Back to press releases
The Board of Directors of IDT Corporation (NYSE: IDT) today declared a
special dividend of $0.08 per share to holders of its Class A and Class
B common stock. IDT also announced that it expects to resume payment of
regular quarterly dividends commencing with the first quarter of its
2014 fiscal year (the three months ending October 31, 2013) which it
expects to pay in December 2013. In November 2012, IDT paid its 2013
fiscal year dividends in advance with a special dividend of $0.60 per
share.
“IDT has continued to grow and generate strong cash flow throughout
2013. In light of these positive trends, and the impressive performance
across the Company’s divisions and business units, we are declaring this
special year-end dividend,” said Howard Jonas, IDT’s Chairman and CEO.
“We expect to resume regular quarterly dividends for fiscal 2014, and
will establish the quarterly dividend amount based on the Company’s
performance and outlook during the first quarter,” Mr. Jonas added. “In
addition, we expect to complete the spin-off of Straight Path
Communications (NYSE MKT: STRP) to our stockholders on July 31st, and
thereby continue to create and share value with IDT stockholders whether
through the increased market value of our company, paying cash
dividends, and stock repurchases or through distributing separate
businesses through spin-offs such as Genie Energy (NYSE: GNE), CTM Media
(CTMMA, CTMMB) and now Straight Path. Looking ahead, we expect to
continue to create value for our stockholders through additional
shareholder friendly actions.”
The special dividend will be paid on September 10, 2013 to stockholders
of record as of the close of business on August 30, 2013. The
ex-dividend date will be August 28, 2013.
The distribution will be treated as an ordinary dividend for tax
purposes.
In this press release, all statements that are not purely about
historical facts, including, but not limited to, those in which we use
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. While these forward-looking statements represent our
current judgment of what may happen in the future, actual results may
differ materially from the results expressed or implied by these
statements due to numerous important factors, including, but not limited
to, those described in our most recent Form 10-K filing (under the
headings “Risk Factors” and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations”), which may be revised or
supplemented in subsequent reports on SEC Forms 10-K, 10-Q and 8-K. We
are under no obligation, and expressly disclaim any obligation, to
update the forward-looking statements in this press release, whether as
a result of new information, future events or otherwise.
About IDT Corporation:
IDT Corporation (NYSE: IDT) through its IDT Telecom division, provides
telecommunications and payment services. IDT Telecom’s retail products
allow people to communicate and share resources around the world while
its carrier services business is a global leader in wholesale voice
termination. For more information, visit www.idt.net.
IDT also holds majority shares in two technology companies: Fabrix
Systems (www.fabrixsystems.com),
a software development company specializing in highly efficient
cloud-based video processing, storage and delivery, and; Zedge (www.zedge.net),
a platform – including popular Android and iOS apps – that allows users
to share and obtain content to personalize mobile phones and tablets.
Investor Relations
IDT Corporation
Bill Ulrey, 973-438-3838
invest@idt.net
