Despite Run, IDT Corporation Shares Still Offer Value
Yesterday, 3:01 PM
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Thu, Nov. 10, 3:51 PM
- IDT (IDT +0.2%) today announced a strategic buy-in to privately held biotech Cornerstone Pharmaceuticals.
- The company and co-investors put $10M in for a minority stake, following up a previous investment by IDT Chairman Howard Jonas. That will get IDT representation on the board as well as the prospect of taking majority control with its investor group.
- Cornerstone focuses on cancer therapies, and IDT says that biotechnology is an "extremely well-positioned industry sector for growth and return. Annual global growth in the oncology drug market is expected to be 7.5%–10.5% through 2020, reaching $150B."
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- With its spin-off of its Zedge unit complete, IDT has posted fiscal Q3 results where revenue fell Y/Y and sequentially and profits shrank.
- Sequential revenue decline (mainly from wholesale carriers) had a muted impact on the bottom line, CEO Shmuel Jonas said, "largely because the revenue we lost was very low margin, and because we continue to manage our overhead spending even as we invest more heavily in our growth initiatives.”
- Revenue by vertical in Telecom Platform Services (98.7% of revenue): Retail communications, $164.5M (down 10.1%); Wholesale carrier services, $123.3M (down 8.6%); Payment services, $55M (up 6.5%); Hosted platform solutions, $7.6M (down 20.1%).
- Consumer Phone Services drew $1.7M in revenue. Revenue from now spun-off Zedge (ZDGE) was $2.6M, up 17%.
Thu, Jun. 2, 5:12 PM
- IDT Corporation (NYSE:IDT): FQ3 EPS of $0.38
- Revenue of $355.2M (-7.5% Y/Y)
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- IDT mobile content division Zedge has wrapped up a spin-off from its parent firm and starts trading on its own today.
- Common stock in the unit was distributed to IDT shareholders (one share of Zedge Class A for every three shares of IDT Class A held, and one share of Zedge Class B common for every three shares of IDT Class B held) and starts regular-way trading on the NYSE today as ZDGE.
- Some 524,775 shares of ZDGE class A and about 8.79M shares of class B are outstanding.
- Zedge is focused on personalizing mobile devices and claims more than 190M installs of its platform.
Mon, May 16, 6:47 PM
- IDT (IDT +0.5%) is setting up details of spinning off its content distribution arm Zedge.
- It's set a record date for the spin-off of the unit -- a platform focused on personalizing mobile devices, that claims more than 190M installs -- for May 26.
- Before the spin-off, IDT will capitalize Zedge with $3M to add to existing reserves of $3.2M.
- The distribution date is June 1, when IDT stockholders will get one share of Zedge Class A common stock for every three shares of IDT Class A held, and one share of Zedge Class B common for every three shares of IDT Class B held.
- Zedge Class B stock is expected to start trading when-issued May 24 under the symbol ZDGE. IDT expects the transaction to be tax-free overall, though cash received in lieu of fractional shares will generally be taxable.
- Now read If Straight Path Has A Problem, IDT Might Have A Bigger One »
Tue, Mar. 8, 7:21 PM
- IDT (IDT +0.7%) says that it's launched a spinoff of its Zedge subsidiary by filing a Form 10 with the SEC.
- Majority interest in Zedge, a content distribution platform for personalizing mobile devices that boasts 190M installs, will be spun to IDT stockholders -- tax-free, the company expects.
- Stockholders will receive one share of Zedge Class A common stock for every three shares of IDT Class A common, and one share of Zedge Class B common stock for every three shares of IDT Class B common.
- The result should be IDT stockholders owning about 83% of Zedge, IDT says. On March 4 there were about 1.6M shares outstanding in IDT Class A, and 21.4M shares of Class B.
- Zedge is pursuing the NYSE symbol ZDGE.
- IDT shares are flat in after-hours action.
Thu, Mar. 3, 4:58 PM
- Telecom holding company IDT (IDT +4.7%) has posted fiscal Q2 results where it grew non-GAAP EPS to $0.39 (from previous $0.33) though revenues fell, as the company cut SG&A expenses to a three-year low.
- In after-hours action, shares are flat so far.
- Sales dropped mainly due to reduced traffic on the U.S.-to-Mexico corridor.
- Revenue breakout: Telecom Platform Services segment accounted for 98.5% of revenue, with $376.7M. TPS revenue by business: Retail Communications, $168.6M (down 7.7%); Wholesale Carrier Services, $147.2M (up 0.5%); Payment Services, $53.3M (up 6.9%); Hosted Platform Solutions, $7.6M (down 24%).
- Other than TPS: Consumer Phone Services revenue, $1.8M (down 21.2%); All other, including content platform Zedge, $4M (up 35%).
- Conference call to come at 5:30 p.m. ET.