NEWARK, N.J.--(BUSINESS WIRE)--The Board of Directors of IDT Corporation (NYSE:IDT) today declared a special dividend of $0.64 per share of Class A and Class B common stock.
“IDT has declared a special dividend of $0.64 today in recognition of our liquid balance sheet following the sale of our stake in Fabrix Systems in October and anticipated capital requirements,” said IDT’s Chief Executive Officer, Shmuel Jonas. “Today’s announcement follows a $0.68 special dividend paid by the company in November. We are fortunate to be well positioned to return proceeds from the Fabrix sale to our stockholders even as we continue to invest in long term growth initiatives in our core telecommunications and payments business.”
As of October 31, 2014, IDT reported $183.3 million in unrestricted cash, cash equivalents and marketable securities and no long term debt.
The special dividend declared today will be paid on or about January 23, 2015 to stockholders of record as of the close of business on January 15, 2015. The ex-dividend date will be January 13, 2015.
The distribution will be treated as a return of capital for tax purposes.
About IDT Corporation:
IDT Corporation (NYSE:IDT), through its IDT Telecom division, provides retail telecommunications and payment services to help immigrants and the under-banked communicate and share resources around the world. IDT Telecom’s wholesale business is a leading global carrier of international long distance calls. IDT also holds a majority interest in Zedge (www.zedge.net), developer of the popular eponymous app for a mobile content discovery and acquisition. For more information on IDT, visit www.idt.net.
