IDT Revenues Up7 Jun, 2005 By: Jessica Wolf
IDT Corporation, parent company of Anchor Bay Entertainment, announced today that third quarter revenues were up 15 percent for the first nine months of the fiscal year, thanks mostly to the company's telecom and entertainment divisions.
Third quarter fiscal revenues for the period ended April 30 increased 7.3 percent over last year to $606.7 million, but declined 1.9 percent over the second quarter. The company posted an overall net loss of $14.3 million for the 2005 third quarter, compared to a net loss of $76.8 million in the 2004 fiscal third.
The telecom and entertainment segments of the company posted net income gains for IDT in the third quarter. Income for the IDT Entertainment, which includes Anchor Bay, was $3.1 million for the three-month period, up from $2.4 million the previous year. IDT Telecom income hit $12.1 million, a $6 million drop from the comparable 2004 third quarter.
Jim Courter, company CEO singled out the IDT Entertainment division.
“We are producing and selling an expanding slate of live-action films or television and home video release,” he said. “We are also making progress in the production of our animated feature films and the expansion of our home video distribution business.”