NEWARK, N.J., Sept. 15, 2016 – IDT Corporation (NYSE: IDT) has scheduled its report of fourth quarter and full fiscal year 2016 financial and operational results for Wednesday, September 28, 2016.

The fourth quarter and full fiscal year (the three and twelve months, respectively, ended July 31, 2016) earnings release will be issued and posted on the IDT investor relations website (www.idt.net/ir) at approximately 4:30 PM ET.

IDT will host an earnings conference call beginning at 5:30 PM ET with management’s discussion of results, outlook and strategy followed by Q&A with investors. 

To listen to the call and participate in the Q&A, dial toll-free 1-888-348-8417 (from U.S.) or 1-412-902-4243 (international) and request the IDT Corporation call.

A recording of the conference call can be accessed one hour after the call concludes through October 5, 2016 by dialing 1-877-870-5176 (toll free from the US) or 1-858-384-5517 (international) and providing this conference code: 10091025.  The recording will also be available via streaming audio at the IDT investor relations website (www.idt.net/ir) following the call.

About IDT Corporation:
IDT Corporation (NYSE: IDT), through its IDT Telecom division, provides telecommunications and payment services to individuals and businesses primarily through its flagship Boss Revolution^® and Net2Phone^® brands.  IDT Telecom’s wholesale business is a leading global carrier of international long distance calls.  For more information on IDT, visit www.idt.net.

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SOURCE IDT Corporation

NEWARK, NJ–(Marketwired – June 02, 2016) – IDT Corporation (NYSE: IDT) reported diluted earnings per share (EPS) of $0.19 and Non-GAAP diluted EPS* of $0.38 on revenue of $355.2 million for the third quarter of its fiscal year 2016, the three months ended April 30, 2016.

3Q16 HIGHLIGHTS

(Results for 3Q16 are compared to 3Q15)

• IDT completed the spin-off of its majority interest in Zedge to IDT shareholders on June 1, 2016. Zedge now trades on the NYSE MKT under the ticker symbol “ZDGE”;
• Consolidated revenue decreased to $355.2 million from $383.9 million;
• Adjusted EBITDA* decreased to $10.3 million from $13.6 million;
• Income from operations increased to $5.7 million from $2.5 million. In 3Q15, IDT recorded severance expense of $6.2 million;
• Diluted EPS increased to $0.19 from $0.02;
• Non-GAAP diluted EPS* decreased to $0.38 from $0.43.

MANAGEMENT REMARKS

IDT’s Chief Executive Officer Shmuel Jonas said, “Yesterday, IDT spun off to our stockholders our interest in Zedge as an independent public company. The hugely popular and fast growing Zedge app for mobile device personalization began trading the regular way on the NYSE MKT today.

“I want to congratulate the entire Zedge team, and particularly Tom Arnoy and Jonathan Reich, and wish them good luck and much success as an independent company. We believe Zedge has tremendous potential and the right team to fully realize it.

“IDT delivered solid bottom line results this quarter. The sequential revenue decrease — primarily from our wholesale carrier business — was disappointing but had a muted impact on our bottom line. That’s largely because the revenue we lost was very low margin, and because we continue to manage our overhead spending even as we invest more heavily in our growth initiatives.”

3Q16 CONSOLIDATED RESULTS

*Throughout this release, Adjusted EBITDA, Non-GAAP net income and Non-GAAP diluted EPS for all periods presented are non-GAAP measures intended to provide useful information that supplements IDT’s or the relevant segment’s core results in accordance with GAAP. Please refer to the Reconciliation of Non-GAAP Financial Measures at the end of this release for an explanation of these terms and their respective reconciliation to the most directly comparable GAAP measure.

3Q16 OPERATING RESULTS BY SEGMENT


(Results are for 3Q16 and comparisons are to 3Q15 unless otherwise noted)

TPS
IDT’s Telecom Platform Services (TPS) segment accounted for 98.7% of IDT’s revenue in 3Q16 compared to 98.8% in 3Q15 and 98.5% in the prior quarter. TPS markets and distributes multiple communications and payment services across four broad business verticals: Retail Communications, Wholesale Carrier Services, Payment Services and Hosted Platform Solutions.

TPS’ quarterly minutes of use totaled 6.97 billion compared to 7.15 billion (-2.5%) in 3Q15 and 7.03 billion (-0.8%) in 2Q16. The year-over-year decrease primarily reflects a decline in Retail Communications minutes, led primarily by the decline in Boss Revolution voice traffic over the US-to-Mexico corridor. Adjusting for the lower number of days in our fiscal Q3 as compared to our fiscal Q2, TPS minutes of use, including Boss Revolution voice traffic, actually increased by 1.4%.

TPS’ revenue was $350.4 million compared to $379.1 million (-7.6%) in the year ago quarter and $376.7 million (-7.0%) in the prior quarter. The year over year decrease is the result of declines in revenue within the Retail Communications and Wholesale Carrier Services verticals. The sequential decrease was generated predominantly by a decline in Wholesale Carrier Services’ revenues.

• Retail Communications – Revenue decreased 10.1% year over year, driven primarily by lower sales of traditional prepaid cards in the US and overseas. Sales of IDT’s flagship Boss Revolution international calling service, which is the dominant offering in the Retail Communications vertical, declined 4.5% year over year. The year over year revenue decline at Boss Revolution primarily reflects the impact of a move toward deregulation of Mexico’s telecommunications markets. As discussed in prior quarters, deregulation led to a dramatic reduction in the cost of terminating calls from the US to Mexico — formerly Boss Revolution’s largest calling corridor. Exclusive of the US to Mexico route, revenue generated by Boss Revolution’s international calling service increased in 3Q16 by approximately 1% compared to the year ago quarter. On a per-day basis, Retail Communications revenue decreased 0.3% compared to 2Q16. Sales of the Boss Revolution calling service increased 1.1% on a per-day basis but the increase did not fully offset the continued decline in sales of traditional prepaid card products.
• Wholesale Carrier Services – Revenue decreased 8.6% year over year on a traffic mix-shift to lower revenue per minute corridors that more than offset a 2.6% increase in minutes of use. Sequentially, revenue decreased 16.3% reflecting the loss of several high volume, but very low margin, customers.
• Payment Services – Revenue increased 6.5% year over year on continued increases in sales of airtime top-up services supplemented by the expansion of IDT’s early stage international money transfer business.
• Hosted Platform Solutions – Revenue decreased by 20.1% year over year, in-line with expectations and reflective of reductions in rates and subscribers for telephony services provided by IDT to its cable operator customers.

TPS’ direct cost of revenue as a percentage of TPS’ revenue was 83.4% in 3Q16, an increase of 30 basis points year over year, and a decrease of 120 basis points sequentially, in both cases mostly due to changes in the revenue mix between sales of higher margin Retail Communications revenues as compared to relatively lower margin Wholesale Carrier Services revenues.

TPS’ SG&A expense decreased to $46.7 million from $48.6 million (-3.9%) in 3Q15 and from $46.8 million (-0.1%) in 2Q16. The year over year decrease primarily reflects reduced employee compensation costs, after headcount reductions implemented in fiscal 2015, lower marketing and advertising expense, and a reduction in legal fees.

TPS’ Adjusted EBITDA decreased to $11.5 million from $15.3 million (-24.8%) in 3Q15 and increased from $11.3 million (+1.8%) in 2Q16. The year over year decrease was mostly due to the decrease in revenues and increase in direct cost as a percentage of revenue, partially offset by the reduction in SG&A expense.

TPS’ depreciation and amortization expense was $4.9 million in 3Q16, an increase from $4.1 million (+20.9%) in 3Q15 and $4.7 million (+6.1%) in 2Q16. Depreciation increased due to higher levels of capital expenditures in recent periods to support new product development, including IDT Messaging, PICUP, and the Boss Revolution Calling App.

TPS’ income from operations increased to $6.3 million from $5.6 million (+12.8%) in 3Q15 and was unchanged compared to 2Q16. Income from operations included the impact of severance expense of $0.2 million in 3Q16 and $5.6 million in 3Q15.

CPS

Consumer Phone Services (CPS) sells local and long distance services domestically in 11 states, marketed under the brand name IDT America. CPS has been in harvest mode for the last decade, maximizing revenue from current customers while maintaining SG&A and other expenses at the minimum levels essential to operate the business. Results this quarter conformed to expectations.

CPS’ revenue was $1.7 million and income from operations was $351 thousand.

ALL OTHER

All Other included Zedge, one of the most popular content platforms for mobile device personalization including ringtones, wallpapers, home screen icons and game recommendations, as well as IDT’s real estate holdings and other small businesses. Zedge was spun off from IDT on June 1, 2016.

Zedge’s revenue in 3Q16 was $2.6 million, an increase from $2.2 million (+17.0%) in 3Q15 and a decrease from $3.5 million (-27.1%) in 2Q16. The year over year increase was driven by continued user growth and increased customer engagement. The sequential decrease conformed to expectation and reflected seasonal factors that increased revenue in the second quarter. Zedge generated income from operations of $239 thousand in 3Q16 compared $123 thousand in the year ago quarter, and $1.7 million in 2Q16.

All Other’s revenue was $3.1 million in 3Q16 compared to $2.7 million (+14.1%) in 3Q15 and to $4.0 million (-23.1%) in 3Q16. Zedge and IDT’s real estate holdings generated all of All Other’s revenue in each of these periods.

All Other’s income from operations was $1.8 million in 3Q16 compared to $1.6 million in 3Q15 and unchanged compared to 2Q16. Income from operations in 3Q16 and 3Q15 included gains of $1.1 million and $1.2 million, respectively on the sale of Fabrix.

OTHER CONSOLIDATED RESULTS

Consolidated results for all periods presented include corporate overhead. In 3Q16, corporate G&A expense was $2.8 million compared to $2.9 million (-2.0%) in the year ago quarter and $2.1 million (+35.9%) in the prior quarter. The sequential increase reflected increased legal expense.

Net income attributable to IDT increased to $4.2 million from $565 thousand in the year ago quarter and $4.1 million in the prior quarter. The year over year improvement was due primarily to severance expense of $6.2 million in the year ago quarter and the reduction in SG&A expense.

At April 30, 2016, IDT had $147.8 million in unrestricted cash, cash equivalents and marketable securities. Additionally, at that date, IDT reported $99.8 million in current restricted cash and cash equivalents, nearly all of which represents customer deposits held by IDT’s Gibraltar-based bank. At quarter end, current assets totaled $336.8 million and current liabilities were $335.3 million.

Net cash provided by operating activities during 3Q16 was $10.7 million compared to $6.8 million during 3Q15 and $11.2 million in 2Q16. For the same periods, capital expenditures were $4.7 million compared to $8.9 million and $3.7 million, respectively.

DIVIDEND

IDT’s Board of Directors has declared a dividend of $0.19 per share of Class A and Class B common stock for the third quarter of its fiscal year 2016. The dividend will be paid on or about June 17, 2016 to stockholders of record as of the close of business on June 13^th. The ex-dividend date will be June 9^th. This distribution will be an ordinary dividend for tax purposes.

IDT EARNINGS ANNOUNCEMENT & SUPPLEMENTAL INFORMATION

IDT will host an earnings conference call at 5:30 PM ET today beginning with management’s discussion of results, outlook and strategy followed by Q&A with investors.

To listen to the call and participate in the Q&A, dial toll-free 1-888-348-8417 (from U.S.) or 1-412-902-4243 (international) and request the ‘IDT Corporation call’.

A recording of the conference call can be accessed one hour after the call concludes through June 9, 2016 by dialing 1-877-870-5176 (toll free from the US) or 1-858-384-5517 (international) and providing this conference code: 10086892. The recording will also be available via streaming audio at the IDT investor relations website (www.idt.net/ir) shortly after the call concludes.

Copies of the complete earnings release — including the financial statements and reconciliation of the non-GAAP financial measures that are used herein and referenced during management’s discussion of results — were filed on a Form 8-K and are available on the investor relations portion of IDT’s website.

About IDT Corporation:

IDT Corporation (NYSE: IDT), through its IDT Telecom division, provides telecommunications and payment services to individuals and businesses primarily through its flagship Boss Revolution^® and Net2Phone^® brands. IDT Telecom’s wholesale business is a leading global carrier of international long distance calls. For more information on IDT, visit www.idt.net.

All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,” “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks, and should be consulted along with this release. To the extent permitted under applicable law, IDT assumes no obligation to update any forward-looking statements.

Reconciliation of Non-GAAP Financial Measures for the Third Quarter Fiscal 2016 and 2015

In addition to disclosing financial results that are determined in accordance with generally accepted accounting principles in the United States of America (GAAP), IDT also disclosed, for the third quarters of fiscal 2016 and 2015, Adjusted EBITDA, non-GAAP net income and non-GAAP diluted earnings per share, or EPS, which are non-GAAP measures. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP.

IDT’s measure of Adjusted EBITDA consists of revenues less direct cost of revenues, selling, general and administrative expense and research and development expense. Another way of calculating Adjusted EBITDA is to start with income from operations, add depreciation and amortization, severance expense, and other operating losses, and subtracts the gain on the sale of interest in Fabrix Systems Ltd.

IDT’s measure of non-GAAP net income starts with net income in accordance with GAAP and adds depreciation and amortization, severance expense, stock-based compensation, and other operating losses, and subtracts the gain on the sale of interest in Fabrix Systems Ltd.

IDT’s measure of non-GAAP diluted EPS is calculated by dividing non-GAAP net income by the diluted weighted-average shares.

These additions and subtractions are non-cash and/or non-routine items in the relevant fiscal 2016 and fiscal 2015 periods.

Management believes that IDT’s Adjusted EBITDA, non-GAAP net income and non-GAAP EPS measures provide useful information to both management and investors by excluding certain expenses and non-routine gains that may not be indicative of IDT’s or the relevant segment’s core operating results. Management uses Adjusted EBITDA, among other measures, as a relevant indicator of core operational strengths in its financial and operational decision making. In addition, management uses Adjusted EBITDA, non-GAAP net income and non-GAAP EPS to evaluate operating performance in relation to IDT’s competitors. Disclosure of these financial measures may be useful to investors in evaluating performance and allows for greater transparency to the underlying supplemental information used by management in its financial and operational decision-making. In addition, IDT has historically reported similar financial measures and believes such measures are commonly used by readers of financial information in assessing performance, therefore the inclusion of comparative numbers provides consistency in financial reporting at this time.

Management refers to Adjusted EBITDA, as well as the GAAP measures income (loss) from operations and net income, on a segment and/or consolidated level to facilitate internal and external comparisons to the segments’ and IDT’s historical operating results, in making operating decisions, for budget and planning purposes, and to form the basis upon which management is compensated.

While depreciation and amortization are considered operating costs under GAAP, these expenses primarily represent the non-cash current period allocation of costs associated with long-lived assets acquired or constructed in prior periods. IDT’s operating results exclusive of depreciation and amortization charges are useful indicators of its current performance.

Severance expense is also excluded from the calculation of Adjusted EBITDA, non-GAAP net income and non-GAAP EPS. Severance expense is reflective of decisions made by management in each period regarding the aspects of IDT’s and its segments’ businesses to be focused on in light of changing market realities and other factors. While there may be similar charges in other periods, the nature and magnitude of these charges can fluctuate markedly and do not reflect the performance of IDT’s core and continuing operations.

Other operating losses and gain on the sale of interest in Fabrix Systems Ltd., which are components of income from operations, are excluded from the calculation of Adjusted EBITDA, non-GAAP net income and non-GAAP EPS. From time-to-time, IDT will dispose of certain assets or incur costs related to legal matters. In addition, IDT may select and incubate promising early stage businesses outside of its core business for eventual sale or spin-off to its stockholders. However, such losses or gains do not occur each quarter nor are they part of IDT’s or the relevant segment’s core operating results.

The other calculation of Adjusted EBITDA consists of revenues less direct cost of revenues, selling, general and administrative expense and research and development expense. As the other excluded items are not reflected in this calculation, they are excluded automatically and there is no need to make additional adjustments. This calculation results in the same Adjusted EBITDA amount and its utility and significance is as explained above.

Stock-based compensation recognized by IDT and other companies may not be comparable because of the variety of types of awards as well as the various valuation methodologies and subjective assumptions that are permitted under GAAP. Stock-based compensation is excluded from IDT’s calculation of non-GAAP net income and non-GAAP EPS because management believes this allows investors to make more meaningful comparisons of the operating results per share of IDT’s core business with the results of other companies. However, stock-based compensation will continue to be a significant expense for IDT for the foreseeable future and an important part of employees’ compensation that impacts their performance.

Adjusted EBITDA, non-GAAP net income and non-GAAP EPS should be considered in addition to, not as a substitute for, or superior to, income (loss) from operations, cash flow from operating activities, net income, basic and diluted earnings per share or other measures of liquidity and financial performance prepared in accordance with GAAP. In addition, IDT’s measurements of Adjusted EBITDA, non-GAAP net income and non-GAAP EPS may not be comparable to similarly titled measures reported by other companies.

Following are reconciliations of Adjusted EBITDA, non-GAAP net income and non-GAAP EPS to the most directly comparable GAAP measure, which are, (a) for Adjusted EBITDA, income (loss) from operations for IDT’s reportable segments and net income for IDT on a consolidated basis, (b) for non-GAAP net income, net income and, (c) for non-GAAP EPS, basic and diluted earnings per share.

Zedge (NYSE MKT: ZDGE) today announced that its spin-off from IDT
Corporation (NYSE: IDT) has been successfully completed following the
distribution by IDT of ZDGE common stock to IDT stockholders. Zedge
Class B Common Stock will begin trading regular way today on the NYSE
MKT with the ticker symbol “ZDGE”.

Tom Arnoy, co-founder and CEO of Zedge, said, “Since our inception, we
have been focused on developing an exceptional service that enables
Zedgers to express their identity, feelings, tastes and interests on
their mobile phones with outstanding personalization content including
wallpapers, ringtones, app icons and notification sounds. As a result of
this focus, we have developed a huge following. We have tremendous
opportunities for continued growth before us, and we will continue to
execute on our growth strategy delighting customers and attracting new
users.”

Holders of IDT Class A and Class B common stock as of the record date,
May 26, 2016, were issued one share of ZDGE Class A and Class B common
stock, respectively, for every three shares of IDT stock they held.
524,775 shares of ZDGE Class A and 7,151,603 shares of Class B common
stock were distributed to IDT stockholders at 11:59 p.m. yesterday.
524,775 shares of ZDGE Class A and 8,786,759 shares of Class B common
stock are currently outstanding.

Jonathan Reich, CFO and COO of Zedge, said “We are grateful to IDT for
its support during the past years enabling us to get to this point, and
are excited by the prospect of continuing to grow as an independent
company in order to unlock value for our shareholders.”

All statements above that are not purely about historical facts,
including, but not limited to, those in which we use the words
“believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,”
“target” and similar expressions, are forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995.
While these forward-looking statements represent our current judgment of
what may happen in the future, actual results may differ materially from
the results expressed or implied by these statements due to numerous
important factors. Our filings with the SEC provide detailed information
on such statements and risks, and should be consulted along with this
release. To the extent permitted under applicable law, we assume no
obligation to update any forward-looking statements.

About Zedge:

Zedge (NYSE MKT: ZDGE) provides a highly popular app that centered on
self-expression, pairing both creators and brands looking to promote
their content with consumers who utilize the content – wallpapers,
ringtones, app icons and notification sounds – to personalize their
phones. The Zedge app has surpassed 200 million installs globally and is
available in both the Google Play and iTunes stores.

About IDT Corporation:

IDT Corporation (NYSE: IDT), through its IDT Telecom division, provides
retail telecommunications and payment services to help immigrants and
the under-banked communicate and share resources around the world. IDT
Telecom’s wholesale business is a leading global carrier of
international long distance calls. For more information on IDT, visit www.idt.net.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160602005988/en/

Zedge
Jonathan Reich
ir@zedge.net

NEWARK, NJ–(Marketwired – May 25, 2016) –
 IDT Corporation (NYSE: IDT) will report its financial and operational results for the third quarter of its fiscal year 2016 on Thursday, June 2, 2016.

The third quarter (the three months ended April 30, 2016) earnings release will be filed on a Form 8-K and posted on the IDT investor relations website (www.idt.net/ir) at approximately 4:30 PM ET on June 2^nd.

IDT will host an earnings conference call beginning at 5:30 PM ET with management’s discussion of results, outlook and strategy followed by Q&A with investors.

To listen to the call and participate in the Q&A, dial toll-free 1-888-348-8417 (from U.S.) or 1-412-902-4243 (international) and request the IDT Corporation call.

A recording of the conference call can be accessed one hour after the call concludes through June 9, 2016 by dialing 1-877-870-5176 (toll free from the US) or 1-858-384-5517 (international) and providing this conference code: 10086892. The recording will also be available via streaming audio at the IDT investor relations website (www.idt.net/ir) shortly after the call.

About IDT Corporation:


IDT Corporation
(NYSE: IDT), through its IDT Telecom division, provides telecommunications and payment services to individuals and businesses primarily through its flagship Boss Revolution^® and Net2Phone^®
brands. IDT Telecom’s wholesale business is a leading global carrier of international long distance calls. IDT also holds, a majority interest in Zedge (www.zedge.net), developer of the popular eponymous app for mobile content discovery and acquisition. For more information on IDT, visit www.idt.net.

NEWARK, NJ–(Marketwired – May 16, 2016) – IDT Corporation (NYSE: IDT) today announced that the record date for the spin-off of its subsidiary, Zedge Inc. will be May 26, 2016.

Zedge provides one of the most popular content distribution platforms, worldwide, centered on self-expression. Zedge’s platform enables consumers to personalize their mobile devices with free, high quality ringtones, wallpapers, home screen app icons and notification sounds. The Zedge smartphone app, available in the Google Play, iTunes and Microsoft Market app stores, has been installed over 190 million times, has more than 32 million monthly active users, has averaged among the top 25 free applications in the Google Play store in the U.S. for the past six years and is ranked in the top 10 most popular free apps in the iTunes Entertainment category. Zedge’s user base has grown organically and, until now, the Company has not made any material investment in marketing, user acquisition or advertising.

IDT is spinning off its majority stake in Zedge to IDT’s stockholders. Zedge will continue to be run by a management team dedicated to realizing value from its business. Prior to the spin-off, IDT and certain other holders will capitalize Zedge with $3 million in cash, which will be added to Zedge’s existing cash resources which were $3.2 million as of January 31, 2016.

A copy of the amended Form 10 Information Statement is available on the IDT website at www.idt.net/ir.

In connection with the spin-off, and subject to the Securities and Exchange Commission declaring the Registration Statement on Form 10 effective, and approval of the Zedge Class B common stock for listing on the NYSE MKT LLC:

• The spin-off will be effective at 11:59 p.m. EDT on the distribution date, June 1, 2016.
• On the distribution date, each IDT stockholder as of 5:00 PM EDT on the record date, May 26, 2016, will receive one share of Zedge Class A common stock for every three shares of IDT Class A common stock and one share of Zedge Class B common stock for every three shares of IDT Class B common stock.
• Beginning on May 24, 2016, the entitlement to shares of Zedge Class B common stock will trade on the NYSE MKT “when issued” market with the ticker symbol ZDGE WI. On the first day of trading following the distribution date, “when issued” trading will cease, and “regular-way” trading of Zedge Class B common stock will begin on the NYSE MKT with the ticker symbol “ZDGE”.
• Beginning on May 24, 2016 and continuing through the distribution date, there will be two NYSE markets in IDT Class B common stock: a “regular-way” market and an “ex-distribution” market. Shares of IDT Class B common stock exchanged in the “regular-way” market will trade with an entitlement to receive shares of Zedge Class B common stock through the distribution. Shares of IDT Class B common stock exchanged in the “ex-distribution” market will trade without such an entitlement.
• IDT expects to receive a legal opinion from Pryor Cashman LLP that the distribution should qualify as a tax-free transaction for U.S. federal income tax purposes. However, cash distributed in lieu of fractional shares generally will be taxable to the recipient stockholders. Stockholders are urged to consult their financial advisors and tax advisors regarding the particular consequences of the distribution in their situation, including, without limitation, the specific implications of selling IDT common stock on or prior to the distribution date and the applicability and effect of any U.S. federal, state, local and foreign tax laws.
• Zedge Class B common stock has been assigned CUSIP # 98923T 104

All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,” “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks, and should be consulted along with this release. To the extent permitted under applicable law, we assume no obligation to update any forward-looking statements.

About Zedge:

Zedge provides the leading mobile app to personalize mobile phones and devices with lots of great and free content. Zedge’s app is available in Google Play, iTunes and Microsoft Store. Zedge’s reach and popularity affords advertisers, game developers, musicians, artists and brands a scalable, non-incentivized, user acquisition platform on a global basis. Zedge’s investors include IDT Corporation (NYSE: IDT) – www.idt.net — and Shaman II. For more information, please visit the Zedge web site at www.zedge.net and follow Zedge on Facebook (www.facebook.com/officialzedge) and Twitter (www.twitter.com/zedge).

About IDT Corporation:

IDT Corporation (NYSE: IDT), through its IDT Telecom division, provides retail telecommunications and payment services to help immigrants and the under-banked communicate and share resources around the world. IDT Telecom’s wholesale business is a leading global carrier of international long distance calls. IDT also holds a majority interest in Zedge (www.zedge.net), developer of the popular eponymous app for a mobile content discovery and acquisition. For more information on IDT, visit www.idt.net.

NEW YORK, NY –(Marketwired – May 04, 2016) – IDT Corporation (NYSE: IDT)

Zedge announced today that Jonathan Reich, Chief Financial Officer and Chief Operating Officer, will present at the inaugural Joseph Gunnar & Co., LLC Pioneers 2016 Conference on Thursday, May 5, 2016 at 11:00 a.m. ET in New York, NY. Mr. Reich will provide an overview of Zedge’s business, vision, growth strategy and outlook.

Zedge provides one of the most popular content distribution platforms, worldwide, centered on self-expression, attracting both creators looking to promote their content and consumers who utilize such content to express their identity, feelings, tastes and interests.

The Zedge app has been installed more than 200 million times worldwide. The app enables consumers to personalize their mobile devices with free, high quality ringtones, wallpapers, home screen app icons and notification sounds.

Zedge has more than 32 million monthly active users and has averaged among the top 25 free applications in the Google Play store in the U.S. for the past six years and is ranked in the top 10 most popular free apps in the iTunes Entertainment category.

IDT Corporation (NYSE: IDT) has announced that it expects to spin out its majority stake in Zedge to its stockholders in the second quarter of this year. Pursuant to the planned spin-off, Zedge has filed a Registration Statement on Form 10, including a preliminary information statement, with the Securities and Exchange Commission. The filing can be seen at http://www.sec.gov/Archives/edgar/data/1667313/000121390016012774/f1012g2016a1ex99i_zedge.htm.

All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,” “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks, and should be consulted along with this release. To the extent permitted under applicable law, we assume no obligation to update any forward-looking statements.

About Zedge:

Zedge provides the leading mobile app to personalize mobile phones and devices with lots of great and free content. Zedge’s app is available in Google Play, iTunes and Microsoft Store. Zedge’s reach and popularity affords advertisers, game developers, musicians, artists and brands a scalable, non-incentivized, user acquisition platform on a global basis. Zedge’s investors include IDT Corporation (NYSE: IDT) – www.idt.net — and Shaman II. For more information, please visit the Zedge web site at www.zedge.net and follow Zedge on Facebook (www.facebook.com/officialzedge) and Twitter (www.twitter.com/zedge).

About IDT Corporation:

IDT Corporation (NYSE: IDT), through its IDT Telecom division, provides retail telecommunications and payment services to help immigrants and the under-banked communicate and share resources around the world. IDT Telecom’s wholesale business is a leading global carrier of international long distance calls. IDT also holds a majority interest in Zedge (www.zedge.net), developer of the popular eponymous app for a mobile content discovery and acquisition. For more information on IDT, visit www.idt.net.

About Pioneers 2016:

The Pioneers Conference is dedicated to providing a forum where publicly traded companies can network with the investment community. The 2016 Conference will feature presentations by CEOs and CFOs from several principal industry sectors, expert panels moderated by industry leaders, and the opportunity to meet with management of presenting companies on a one-on-one basis.

NEWARK, NJ–(Marketwired – April 19, 2016) – In response to the large earthquake that struck coastal Ecuador over the past weekend, IDT Corporation (NYSE: IDT), one of the largest providers of international voice calls to Latin America, said that its Boss Revolution calling service will provide free calls to any landline or mobile phone in Ecuador made from the Boss Revolution app. Customers using the Boss Revolution app will receive the free calls automatically through Thursday, April 21, 2016.

“Our thoughts and prayers are with those impacted by the earthquake that struck Ecuador over the weekend, and we want to help friends and family around the world connect at this critical time,” said Emilio R. del Rio, Vice President of IDT Telecom.

The Boss Revolution app is available for iOS and Android phones through the App Store and Google Play, respectively.

Apple, the Apple logo and iTunes are trademarks of Apple Inc., registered in the US and other countries. iPhone is a trademark of Apple, Inc. App Store is a service mark of Apple Inc. Android and GOOGLE PLAY are trademarks of Google Inc.

About IDT Corporation:

IDT Corporation (NYSE: IDT), through its IDT Telecom division, provides telecommunications and payment services to individuals and businesses primarily through its flagship Boss Revolution® and Net2Phone® brands. IDT Telecom’s wholesale business is a leading global carrier of international long distance calls. IDT also holds a majority interest in Zedge (www.zedge.net), developer of the popular eponymous app for mobile content discovery and acquisition. For more information on IDT, visit www.idt.net.

NEWARK, N.J., March 09, 2016 — IDT Corporation (NYSE:IDT), the first US-based carrier with a direct connection to Cuba, today introduced its Boss Revolution Cuba Plus calling plan.

Customers who sign up for Boss Revolution Cuba Plus can call to Cuba using the Boss Revolution app, any mobile phone or landline for just $0.65 per minute. Because of IDT’s direct connection with Cuba, Cuba Plus callers will get both a competitive rate and the best possible call quality without the interference and dropped calls associated with indirect routing.

Bill Pereira, CEO of IDT Telecom, said, “Boss Revolution has long been a leading provider of calling services to the Cuban American community. We understand the importance of good call quality, since these conversations allow our customers to stay in touch with – and participate in the lives of – loved ones back home. Now, we are pleased to leverage our direct connection with Cuba to power our Cuba Plus calling plan. Quite simply, the Boss Revolution Cuba Plus plan is the best way to stay in touch with family and friends in Cuba.”

The Boss Revolution Cuba Plus plan includes all the features of the Boss Revolution international calling service including great rates to the rest of Latin America and around the world. And like all Boss Revolution prepaid calling plans, Cuba Plus is free of hidden fees and minimum usage requirements.

Customers can enroll in Cuba Plus and fund their account at any participating Boss Revolution retailer or online at bossrevolution.com. Cuba Plus customers will also be able to purchase Cubacel airtime credit through their Boss Revolution retailer, online or through the Boss Revolution app. Cubacel airtime credit can be used in Cuba for both domestic and international calling.

In March 2015, IDT became the first US based telecommunications company able to carry international long distance voice calls directly to Cuba’s national telecom provider.

About IDT Corporation: 
IDT Corporation (NYSE:IDT), through its IDT Telecom division, provides telecommunications and payment services to individuals and businesses primarily through its flagship Boss Revolution® and Net2Phone® brands. IDT Telecom’s wholesale business is a leading global carrier of international long distance calls. IDT also holds a majority interest in Zedge (www.zedge.net), developer of the popular eponymous app for mobile content discovery and acquisition. For more information on IDT, visit www.idt.net.

IDT Corporation 
Bill Ulrey 
(973) 438-3838 
invest@idt.net

NEWARK, NJ–(Marketwired – March 08, 2016) – IDT Corporation (NYSE: IDT) today announced that its Zedge, Inc. subsidiary (Zedge) has filed a Form 10 Registration Statement with the Securities and Exchange Commission related to the planned spin-off of IDT’s majority interest in Zedge to IDT stockholders. 

Zedge provides one of the most popular content distribution platforms, worldwide, centered on self-expression. Today its platform enables consumers to personalize their mobile devices with free, high quality ringtones, wallpapers, home screen app icons and notification sounds. Currently, the Zedge smartphone app has been installed over 190 million times, has more than 33 million monthly active users and has averaged among the top 25 free applications in the Google Play store in the U.S. for the past six years.

“We are very excited to begin the process of spinning Zedge off to our stockholders,” said Howard Jonas, IDT’s Chairman. ”We have incubated Zedge and aided its phenomenal growth to date, helping it to become a great social media success story. Zedge has now validated its business model and reached the point where it can best achieve its potential as an independent company with resources focused exclusively on additional growth and value creation.” 

“This is a momentous milestone for us,” said Tom Arnoy, CEO and co-founder of Zedge. “I want to thank our users, employees, investors and business partners for supporting us and helping us achieve and maintain our leadership position. We look forward to continuing to deliver best of breed products and services in the world of digital self-expression and personalization.”

The Zedge spin-off is intended to be tax-free to IDT’s shareholders. Prior to consummation of the spin-off, IDT expects to receive a legal opinion as to the spin-off’s tax-free status.

In connection with the spin-off, each IDT stockholder will receive one share of Zedge Class A common stock for every three shares of IDT Class A common stock and one share of Zedge Class B common stock for every three shares of IDT Class B common stock. Upon completion of the spin-off, we expect that IDT stockholders as of the record date will hold approximately 83 percent of Zedge.

As of March 4, 2016, there were approximately 1.6 million shares of IDT Class A common stock, and approximately 21.4 million shares of IDT Class B common stock issued and outstanding.

No action is required by IDT stockholders to receive the shares of Zedge common stock.

The Form 10 and related materials, including an information statement, are available through the Securities and Exchange Commission’s website at: https://www.sec.gov/cgi-bin/browse-edgar?company=zedge&match=&filenum=&State=&Country=&SIC=&myowner=exclude&action=getcompany&Find=Search.

Zedge will apply to have the ZEDGE Class B common stock listed on the NYSE MKT under the ticker symbol “ZDGE”. Shares of IDT Class B Common Stock will continue to trade on the New York Stock Exchange under the symbol “IDT”.

Investors are encouraged to consult with their financial advisors regarding the specific implications of buying or selling IDT common stock.

About IDT Corporation:

IDT Corporation (NYSE: IDT), through its IDT Telecom division, provides telecommunications and payment services to individuals and businesses primarily through its flagship Boss Revolution^® and net2phone^® brands. IDT Telecom’s wholesale business is a leading global carrier of international long distance calls. IDT also holds a majority interest in Zedge (www.zedge.net), developer of the popular eponymous app for mobile content sharing and distribution. For more information on IDT, visit www.idt.net.

About Zedge, Inc.:

Zedge provides one of the most popular content distribution platforms, worldwide, centered on self-expression. Today its platform enables consumers to personalize their mobile devices with free, high quality ringtones, wallpapers, home screen app icons and notification sounds. Currently, the Zedge smartphone app has been installed over 190 million times, has more than 33 million monthly active users and has averaged among the top 25 free applications in the Google Play store in the U.S. for the past six years.

All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,” “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks, and should be consulted along with this release. To the extent permitted under applicable law, IDT assumes no obligation to update any forward-looking statements.