Idt Corporation (NYSE:IDT)

IDT shares continue to rise after a huge move of $5.88 last Friday.

Howard Jonas, IDT’s Chairman and CEO, said, “IDT had an outstanding quarter, delivering $15.6 million in net income and a fourth consecutive quarter of revenue growth. We recently announced and commenced several significant, strategic steps designed to realize shareholder value and promote long term growth and profitability. We have begun to pay regular quarterly dividends, and we have offered to exchange shares of Class B Common Stock for Common Stock, with the objective of simplifying our equity structure. We also intend to spin-off Genie Energy in the current fiscal year and are exploring strategic options with respect to our valuable VoIP intellectual property. This quarter’s results indicate that both the telecom business remaining at IDT and Genie Energy have the capacity to generate cash, and have excellent prospects for continued growth.” IDT’s Chief Financial Officer, Bill Pereira, added, “Our core businesses continue to perform extremely well despite facing strong competitive pressures and a tough economic climate. IDT Telecom had another very good quarter, with year over year revenue and Adjusted EBITDA improvements fueled by exceptional growth in minutes carried on our network. IDT Energy grew revenues year over year and maintained strong gross margins even while conducting disciplined expansion into additional territories in New Jersey and Pennsylvania.”