IDT Corporation reports developments across a portfolio of fintech and communications businesses. Recurring updates include financial results for segments such as National Retail Solutions, Fintech, net2phone and Traditional Communications, as well as capital-return actions including dividends and share repurchases.
Company news also covers National Retail Solutions’ point-of-sale platform for independent retailers, NRSInsights retail same-store sales reports, BOSS Money international remittance and payments services, and net2phone cloud communications, customer experience and AI-driven workflow offerings. Additional releases address product launches, investor presentations, prepaid services, international voice and SMS messaging, and digital payment activity.
IDT Corporation (NYSE: IDT) reported robust financial results for the second quarter of fiscal year 2023, ending January 31, 2023.
Key highlights include:
- EPS rose to $0.57, up from $0.28.
- Net income surged to $14.6 million, compared to $7.5 million in the prior year.
- National Retail Solutions (NRS) achieved a 103% increase in recurring revenue, totaling $18.3 million.
- BOSS Money remittance revenue climbed 47% to $17.6 million.
- Consolidated revenue decreased by 7% to $314 million.
- Net2Phone subscription revenue grew by 30% to $16.3 million.
The results reflect significant growth in key segments despite challenges in traditional communications.
Newark, N.J., March 06, 2023: NRSInsights, a provider of retail sales data, reported a 10.7% increase in same-store sales year-over-year for February 2023. The robust performance is attributed to higher item sales despite a 6.1% decline from January 2023 due to the shorter month. Over the last three months, same-store sales rose by 10.0% compared to the same period in 2022. However, price pressures remain with a 4.2% increase in the average price of top items sold. Key price spikes include 81% for infant formula and eggs. NRS's network encompasses around 23,000 POS terminals serving predominantly urban independent retailers.
NEWARK, NJ, Feb. 24, 2023 - IDT Corporation (NYSE: IDT) will release its financial results for Q2 fiscal year 2023, covering the period ending January 31, 2023, on March 8, 2023. The earnings release will be available on the IDT investor relations website at around 4:30 PM Eastern Time. A conference call hosted by management will follow at 5:30 PM Eastern, discussing financial results and answering questions from investors. Participants can join by calling 1-888-506-0062 in the U.S. or 1-973-528-0011 internationally. A replay will be accessible after the call through March 22, 2023. For further details, visit the IDT investor relations website.
IDT Corporation (NYSE: IDT) has launched Zendit, a cloud-based prepaid-as-a-service platform, set to debut at Mobile World Congress 2023 in Barcelona from February 27 to March 2. This platform allows businesses to easily integrate over 10,000 prepaid offerings, including mobile airtime and digital gift cards, into their applications. With a seamless self-onboarding experience, developers can start within minutes. IDT's President, Emilio del Rio, emphasized the platform's potential to unlock new revenue opportunities in the growing digital prepaid market, which serves over seven billion consumers worldwide.
National Retail Solutions (NRS) has announced its expansion into Canada, leveraging its leading point-of-sale (POS) platform tailored for independent retailers. CEO Elie Y. Katz highlighted the company's focus on providing robust tools that enhance profitability and competitiveness against larger chains.
The NRS platform delivers a comprehensive suite of solutions, including inventory management, sales reports, and a mobile app for remote operations. Additionally, NRS introduces NRS Pay, a low-cost credit card processing service, free from hidden fees. The initial deployment of POS terminals is set for select retailers in Toronto, with plans for broader distribution across Canada.
National Retail Solutions (NRS) reported a 11.5% increase in same-store sales for January 2023 compared to January 2022, while sales decreased 6.0% from December 2022, consistent with seasonal trends. The NRS retail network comprises approximately 22,000 terminals across independent retailers, processing nearly $13.6 billion in sales over the past year. The number of items sold rose 7.2% year-over-year, despite a 2.5% month-over-month decline. Price increases for top items moderated to 4.0% annually, down from 5.7% in December. NRS continues to provide insights into retail trends, vital for IDT Corporation (IDT) and its investors.
National Retail Solutions (NRS) reported significant growth in same-store sales for December 2022, with a 9.8% increase year-over-year and a 6.6% rise compared to November 2022. The NRS retail network now has approximately 22,000 terminals across various independent retailers.
For the full year 2022, same-store sales increased 8.2%. Sales in December were boosted by holiday spending, particularly in the beverage and snack categories. The average price of the top 500 items sold rose by 5.7% year-over-year.
In November 2022, NRSInsights reported a 11.4% increase in same-store sales compared to November 2021, but a 4.2% decrease from October 2022. Year-to-date sales showed an 8.3% increase compared to 2021. The number of items sold rose 10.7% year-over-year, though fell 5.1% month-over-month. The average transaction count per store grew by 6.3% annually but decreased 6.4% from October. Average prices for top items increased 4.5% year-on-year, indicating ongoing inflationary pressure.
IDT Corporation (NYSE: IDT) reported strong financial results for Q1 fiscal 2023, highlighting its highest quarterly income from operations since 2015. Key metrics include a 107% year-over-year increase in revenue from National Retail Solutions (NRS) to $17.8 million, and a net income of $11 million compared to a loss of $2.5 million last year. Adjusted EBITDA grew 33% to $24.3 million, while EPS rose to $0.43 from a loss of $0.10. However, consolidated revenue decreased 13% to $322 million, largely driven by a decline in the Traditional Communications segment.
IDT Corporation announces the launch of the NRS B2B Marketplace, an innovative e-commerce platform connecting wholesale distributors and suppliers with independent retailers across the nation. This initiative aims to facilitate better access to wholesale supplies for small-format stores, enhancing inventory management and sales forecasting. With the support of NRS’ in-house delivery service, distributors can efficiently meet the small ordering needs of these retailers. The initiative is led by Pavel Danilov, who brings expertise in inventory management solutions.