Howard Jonas Issues White Paper on Future of IDT

In a surprising move, after much silence, Howard Jonas officialy released a white paper on the current status of IDT and his views on the future direction of the company. Mainly written to address the investors concerns over recent performance, Jonas lays out why he feels IDT is performing better than the numbers indicate, blaming the shortcomings of the GAAP accounting principals for the bad overall financial picture. He claims that because of GAAP, things like training, process improvements and advertising are listed as operating expenses and not as investments in the future of the business.

The second half of the white paper lays out his vision for the future of IDT as a business and judging by the lack of any mention, Telecom does not seem to be viewed as a significant part of IDTs long term vision.

Mr Jonas points to businesses like Zedge, an online community portal, IDT Carmel, a receivables management group and it's recent Oil Shale business aquistion as the companies shinning stars. Interestingly he also mentioned another business called Depot USA which will be an online store that only sells goods made in the USA.

You can read the full white paper here