IDT Corporation Announces Payment of Special Dividend; Anticipated Resumption of Quarterly Dividends
IDT Corporation Announces Payment of Special Dividend; Anticipated Resumption of Quarterly Dividends in Fiscal 2014
NEWARK, N.J.--(BUSINESS WIRE)-- The Board of Directors of IDT Corporation (NYS: 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 (NYS: 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 (NYS: 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.
Bill Ulrey, 973-438-3838
KEYWORDS: United States North America New Jersey
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