IDT Corp. (NYSE: IDT) reported Q1 EPS of $0.44, versus $0.35 reported last year. Revenue for the quarter came in at $369.2 million, versus $390.6 million reported last year.

Shmuel Jonas, IDT's Chief Executive Officer, said, "IDT's financial results for the first quarter fiscal 2017 include a year over year decline in revenue and a decrease in SG&A expense. Our continuing efforts to reduce overhead expense and streamline our operations mitigated the impact of the revenue loss on our bottom line. Our net income was impacted positively by a one-time benefit from income taxes among other factors.

"Operationally, we had a productive first quarter highlighted by the introduction of several new retail and wholesale products. Significantly, our key growth initiatives - Net2Phone Office, PicuP, National Retail Solutions and our Boss Revolution international money transfer business - all performed well. Beginning this quarter, we are expanding our reporting segment disclosure to provide additional visibility into some of these initiatives."

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