any matter of
accounting principles or practices, financial statement disclosure, or
auditing scope or procedures.
“Ernst & Young have been our auditors for some
time and we have had a very positive relationship with them,“
said Steve Brown, IDT‘s CFO. “We
are evaluating all significant corporate expenses and feel that Grant
Thornton offers our shareholders the best combination of cost and
quality. We look forward to working with the professionals at Grant
Thornton.“
“Changing auditors is not a decision we have
taken lightly,“ added Jim Courter, IDT CEO. “Given
IDT‘s size, and the increasing portion of our
corporate budget represented by our audit fees, we felt that this move
was appropriate and consistent with our focus on maximizing shareholder
value.“
About IDT Corporation:
Corporation is an innovative and opportunity seeking multinational
holding company with operations that span several industries. Through
its Telecom subsidiary, IDT provides telecommunications services
worldwide to the retail and wholesale markets. IDT Energy operates an
Energy Services Company (ESCO) in New York State. IDT subsidiary
American Shale Oil Corporation (AMSO) manages IDT‘s
oil shale ventures. IDT’s Capital division incubates newer businesses,
and the Company’s Spectrum subsidiary holds its spectrum license assets.
IDT Telecom provides retail and wholesale telecommunications services
and products, including pre-paid and rechargeable calling cards,
consumer local, long distance, and wireless phone services, and
wholesale carrier services. Under the Net2Phone brand name, the Company
also provides a range of voice over Internet protocol (VoIP)
communications services. IDT Capital’s operations include receivables
portfolio management and collection, brochure distribution, Internet
Mobile Group, Net2Phone Ventures and other initiatives. IDT
Corporation’s Class B Common Stock and Common Stock trade on the New
York Stock Exchange under the ticker symbols IDT and IDT.C, respectively.
In this press release, all statements that are not purely about
historical facts, including, but not limited to, those with the words “believe,““anticipate,““expect,““plan,““intend,““estimate,““target“
and similar expressions, are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.All
forward-looking statements and risk factors included in this document
are made as of the date hereof, based on information available to IDT as
of the date thereof, and IDT assumes no obligation to update any
forward-looking statements or risk factors.
