GAAP net loss for the second quarter of fiscal 2006 was $19.5 million, or minus $0.16 per diluted share, compared to net income of $6.6 million, or $0.06 per diluted share, for the first quarter of fiscal 2006. GAAP net income for the second quarter of fiscal 2005 was $8.9 million, or $0.08 per diluted share.

The results included the $1.7 billion acquisition of Integrated Circuit Systems (ICS). "The integration of IDT and ICS is well underway and off to a very good start," said Greg Lang, president and CEO of IDT, in a statement.

During the past ten months, IDT has disclosed details of restructuring measures to further improve profitability. In January, the company announced a reduction in force of approximately 240 North American employees, consolidation of certain functions, and a plan to integrate six California facilities into a single headquarter campus located in San Jose.

In April, IDT also announced the pending closure of its assembly and test facility in Manila, the Philippines, which would result in a reduction in force of approximately 750 employees. In addition, IDT concluded production in its Manila facility after having transferred the Manila assembly operations to outsourced suppliers and test operations to the Penang, Malaysia facility.

IDT completed the integration of its California facilities in mid-August, with plans to consolidate ICS’ San Jose facility into the IDT headquarters within the next six months.

By: DocMemory
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