IDT Corporation Lends a Hand to Haitian Relief Effort

IDT Corporation (NYSE: IDT; IDT.C), a leading provider of international
telecommunications services, is employing its global presence and wide
range of calling services to help its customers contact family and
friends in Haiti, and to contribute to the relief effort now underway.

“Many of the local telecommunications service providers in Haiti
suffered significant damage, resulting in sporadic access for both
inbound and outbound Haiti traffic,” said Yona Katz, COO of IDT Telecom.
“IDT is rerouting calls and taking other steps to help our customers
reach their family members and friends, while also supporting the
broader humanitarian assistance effort.”

In Haiti, IDT is working with its sales partner Access Haiti, a leading
broadband provider, to set up calling stations in hotels and other
central sites to allow Haitians to use the IDT VoiceLine service to
reach family and friends around the world to assure them of their
safety. VoiceLine is IDT’s internet phone service. It does not depend on
the local landline service, which experienced significant damage in the
earthquake.

In the United States, IDT will donate 4,000 Boss and Calypso two-dollar
prepaid calling cards to Haitian community organizations in New York and
Florida. In addition, in order to help anyone trying to reach family and
friends in Haiti, IDT has lowered rates to Haiti on its PennyTalk®
prepaid international calling card during this crisis period to just two
cents a minute for calls to mobile and landline phones. The lower rate
will be in effect, at a minimum, through January 24^th, 2010,
and may be extended to compensate for significant service disruptions.
PennyTalk service is available in the United States, Canada and the
United Kingdom. Anyone interested in activating immediate service can do
so through www.pennytalk.com/haiti.

IDT will donate 100% of net proceeds on all calls to Haiti made with IDT
Telecom’s popular Boss Revolution prepaid calling service through
February 28th to the American Red Cross’ Haitian relief effort. Boss
Revolution customers will also be offered the opportunity to donate
$1.00 of their account balance to the Red Cross’ relief effort in Haiti.
Anyone interested in obtaining Boss Revolution service can do so at www.bossrevolution.com.
Furthermore, IDT will match the first $50,000 in donations made by its
approximately 1,200 employees worldwide to organizations leading the
Haitian relief effort.

About IDT Corporation:

IDT
Corporation (www.idt.net)
is a consumer services company with operations primarily in the
telecommunications and energy industries. IDT Corporation’s Class B
Common Stock and Common Stock trade on the New York Stock Exchange under
the ticker symbols IDT and IDT.C, respectively.

In this press release, all statements that are not purely about
historical facts, including, but not limited to, those with 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. All
forward-looking statements and risk factors included in this document
are made as of the date hereof, based on information available to IDT as
of the date thereof, and IDT assumes no obligation to update any
forward-looking statements or risk factors.

IDT Corporation
Investor Relations:
Bill Ulrey,
973-438-3838
invest@idt.net

IDT Reports Results for First Quarter Fiscal 2010

NEWARK, NJ — December 10, 2009: IDT Corporation (NYSE: IDT; IDT.C) released today financial results for its first quarter of fiscal 2010 ended October 31, 2009. The Company has scheduled a webcast for 5:30 PM Eastern today to discuss its financial and operational results.

FIRST QUARTER HIGHLIGHTS*

Revenues of $327.3 million – down 18.9%.
Gross profit of $69.2 million – down 23.9%.
Gross margin percentage of 21.1% – down 140 basis points.
Selling, general and administrative (SG&A) expense of $57.1 million – down 33.3%.
Adjusted EBITDA of $9.5 million – increased from $2.0 million.
Income from operations of $0.2 million – compared to a loss from operations of $12.1 million.
Net loss attributable to IDT of $3.5 million – down from a loss of $37.3 million.
Net loss attributable to IDT per share of $0.17 – down from a loss per share of $1.53.
Cash, cash equivalents and marketable securities were $187.0 million at October 31, 2009, including $20.3 million in restricted cash, cash equivalents and marketable securities.
Net cash provided by operating activities of $2.2 million.

*Unless otherwise indicated, all operational results in this release refer to the first quarter of IDT’s 2010 fiscal year – the quarter ended October 31, 2009, and all comparisons are for the first quarter of fiscal 2010 compared to the first quarter of fiscal 2009.

NOTE: Adjusted EBITDA for all periods presented is a non-GAAP measure representing income (loss) from operations exclusive of depreciation and amortization, restructuring charges, and impairments. It is one of several key metrics used by management to evaluate the operating performance of the Company and its individual business units.

MANAGEMENT COMMENTS
IDT’s Chairman and CEO, Howard Jonas, said, “Our restructuring program is substantially complete and we are benefitting from a significantly improved cost structure – particularly reduced SG&A at the corporate and operating division levels – as a result. In fiscal 2010, we will aggressively pursue strategies to grow revenues in both our core IDT Telecom and Genie Energy subsidiaries while continuing to invest modestly in several promising initiatives.”

OVERALL OPERATIONAL RESULTS
IDT revenues for the first quarter of fiscal 2010 were $327.3 million, a decline of 18.9% compared to Q1 2009, and a decline of 4.6% sequentially. Revenue declined 14.9% and 40.0% at IDT Telecom and IDT Energy, respectively, compared to the prior year. Sequentially, IDT Telecom revenue declined 6.3%, while IDT Energy revenue rose 9.0%.

IDT generated $69.2 million in gross profit compared to $90.9 million in the year ago quarter, a 23.9% decline year over year. The gross margin percentage decreased 140 basis points year over year and decreased 170 basis points sequentially to 21.1%.

SG&A expense totaled $57.1 million, a 33.3% reduction compared to the year ago quarter. Corporate SG&A of $5.5 million was 49.8% below the year ago period. The reduction was primarily attributable to decreases in personnel expenses, legal fees, consulting fees and other professional fees, partially offset by an increase in stock-based compensation expense.

Adjusted EBITDA totaled $9.5 million, an increase compared to Q1 2009 when the Company generated $2.0 million in Adjusted EBITDA. Adjusted EBITDA declined 28.9% sequentially.

Income from operations was $0.2 million, including the impact of $9.4 million in depreciation and amortization costs. Depreciation and amortization costs have declined in recent quarters primarily due to property, plant and equipment becoming fully depreciated and reflecting the lower capital expenditures required as a result of IDT Telecom’s migration of its global network from dedicated capacity TDM circuits to burstable Internet protocol circuits. In the year ago quarter, the loss from operations was $12.1 million, including the impact of $12.9 million in depreciation and amortization costs. The loss from operations in Q4 2009 was $0.2 million (after reclassification of certain businesses between continuing and discontinued operations).

The loss from continuing operations was $3.5 million during Q1 2010 compared to $35.5 million in Q1 2009. (For the first quarter of fiscal 2010, our discontinued operations include CTM Media Holdings, Inc., and in all other periods presented, our discontinued operations include (1) CTM Media Holdings, Inc. (2) IDT Carmel, (3) UTA’s calling card distribution business in the Dominican Republic, (4) our ethnic grocery brand food distribution business, and (5) our interest in certain real estate in Palo Alto, CA real estate. Please see the “Other Recent Developments” section below for a discussion of the spin-off of CTM Media Holdings and IDT Telecom’s European prepaid financial services business.)

Net loss attributable to IDT (formerly referred to as net loss before minority interest) was $3.5 million, or $0.17 per share, compared to net loss attributable to IDT of $37.3 million, or $1.53 per share, in the year ago quarter, and net income attributable to IDT of $7.2 million, or $0.35 per share, in the prior quarter.

The weighted-average number of shares outstanding used to calculate earnings per share was 20.2 million, 24.3 million and 20.9 million for Q1 2010, Q1 2009 and Q4 2009, respectively.

OPERATING RESULTS BY SEGMENT

IDT TELECOM
Revenues at IDT Telecom declined to $285.6 million in Q1 2010, down 14.9% from the year ago quarter, and down 6.3% sequentially.

Gross margin percentage was 18.7%, down 220 basis points from the year ago quarter and down 320 basis points sequentially, on gross profit of $53.3 million.

SG&A expense declined to $44.5 million, a 27.1% reduction year over year, and a 12.5% decline sequentially.

Adjusted EBITDA was $7.5 million, an 8.0% increase year over year, and a 48.7% decline sequentially.

Depreciation and amortization expense declined to $8.4 million compared to $11.4 million in Q1 2009.

Loss from operations was $0.9 million, compared to a loss of $3.7 million for the same period a year ago and income from operations of $3.3 million in the previous quarter.

Telecom Platform Services – TPS (Wholesale Carrier and Retail Communications Services)
Telecom Platform Services revenues during the quarter fell to $275.2 million, down 14.0% year over year. Total minutes declined to 4.8 billion, down 5.8% year over year, as a result of the decline in minutes-of-use utilized by our retail communications businesses, partially offset by a slight rise in wholesale minutes.

Despite the slight growth in wholesale carrier minutes during Q1, wholesale carrier revenues declined by 12.5% year over year, as competition in this market continues to intensify.

Global retail revenues fell 15.4% compared to Q1 2009, and 3.9% on a sequential basis, primarily due to continued competitive pressures. Following the acquisition of the remaining interest in its UTA calling card distribution subsidiary in Q4 of fiscal 2009, IDT Telecom focused on marketing and distributing a newly launched calling card brand for the U.S. market. This initiative helped to slow the rate of decline in U.S. calling card revenues during Q1 2010.

In addition, IDT Telecom is continuing to expand its international mobile top-up product line in the U.S., and expects to aggressively grow this business and add new destinations in the coming year. This product enables customers to transfer minutes purchased in the U.S. directly to accounts held by friends and family at participating wireless carriers overseas.

Year over year, Europe and Asia retail revenue grew on the strength of aggressive pricing and new calling card offerings, while retail revenues in South America declined.

Gross margin for TPS fell to 17.2%, a 220 basis point decrease from the year ago period. The investments in our new calling card brand in the U.S. and in our aggressively priced calling cards in Europe, as well as the growth in international mobile top-up sales – a relatively low margin business – were largely responsible for the margin decline.

TPS’ SG&A expense was reduced to $42.6 million in Q1 2010, down 26.2% compared to Q1 2009. Significant reductions in headcount and compensation, as well as in legal services and facilities costs, accounted for most of the improvement.

TPS generated $3.6 million in Adjusted EBITDA, up from $1.0 million in the year-ago period but down from the $11.2 million achieved in the previous quarter. TPS’ loss from operations was $4.8 million, a 48.6% improvement year over year, aided by declining depreciation and amortization costs throughout the year.

Consumer Phone Services – CPS
Consumer Phone Services, which includes both bundled (unlimited local and long distance) services customers as well as long distance-only customers, has been in “harvest mode” since fiscal 2006. Revenues declined in line with expectations, to $10.4 million for Q1 2010, down 32.7% from Q1 2009.

Gross margin for this segment climbed to 58.1% from 52.4% in the year ago quarter.

CPS’ SG&A expenses were reduced to $1.9 million, a 42.7% reduction year over year, as operational costs are being continuously adjusted to the needs of the declining business. CPS’ income from operations was $3.9 million, a 30.6% decline year over year.

GENIE ENERGY
Genie Energy includes our IDT Energy segment – an ESCO operating in New York State – and our Alternative Energy segment. The Alternative Energy segment includes our interest in AMSO, LLC – our U.S. oil shale joint venture, and Israel Energy Initiatives, Ltd., our alternative energy venture in Israel.

IDT Energy
IDT Energy’s revenues, were $40.3 million during Q1 2010, a 40.0% decline compared to Q1 2009, primarily reflecting declines in the average rates charged to customers for both electricity and gas. Electric rates declined 37.8%, while gas rates declined 41.1% corresponding to declines in the underlying commodity costs. Revenues rose 9.0% sequentially primarily on the strength of somewhat higher gas and electric rates compared to the prior quarter.

The total number of meters served on October 31, 2009 was approximately 372,000, comprised of 159,000 gas and 213,000 electric meters. Total meters were down 5.1% year over year and 6.3% sequentially.

Gross meter acquisitions for the quarter were 13,600 compared to 92,100 during Q1 2009. The slower pace of meter acquisitions resulted from the restructuring of IDT Energy’s sales and marketing program undertaken during Q4 2009 to reduce churn and target higher value customers, and from lower energy prices which tends to decrease the productivity of sales and marketing efforts.

During the quarter, acquisitions were more than offset by customer churn, which resulted in a net loss of approximately 25,000 meters for the quarter. The rate of churn fell significantly compared to the first quarter a year ago, from 6.07% in Q1 2009 to 2.69% in Q1 2010.

Gross margin rose to 36.3% from 30.1% during the year ago period. IDT’s management does not believe that this level of gross margin is sustainable on a consistent basis going forward. However, IDT Energy has been successful in maintaining strong margins despite fluctuating market conditions over the past several quarters.

SG&A expense was reduced to $4.1 million, a 52.8% decline compared to the year ago period, primarily reflecting reduced customer acquisition costs due to the decrease in the number of new customers acquired as a result of a sales and marketing restructuring initiated during Q4 2009, as well as reduced compensation expense and reduced billing related fees.

Adjusted EBITDA declined to $10.5 million from $11.1 million in Q1 2009. Sequentially, Adjusted EBITDA increased 108.8%.

Income from operations was $10.5 million, a 5.5% decline compared to Q1 2009, and a 109.8% increase sequentially.

Alternative Energy
Alternative Energy costs reported within research and development expense of $1.2 million currently consist of costs of our Israel Energy Initiatives business only, since AMSO, LLC is accounted for using the equity method. IEI began the resource appraisal and characterization study on its oil shale Exploration and Production License area in the third quarter of calendar 2009. A subsequent pilot stage will be used to determine technical and economic viability and as a basis for application for the required permits and approvals for a future commercial project.

Alternative Energy had Adjusted EBITDA and loss from operations of $1.5 million compared to $0.9 million in Q1 2009.

In March 2009, Total acquired a 50% interest in AMSO, LLC in exchange for cash paid to us of $3.2 million and Total’s commitment to fund the majority of AMSO, LLC’s research, development and demonstration expenditures. AMSO no longer consolidates AMSO, LLC as of the closing of the transaction with Total, instead, AMSO accounts for its 50% ownership interest in AMSO, LLC using the equity method. AMSO’s equity in the net loss of AMSO, LLC of $0.4 million is included in “Other expense, net” in IDT’s consolidated statement of operations.

AMSO, LLC intends to initiate a pilot heating test to confirm the accuracy of several of the key underlying assumptions of its proposed in-situ heating and retorting process at the end of calendar 2010 or early in 2011. In parallel, AMSO, LLC will be developing other technologies to address carbon management and advanced heating techniques. Upon successful completion of the test, it expects to design and implement a larger scale demonstration to further test its process and operations under commercial conditions, and assess scalability to commercial levels.

BALANCE SHEET AND STATEMENT OF CASH FLOWS HIGHLIGHTS
At October 31, 2009, IDT reported cash, cash equivalents and marketable securities of $187.0 million, including $20.3 million in restricted cash, cash equivalents and marketable securities. The comparable figures at July 31, 2009 were $188.6 million and $70.1 million, respectively.

During Q4 2009, IDT Energy entered into a multi-year agreement with BP Energy whereby BP became its preferred supplier of electricity and natural gas in New York State. As a result, $57.0 million in letters of credit outstanding at July 31, 2009 representing collateral for IDT Energy’s purchases of electricity and natural gas (and was secured by restricted cash, cash equivalents and marketable securities) was reduced to $7.0 million as of October 31, 2009.

Net cash provided by operating activities totaled $2.2 million in Q1 2010, compared to net cash used in operating activities of $52.4 million in Q1 2009.

OTHER RECENT DEVELOPMENTS
On September 30, 2008, IDT received notice from the New York Stock Exchange (NYSE) that it was no longer in compliance with the NYSE’s $100 million market capitalization threshold required for continued listing. IDT has until March 2010 to regain compliance with the $100 million market capitalization requirement. As of December 8, 2009, IDT had a trailing 30-day average market capitalization of $83.5 million.

On September 14, 2009, IDT completed the spin-off to its stockholders of the equity of CTM Media Holdings, Inc. (formerly the Local Media Group of IDT), which holds CTM Media Group, a majority interest in IDW Publishing and WMET 1160AM. CTM Media Holdings Class A and Class B common stock are quoted on the Pink OTC Markets under the ticker symbols CTMMA and CTMMB, respectively. Cash and cash equivalents of CTM Media Holdings and its subsidiaries of $9.8 million were deconsolidated as a result of this spin-off. In addition, CTM Media Holdings and its subsidiaries were reclassified to discontinued operations in Q1 2010 and in all prior periods, which reduced Q4 2009 income from operations by $1.3 million.

On October 13, 2009, IDT Spectrum, an IDT subsidiary, began accepting offers for its portfolio of 38 GHz and 28-31 GHz spectrum licenses. Although no offers were submitted prior to the November 12, 2009 deadline, IDT continues in discussions with interested parties.

On October 21, 2009, Jim Courter retired as CEO of IDT Corporation. As previously announced, Mr. Courter is continuing as the Company’s non-executive Vice Chairman of the Board. Howard Jonas, the Company’s Chairman, assumed the additional position of Chief Executive Officer.

During Q4 2009, IDT entered into an agreement for the sale of its European prepaid financial services business (EPP) and reported EPP as discontinued operations. On October 31, 2009, as a result of certain events that indicated that the buyer was unlikely to complete the transaction, IDT concluded that this sale was no longer probable. Therefore, EPP no longer met the criteria to be classified as held for sale and reported as discontinued operations. Accordingly, EPP’s assets, liabilities, results of operations and cash flows are classified as continuing operations for all periods presented.

During Q1 2010, IDT purchased an aggregate of 0.6 million shares of its Class B Common Stock and Common Stock for $1.5 million under an existing stock buyback program. As of December 8, 2009, 5.5 million shares remained authorized for repurchase under the current stock buyback program.

IDT EARNINGS WEBCAST INFORMATION & SUPPLEMENTAL INFORMATION

The earnings webcast is scheduled for today, December 10, 2009, at 5:30 PM Eastern time.
The webcast may be accessed by visiting the IDT Corporation website at www.idt.net , and through www.InvestorCalendar.com.
Windows Media software is required to listen to the streaming feed. Please allow at least 15 minutes to download any necessary audio software prior to the webcast.
An archived copy of the webcast will be available on the Investor Relations page of the IDT website, at https://www.idt.net/about/ir/overview.asp under the “Presentations” heading for at least one year after the webcast.
Copies of this release – which includes a reconciliation of the Non-GAAP financial measures that are both used herein and discussed during the webcast – are available in the Investor Relations portion of IDT’s website, at https://www.idt.net/about/ir/overview.asp.
Pursuant to the format utilized in prior quarters, the earnings announcement webcast will not include a Q&A session. In lieu of asking questions during the webcast, investors and others interested in the Company are invited to e-mail questions to invest@idt.net. The Company will accept questions received through close of business on December 11, 2009. Questioners must identify themselves by name and (if applicable) firm. When management can constructively answer the question, the initial question, the questioner’s name and firm’s name, and management’s response will be posted in a document available on the IDT Corporation’s website and in a Form 8-K filing as early as December 16, 2009 following the market close.

ABOUT IDT CORPORATION

IDT Corporation (www.idt.net ) is a consumer services company with operations primarily in the telecommunications and energy industries. IDT Corporation’s Class B Common Stock and Common Stock trade on the New York Stock Exchange under the ticker symbols IDT and IDT.C, respectively.

In this press release, all statements 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, including, but not limited to, those described in our most recent report on SEC Form 10-K (under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”), which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K. These factors include, but are not limited to, the following: potential declines in prices for our products and services; our ability to maintain and grow our prepaid calling card business, our wholesale telecommunication businesses and our retail energy business; availability of termination capacity to particular destinations; our ability to maintain carrier agreements with foreign carriers; our ability to obtain telecommunications products or services required for our products and services; the business and regulatory evolution of and competition and unfair business practices in, the energy services business in New York State; financial stability of our major customers; our ability to reduce our losses and improve our cash flow; impact of government regulation; effectiveness of our marketing and distribution efforts; and general economic conditions. We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise.

Contact:
IDT Corporation Investor Relations
Bill Ulrey
william.ulrey@idt.net
973-438-3838

IDT CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

	October 31, 2009	July 31, 2009
	(Unaudited)
	(in thousands)
Assets
Current assets:
Cash and cash equivalents………………………………………………………………………………………………………….	$ 166,189	$ 117,902
Restricted cash and cash equivalents………………………………………………………………………………………….	15,214	64,992
Marketable securities……………………………………………………………………………………………………………………	5,594	5,702
Trade accounts receivable, net of allowance for doubtful accounts of $12,851 at October 31, 2009 and $15,740 at July 31, 2009…………………………………………………………………………………………………….	116,312	138,697
Prepaid expenses………………………………………………………………………………………………………………………..	18,829	17,597
Investments—short-term………………………………………………………………………………………………………………	2,420	631
Other current assets…………………………………………………………………………………………………………………….	18,786	17,394
Assets of discontinued operations……………………………………………………………………………………………….	—	18,790

Total current assets……………………………………………………………………………………………………………	343,344	381,705
Property, plant and equipment, net………………………………………………………………………………………………………..	116,324	129,066
Goodwill……………………………………………………………………………………………………………………………………………….	17,423	17,275
Licenses and other intangibles, net……………………………………………………………………………………………………….	4,900	5,350
Investments—long-term………………………………………………………………………………………………………………………..	9,833	13,099
Other assets………………………………………………………………………………………………………………………………………….	12,270	13,125

Total assets……………………………………………………………………………………………………………………….	$ 504,094	$ 559,620

Liabilities and equity
Current liabilities:
Trade accounts payable……………………………………………………………………………………………………………….	$ 62,330	$ 68,120
Accrued expenses……………………………………………………………………………………………………………………….	139,608	159,032
Deferred revenue…………………………………………………………………………………………………………………………	71,195	67,505
Income taxes payable…………………………………………………………………………………………………………………..	2,031	2,031
Capital lease obligations—current portion……………………………………………………………………………………	6,583	7,058
Notes payable—current portion……………………………………………………………………………………………………	585	820
Other current liabilities…………………………………………………………………………………………………………………	5,121	4,852
Liabilities of discontinued operations…………………………………………………………………………………………..	—	5,496

Total current liabilities………………………………………………………………………………………………………..	287,453	314,914
Capital lease obligations—long-term portion…………………………………………………………………………………………	3,996	5,211
Notes payable—long-term portion…………………………………………………………………………………………………………	36,439	43,281
Other liabilities………………………………………………………………………………………………………………………………………	16,363	16,772

Total liabilities……………………………………………………………………………………………………………………	344,251	380,178
Commitments and contingencies
Equity:
IDT Corporation stockholders’ equity:
Preferred stock, $.01 par value; authorized shares—10,000; no shares issued……………………………….	—	—
Common stock, $.01 par value; authorized shares—100,000; 9,241 and 9,241 shares issued and 3,811 and 4,202 shares outstanding at October 31, 2009 and July 31, 2009, respectively…………..	92	92
Class A common stock, $.01 par value; authorized shares—35,000; 3,272 shares issued and outstanding at October 31, 2009 and July 31, 2009…………………………………………………………………..	33	33
Class B common stock, $.01 par value; authorized shares—200,000; 23,193 and 22,913 shares issued and 15,607 and 15,503 shares outstanding at October 31, 2009 and July 31, 2009, respectively…………………………………………………………………………………………………………………………….	232	229
Additional paid-in capital…………………………………………………………………………………………………………….	708,014	720,804
Treasury stock, at cost, consisting of 5,430 and 5,039 shares of common stock and 7,586 and 7,410 shares of Class B common stock at October 31, 2009 and July 31, 2009, respectively………	(295,370 )	(293,901 )
Accumulated other comprehensive income…………………………………………………………………………………..	1,969	953
Accumulated deficit………………………………………………………………………………………………………………………	(255,397 )	(251,916 )

Total IDT Corporation stockholders’ equity…………………………………………………………………………	159,573	176,294
Noncontrolling interests………………………………………………………………………………………………………………….. ………………………………………………………………………………………………………………………………………………………..	270	3,148

Total equity………………………………………………………………………………………………………………………..	159,843	179,442

Total liabilities and equity…………………………………………………………………………………………………..	$ 504,094	$ 559,620

IDT CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

	Three Months Ended October 31,
	2009	2008
	(In thousands, except per share data)
Revenues……………………………………………………………………………………………………………………………	$ 327,329	$ 403,792
Costs and expenses:
Direct cost of revenues (exclusive of depreciation and amortization)……………………………..	258,176	312,933
Selling, general and administrative (i)……………………………………………………………………………	57,099	85,554
Depreciation and amortization………………………………………………………………………………………	9,383	12,862
Bad debt……………………………………………………………………………………………………………………….	448	1,636
Research and development…………………………………………………………………………………………..	2,109	1,644
Restructuring and impairment charges …………………………………………………………………………	(41)	1,214

Total costs and expenses……………………………………………………………………………………………………	327,174	415,843

Income (loss) from operations…………………………………………………………………………………………….	155	(12,051)
Interest (expense) income, net…………………………………………………………………………………………….	(1,332)	358
Other expense, net………………………………………………………………………………………………………………	(1,188)	(20,998)

Loss from continuing operations before income taxes………………………………………………………….	(2,365)	(32,691)
Provision for income taxes………………………………………………………………………………………………….	(1,152)	(2,800)

Loss from continuing operations…………………………………………………………………………………………	(3,517)	(35,491)
Discontinued operations, net of tax:
Income (loss) from discontinued operations………………………………………………………………………..	7	(1,900)
Loss on sale of discontinued operations……………………………………………………………………………..	(147)	(231)

Total discontinued operations…………………………………………………………………………………………….	(140)	(2,131)

Net loss………………………………………………………………………………………………………………………………	(3,657)	(37,622)
Net loss attributable to noncontrolling interests……………………………………………………………………	176	364

Net loss attributable to IDT Corporation………………………………………………………………………………..	$ (3,481)	$ (37,258)


Amounts attributable to IDT Corporation common stockholders:
Loss from continuing operations…………………………………………………………………………………………	$ (3,441)	$ (35,106)
Loss from discontinued operations……………………………………………………………………………………..	(40)	(2,152)

Net loss………………………………………………………………………………………………………………………………	$ (3,481)	$ (37,258)


Earnings per share attributable to IDT Corporation common stockholders:
Basic and diluted:
Loss from continuing operations………………………………………………………………………	$ (0.17)	$ (1.44)
Loss from discontinued operations…………………………………………………………………..	—	(0.09)

Net loss……………………………………………………………………………………………………………	$ (0.17)	$ (1.53)

Weighted-average number of shares used in calculation of basic and diluted earnings per share………………………………………………………………………………………	20,190	24,320


(i)…… Stock-based compensation included in selling, general and administrative expenses..	$ 1,205	$ 1,323

IDT CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

	Three Months Ended October 31,
	2009	2008
	(in thousands)
Net cash provided by (used in) operating activities……………………………………………………………………………	$ 2,227	$ (52,397)
Investing activities
Capital expenditures………………………………………………………………………………………………………………..	(2,824)	(2,508)
Repayment of notes receivable, net………………………………………………………………………………………….	50	15
Investment……………………………………………………………………………………………………………………………….	(303)	—
Proceeds from sale and redemption of investments………………………………………………………………….	507	5,000
Restricted cash and cash equivalents………………………………………………………………………………………	49,778	(17,977)
Proceeds from sales of buildings……………………………………………………………………………………………..	5,150	—
Proceeds from sales and maturities of marketable securities……………………………………………………..	—	52,312
Purchases of marketable securities…………………………………………………………………………………………..	—	(19,890)

Net cash provided by investing activities…………………………………………………………………………………………..	52,358	16,952
Financing activities
Cash of subsidiaries deconsolidated as a result of the CTM Spin-Off………………………………………..	(9,775)	—
Distributions to holders of noncontrolling interests in subsidiaries…………………………………………..	(649)	(299)
Proceeds from sale of stock of subsidiary…………………………………………………………………………………	—	987
Repayments of capital lease obligations…………………………………………………………………………………..	(1,689)	(2,180)
Repayments of borrowings………………………………………………………………………………………………………	(183)	(251)
Repurchases of common stock and Class B common stock……………………………………………………..	(1,468)	(2,894)

Net cash used in financing activities………………………………………………………………………………………………….	(13,764)	(4,637)
Discontinued operations
Net cash provided by (used in) operating activities…………………………………………………………………..	930	(632)
Net cash (used in) provided by investing activities…………………………………………………………………..	(44)	3,224
Net cash used in financing activities………………………………………………………………………………………..	(471)	(675)

Net cash provided by discontinued operations………………………………………………………………………………….	415	1,917
Effect of exchange rate changes on cash and cash equivalents…………………………………………………………	571	(4,320)

Net increase (decrease) in cash and cash equivalents……………………………………………………………………….	41,807	(42,485)
Cash and cash equivalents (including discontinued operations) at beginning of period…………………….	124,382	164,886

Cash and cash equivalents (including discontinued operations) at end of period………………………………	166,189	122,401
Less cash and cash equivalents of discontinued operations at end of period…………………………………….	—	(6,084)

Cash and cash equivalents (excluding discontinued operations) at end of period……………………………..	$ 166,189	$ 116,317

Supplemental schedule of non-cash financing and investing activities
Mortgage note payable settled in connection with the sale of building ……………………………………..	$ (6,137)	$ —

Net assets excluding cash and cash equivalents of subsidiaries deconsolidated as a result of the CTM Spin-Off………………………………………………………………………………………………………………..	$ (6,014)	$ —

Reconciliation of Non-GAAP Financial Measures for the First Quarter of Fiscal Year 2010

In addition to disclosing financial results that are determined in accordance with generally accepted accounting principles in the United States of America (GAAP), IDT’s earnings release for the first quarter of fiscal 2010 also disclosed Adjusted EBITDA, which is a non-GAAP measure that contains certain adjustments to net loss or income (loss) from operations to eliminate the impact of certain items that management believes do not truly reflect IDT’s performance.

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 gross profit less selling, general and administrative expense, research and development expense and bad debt expense. Another way of calculating Adjusted EBITDA is to start with income (loss) from operations and (1) add depreciation and amortization and (2) deduct/add restructuring and impairment charges. These additions and deductions are non-cash and/or non-recurring items in the relevant fiscal 2010 and fiscal 2009 periods.

Management believes that IDT’s Adjusted EBITDA measure provides useful information to both management and investors by excluding certain expenses and non-recurring gains or losses 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 to evaluate operating performance in relation to IDT’s competitors. Disclosure of this financial measure 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. Adjusted EBITDA may also be an indicator of the strength and performance of IDT’s and the segment’s ongoing business operations, including the ability to fund capital expenditures, and meet working capital needs from current operations (as opposed to cash resources), and to incur and service debt. 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 gross profit, income (loss) from operations and net loss, 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. While IDT’s business may be capital intensive, IDT has significantly reduced its capital expenditures to date and going forward intends to incur capital expenditures at the reduced levels. Accordingly, IDT’s telecommunications network is less costly than in the past, therefore exclusion of depreciation and amortization charges from IDT’s operating results is a useful indicator of its current performance.

The restructuring and impairment charges are also excluded in the calculation of Adjusted EBITDA. Restructuring charges are substantially non-recurring and are 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. In addition, restructuring charges are decreasing and are expected to remain at the reduced levels for the foreseeable future. Impairments are primarily dictated by events and circumstances outside the control of management that trigger an impairment analysis. 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.

The other calculation of Adjusted EBITDA consists of gross profit less selling, general and administrative expense, research and development expense and bad debt 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.

Adjusted EBITDA should be considered in addition to, not as a substitute for, or superior to, gross profit, income (loss) from operations, cash flow from operating activities, net loss or other measures of liquidity and financial performance prepared in accordance with GAAP. In addition, IDT’s measurement of Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. Following are reconciliations of Adjusted EBITDA to the most directly comparable GAAP measure – income (loss) from operations for both IDT’s reportable segments and for IDT on a consolidated basis.

IDT Corporation Reconciliation of Adjusted EBITDA to Net Loss (Income)
Figures may not foot or cross-foot due to rounding to millions.
$ in millions	Total IDT Corporation	Telecom Platform Services	Consumer Phone Services	IDT Energy	Alternative Energy	All Other	Corporate
Three Months Ended October 31, 2009 (Q1 2010)
Revenues	$ 327.3	$ 275.2	$ 10.4	$ 40.3	$ –	$ 1.5	$ –
Direct cost of revenues	258.2	227.9	4.3	25.7	–	0.3	–
Selling, general and administrative	57.1	42.6	1.9	4.1	0.3	2.7	5.5
Bad debt	0.4	0.2	0.2	–	–	–	–
Research and development	2.1	0.9	–	–	1.2	–	–
Adjusted EBITDA	9.5	3.6	3.9	10.5	(1.5)	(1.5)	(5.5)
Subtract (Add):
Depreciation and amortization	9.4	8.4	–	–	–	0.6	0.3
Impairments	(0.1)	–	–	–	–	(0.1)	–
Restructuring charges	0.1	–	–	–	–	–	0.1
Income (loss) from operations	0.2	$ (4.8)	$ 3.9	$ 10.5	$ (1.5)	$ (2.0)	$ (6.0)
Interest expense, net	(1.3)
Other expense, net	(1.2)
Loss from continuing operations before income taxes	(2.4)
Provision for income taxes	(1.2)
Loss from continuing operations	(3.5)
Loss from discontinued operations	(0.1)
Net loss	(3.7)
Net loss attributable to noncontrolling interests	0.2
Net loss attributable to IDT Corporation	$ (3.5)

	Total IDT Corporation	Telecom Platform Services	Consumer Phone Services	IDT Energy	Alternative Energy	All Other	Corporate
Three Months Ended July 31, 2009 (Q4 2009)
Revenues	$ 343.0	$ 293.1	$ 11.6	$ 37.0	$ –	$ 1.4	$ –
Direct cost of revenues	265.0	232.4	5.5	27.6	–	(0.5)	–
Selling, general and administrative	62.7	48.5	2.4	4.3	0.1	1.8	5.6
Bad debt	0.9	0.6	0.3	–	–	–	–
Research and development	1.1	0.4	–	–	0.7	–	–
Adjusted EBITDA	13.4	11.2	3.4	5.0	(0.8)	0.1	(5.6)
Subtract:
Depreciation and amortization	11.8	10.6	–	–	–	0.8	0.3
Impairments	0.2	–	–	–	–	0.2	–
Restructuring charges	1.6	0.6	–	–	–	–	1.0
(Loss) income from operations	(0.2)	$ –	$ 3.3	$ 5.0	$ (0.8)	$ (0.9)	$ (6.9)
Interest expense, net	(1.6)
Other expense, net	(1.9)
Loss from continuing operations before income taxes	(3.7)
Benefit from income taxes	15.3
Income from continuing operations	11.6
Loss from discontinued operations	(2.5)
Net income	9.1
Net income attributable to noncontrolling interests	(1.9)
Net income attributable to IDT Corporation	$ 7.2

IDT Corporation Reconciliation of Adjusted EBITDA to Net Loss
Figures may not foot or cross-foot due to rounding to millions.
$ in millions	Total IDT Corporation	Telecom Platform Services	Consumer Phone Services	IDT Energy	Alternative Energy	All Other	Corporate
Three Months Ended October 31, 2008 (Q1 2009)
Revenues	$ 403.8	$ 320.1	$ 15.4	$ 67.2	$ –	$ 1.1	$ –
Direct cost of revenues	312.9	258.1	7.3	47.0	–	0.6	–
Selling, general and administrative	85.6	57.8	3.4	8.7	0.1	4.6	11.1
Bad debt	1.6	2.4	(1.2)	0.4	–	–	–
Research and development	1.6	0.8	–	–	0.8	–	–
Adjusted EBITDA	2.0	1.0	5.9	11.1	(0.9)	(4.1)	(11.1)
Subtract (Add):
Depreciation and amortization	12.9	11.1	0.3	–	–	1.1	0.3
Impairments	–	–	–	–	–	–	–
Restructuring charges	1.2	(0.8)	–	–	–	0.7	1.3
(Loss) income from operations	(12.1)	$ (9.3)	$ 5.6	$ 11.1	$ (0.9)	$ (5.9)	$ (12.7)
Interest income, net	0.4
Other expense, net	(21.0)
Loss from continuing operations before income taxes	(32.7)
Provision for income taxes	(2.8)
Loss from continuing operations	(35.5)
Loss from discontinued operations	(2.1)
Net loss	(37.6)
Net loss attributable to noncontrolling interests	0.3
Net loss attributable to IDT Corporation	$ (37.3)

IDT Corporation to Report First Quarter Fiscal 2010 Results

IDT Corporation (NYSE: IDT; IDT.C) has scheduled its presentation of
financial and operational results for the first quarter of fiscal 2010
ended October 31, 2009 on December 10, 2009 at 5:30 PM Eastern via
webcast.

The earnings webcast, consisting of management’s pre-recorded remarks,
will be accessible through the investor relations page of the IDT
website (https://www.idt.net/about/ir/overview.asp)
and through www.InvestorCalendar.com.
The remarks will be archived and available for replay for one year.

As in recent quarters, the webcast will not include a Q&A session. In
lieu of asking questions during the webcast, investors are invited to
e-mail questions to invest@idt.net.
The Company will accept questions received through close of business on
December 11, 2009. Questioners must identify themselves by name and (if
applicable) firm.

When management can constructively answer the question, the initial
question, the questioner’s name and firm’s name, and management’s
response, will be posted in a document available on the IDT
Corporation’s website and in an 8-K filing as early as December 16, 2009
following the market close.

An earnings release will be filed as an 8-K and posted on the investor
relations page of the IDT website (https://www.idt.net/about/ir/overview.asp) where
it will be available for viewing and download approximately one half
hour prior to the webcast. As in the prior quarters, the earnings
release will not be issued over a wire service.

In the event of technical problems during the webcast, and to pre-check
system compatibility, investors can visit http://www.investorcalendar.com/aboutus/HelpDesk.asp
for assistance.

About IDT Corporation:

Investor Relations
IDT Corporation
Bill Ulrey, 973-438-3838
invest@idt.net

IDT Introduces PennyTalk® Mobile App for iPhone® Users to Save Big on International Calls

Free App Offers Low Rates, Easy Dialing and Free Trial for Up to 50 Minutes of International Calling

IDT Corporation (NYSE: IDT, IDT.C) today announced that its popular PennyTalk (www.pennytalk.com) international calling service is now available in the iTunes® Store as a free, downloadable iPhone® application.

The PennyTalk Mobile app is ideal for iPhone users who want to make low-cost calls overseas without sacrificing voice quality or reliable connections.

International calling rates with PennyTalk are just 2¢ a minute to many countries, including Mexico, China, the United Kingdom, Germany, and many more.

Customers who download the PennyTalk Mobile app will get a free trial with up to 50 minutes of free international calls ($1 value). No purchase is necessary to participate in the free trial. Customers who sign up for PennyTalk Mobile after their free trial can conveniently use the PennyTalk service to save on international calls from any phone – iPhone or landline. PennyTalk Mobile, like PennyTalk, requires no contracts or commitments.

The service is easy to activate and easy to use. PennyTalk Mobile offers convenient dialing with no lengthy calling card access numbers required to initiate a call. The app allows users to look up and dial a number from their iPhone contacts.

“The PennyTalk Mobile app is not dependent on a Wi-Fi network like Skype Out. The voice quality is clear and connectivity over the cell network is stable. Calls can be made anywhere there is a cell signal. Customers can expect fewer dropped calls and clearer connections than they might experience with VoIP services,” said Liore Alroy, CEO of IDT Telecom. “At 2¢ a minute for international calls to many locations, iPhone users are able to save time and money on overseas calls to family, friends and business associates with the new app.”

To illustrate the dramatic savings offered by PennyTalk Mobile versus AT&T Wireless’ standard non-plan rates, the following comparison is provided: A 20-minute call with PennyTalk Mobile to a landline in the U.K. is just 40¢. The same call with AT&T Wireless would cost about $29. That’s over a 90% savings with PennyTalk Mobile.

Current PennyTalk customers can download the app and continue to use their PennyTalk balance. No separate account is required. As with PennyTalk, PennyTalk Mobile comes with a satisfaction guarantee.

iPhone users interested in downloading the PennyTalk Mobile iPhone app can find it at the iTunes Store by searching for PennyTalk.

(Apple, the Apple logo and iTunes are trademarks of Apple Inc., registered in the U.S. and other countries.iPhone is a trademark of Apple, Inc.App Store is a service mark of Apple Inc. Content purchased from the iTunes Store is for personal lawful use only.)

About IDT Corporation:

IDT Corporation (www.idt.net) is a consumer services company with operations primarily in the telecommunications and energy industries. IDT Corporation’s Class B Common Stock and Common Stock trade on the New York Stock Exchange under the ticker symbols IDT and IDT.C, respectively.

In this press release, all statements that are not purely about historical facts, including, but not limited to, those with 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.All forward-looking statements and risk factors included in this document are made as of the date hereof, based on information available to IDT as of the date thereof, and IDT assumes no obligation to update any forward-looking statements or risk factors.

VASQ PR
Joe Vasquez, 201-889-3340
joe@vasqpr.com
or
IDT Corporation Investor Relations
Bill Ulrey, 973-438-3838
invest@idt.net

IDT Reports Results for Fourth Quarter and Fiscal 2009

NEWARK, NJ — October 27, 2009: IDT Corporation (NYSE: IDT; IDT.C) released today financial results for its fourth quarter of fiscal 2009 and full-year ended July 31, 2009. The Company has scheduled a webcast for 5:00 PM Eastern today to discuss its financial and operational results.

OVERALL HIGHLIGHTS – 4th Quarter Fiscal 2009

Revenues of $352.6 million, down 21.6% compared to Q4 2008.
Gross margin of 23.6% (up 40 basis points year over year), on gross profit of $83.1 million.
Selling, general and administrative (SG&A) expense of $65.0 million, down 26.6% compared to Q4 2008.
Adjusted EBITDA (see note below) of $15.9 million, up 83.0% compared to Q4 2008.
Income from operations of $1.8 million compared to a loss from operations of $59.2 million in Q4 2008.
Net income of $7.2 million, compared to a net loss of $86.4 million in Q4 2008.
Net income per share of $0.35, compared to a net loss per share of $3.46 in Q4 2008.

OVERALL HIGHLIGHTS – Full-Year Fiscal 2009

Revenues of $1.54 billion, down 12.4% compared to fiscal 2008
Gross margin of 23.7% (up 210 basis points year over year), on gross profit of $365.1 million.
SG&A expense of $293.7 million, down 29.8% compared to fiscal 2008.
Adjusted EBITDA of $54.2 million compared to negative Adjusted EBITDA of $63.9 million in fiscal 2008.
Loss from operations of $73.5 million compared to loss from operations of $162.1 million in fiscal 2008.
Net loss of $155.4 million, compared to a net loss of $224.3 million in fiscal 2008
Net loss per share of $6.90, compared to a net loss per share of $8.84 in fiscal 2008.
Cash, cash equivalents and marketable securities were $181.9 million at July 31, 2009, including $70.1 million in restricted cash, cash equivalents and marketable securities. The comparable figures at July 31, 2008 were $267.4 million and $82.8 million, respectively. Cash and cash equivalents of approximately $13.1 million were included in assets of discontinued operations at July 31, 2009

NOTE: Adjusted EBITDA for all periods presented is a non-GAAP measure representing income (loss) from operations exclusive of depreciation and amortization, restructuring charges, impairments, and, in the current fiscal year, gain on sale of an interest in AMSO, LLC, and in the prior fiscal year, arbitration award income and loss on disposal of businesses. It is one of several key metrics used by management to evaluate the operating performance of the Company and its individual business units.

MANAGEMENT COMMENTS

IDT’s Vice Chairman Jim Courter said, “IDT’s turnaround efforts have produced solid results over the prior year. We generated Adjusted EBITDA of $15.9 million for the fourth quarter and $54.2 million for our 2009 fiscal year. And for the full fiscal year, both IDT Telecom and IDT Energy boosted their Adjusted EBITDA contributions significantly compared to fiscal 2008. There is still more to be done to solidify our performance, but our accomplishments in a tough economic environment show that we are on the right track.

“Looking ahead, we will be challenged to maintain this level of performance as measured by Adjusted EBITDA for a variety of reasons.

“IDT Telecom has enhanced its long term competitiveness through several business and operational initiatives, but faces continued fierce competition within both our wholesale and retail channels. Competitive pressures will likely result in further declines in revenue per minute, and may constrain our ability to stem revenue declines and boost profit margins for the foreseeable future.

“Within our newly formed Genie Energy division, which consists of IDT Energy and our oil shale and alternative energy initiatives, IDT Energy had a phenomenal year in fiscal 2009, capitalizing on unusually favorable energy market conditions to generate $45.5 million in Adjusted EBITDA. Recently, those conditions have largely dissipated as energy market rates have stabilized. Moreover, our rate of customer acquisition has slowed significantly, so that this past year’s margins and record level of Adjusted EBITDA is not a reliable indicator of future performance.

“We remain cautiously optimistic about the long term prospects for our two oil shale initiatives – our AMSO joint venture in Colorado and our oil shale and alternative energy initiative in Israel. Both projects, it is worth noting, will require significant capital investment for the foreseeable future and are years away from commercialization.

“Finally, we reduced company-wide SG&A expense by nearly 30% during fiscal 2009, including a reduction in overhead at our corporate level of more than 50%. At this point, we have successfully executed the majority of our cost-cutting initiatives, so that current spend levels offer comparatively modest opportunities for additional reductions in overhead.

“Overall, our bottom-line results in fiscal 2009 were negatively impacted by impairment charges due to the decline in asset values triggered by the global economic recession and by restructuring and other costs incurred in the execution of our turn-around program. In fiscal 2010, we expect that IDT’s bottom line will more closely track our operational performance as we complete implementation of our turn-around program,” Courter concluded.

OVERALL OPERATIONAL RESULTS

IDT revenues for the fourth quarter of fiscal 2009 were $352.6 million, a decline of 21.6% compared to Q4 2008. Revenue fell 15.7% at IDT Telecom, and 51.0% at IDT Energy, compared to Q4 2008.

Full year fiscal 2009 revenues were $1.54 billion, a 12.4% reduction compared to fiscal 2008.

IDT’s gross profit for the quarter fell to $83.1 million, a 20.2% decline year over year. The gross margin percentage increased to 23.6% in Q4 2009 from 23.2% in Q4 2008.

Gross profit for the full year totaled $365.1 million, a 3.8% reduction compared to fiscal 2008. Gross margin for 2009 was 23.7%, up 210 basis points compared to the prior year.

Total SG&A expense was reduced to $65.0 million in Q4 2009, a 26.6% reduction compared to Q4 2008. The reduction was achieved through the Company’s cost cutting and restructuring programs, including significant reductions in workforce, substantially lower professional fees and sales and marketing costs, and by closing or disposal of non-core businesses and initiatives.

Total SG&A expense for the full year was $293.7 million, a 29.8% reduction from fiscal 2008. Corporate SG&A expense, which was $60.9 million in fiscal 2008, was reduced by 53.3% to $28.4 million in fiscal 2009.

Adjusted EBITDA for the fourth quarter totaled $15.9 million, up 83.0% compared to Q4 2008. Adjusted EBITDA for the full year was $54.2 million, compared to negative Adjusted EBITDA of $63.9 million in fiscal 2008.

Income from operations was $1.8 million for Q4 2009, including $1.8 million in restructuring and impairment charges. In the year ago quarter, the Company reported a loss from operations of $59.2 million, including $42.3 million in restructuring and impairment charges and a loss of $9.6 million on dispositions of non-core businesses.

For fiscal 2009, IDT reported an operating loss of $73.5 million, including $81.0 million in restructuring and impairment charges. In fiscal 2008, the Company’s loss from operations totaled $162.1 million, including $62.9 million in restructuring and impairment charges, and a $9.6 million loss on dispositions of non-core businesses. Loss from operations in fiscal 2008 was partially offset by income from an arbitration award of $40.0 million.

Income from continuing operations in Q4 2009, which included the reversal of an income tax accrual in the amount of $16.0 million, totaled $12.7 million or $0.61 per basic and diluted share, compared to a loss from continuing operations in Q4 2008 of $64.8 million or $2.59 loss per share. For the full year, loss from continuing operations totaled $107.0 million (including the tax reversal), or $4.75 per basic and diluted share, compared to a loss of $179.9 million, or $7.09 per share, in fiscal year 2008.

The loss from discontinued operations for Q4 2009 totaled $5.5 million, or $0.26 per share, compared to a loss from discontinued operations in Q4 2008 of $21.7 million, or $0.87 loss per share. For the full year, loss from discontinued operations totaled $48.5 million, or $2.15 per share, compared to a loss of $44.5 million, or $1.75 per share, in fiscal 2008. Discontinued operations include (1) IDT Carmel, (2) our European prepaid financial services business, (3) UTA’s calling card distribution business in the Dominican Republic, (4) our ethnic grocery brand food distribution business, and (5) our interest in certain real estate in Palo Alto, CA.

IDT’s net income in the fourth quarter of fiscal 2009 was $7.2 million, or $0.35 per basic and diluted share, compared to a net loss of $86.4 million, or $3.46 per share, in the fourth quarter of fiscal 2008.

The net loss for fiscal 2009 was $155.4 million, or $6.90 per share, compared to a net loss of $224.3 million, or $8.84 per share, in fiscal 2008.

The adjusted weighted-average number of shares outstanding used to calculate basic and diluted earnings per share was 20.9 million and 25.0 million for the fourth quarters of fiscal years 2009 and 2008, respectively. For fiscal years 2009 and 2008, the respective adjusted weighted-average number of shares outstanding was 22.5 million and 25.4 million. Share counts reflect the Company’s 1-for-3 reverse stock split that took place in February 2009, and the impact of the Company’s stock buyback program.

OPERATING RESULTS BY SEGMENT

IDT TELECOM

Revenues declined to $304.0 million in Q4 2009, down 15.7% year-over-year. For the full 2009 fiscal year, revenues declined to $1,234.4 million, down 15.4% from fiscal 2008.

Gross margin percentage for IDT Telecom in Q4 2009 was 21.8%, down 230 basis points from Q4 2008. For the full 2009 fiscal year, IDT Telecom’s gross margin percentage slid 90 basis points compared to that of the prior year to 21.8%. As reported last year, Q4 2008 gross margin benefitted significantly from a reversal, in that quarter, of accrued regulatory fees of $10.9 million, associated with our U.S. calling card business unit.

SG&A expense declined to $49.7 million in Q4 2009, down 24.6% compared to Q4 2008, primarily reflecting lower compensation and employee benefit costs as a result of reductions in force, as well as lower sales and marketing expenses, and lower professional fees incurred. These same factors reduced SG&A expense to $210.4 million in the full 2009 fiscal year, down 24.2% from fiscal 2008 levels.

Adjusted EBITDA at IDT Telecom was $15.4 million in Q4 2009, compared to $15.9 million in Adjusted EBITDA in the same period a year ago. For the full year, Adjusted EBITDA was $49.5 million compared to $38.4 million in fiscal 2008.

IDT Telecom recorded $0.6 million in restructuring and impairment charges during Q4 2009, compared to charges totaling $34.4 million in the year ago period. The charges in Q4 2008 related mostly to impairment of goodwill of $17.9 million in the Rechargeable Calling Cards reporting unit, and $5.8 million in the Wholesale Carrier reporting unit, both within the Telecom Platform Services segment, as well as $10.0 million for severance as a result of reductions in workforce. Restructuring and impairment charges in fiscal 2009 totaled $33.8 million, compared to $48.6 million in fiscal 2008. The charges in fiscal 2009 related to goodwill impairment of $29.0 million in the Rechargeable Calling Cards unit as well as $4.8 million primarily for severance as a result of reductions in workforce. The charges in fiscal 2008 related to impairment of goodwill as discussed above, as well as $23.9 million primarily for severance as a result of reductions in workforce.

Income from operations in Q4 2009 was $4.0 million, compared to a $31.3 million loss from operations during the same quarter a year ago. Loss from operations in fiscal 2009 totaled $27.2 million, compared to a $26.7 million loss from operations in fiscal 2008. On a comparative basis versus fiscal 2009, the total fiscal 2008 loss from operations was significantly lowered due to a one-time gain from a favorable arbitration award to IDT of $40.0 million.

Telecom Platform Services – TPS (Wholesale Carrier and Retail Communications Services)
Telecom Platform Services (TPS) revenues during the quarter fell to $292.4 million, down 15.0% compared to Q4 2008. This decline reflects several factors. In the worldwide calling card business, and particularly in the U.S., competitive pressures, including the continuation of illegal practices by some calling card providers, continues to negatively impact pricing power and revenue per minute. In addition, minutes-of-use volume, in both the wholesale carrier and calling card business units, has declined as a result of a drop in consumer demand. The calling card business has also been impacted by a gradual product substitution towards prepaid wireless and other VoIP-based products. Finally, revenue from the TuYo prepaid wireless business continued to decline, reflecting the Company’s decision to significantly curtail marketing investment expenditures in this business, which has led to a decline in our customers and revenue base.

For the full year, TPS’ revenues declined to $1,180.7 million, down 14.4% compared to fiscal 2008, primarily due to declines in both minutes-of-use and in average revenue per minute, at both the wholesale carrier and retail services businesses.

TPS’ gross margin in Q4 2009 declined to 20.6% during the quarter, down from 22.7% in Q4 2008 and unchanged from the sequential quarter. For the full year, gross margin declined to 20.2% during the full year, down from 20.9% in fiscal 2008. The quarter-over-quarter and the year-over-year declines in gross margin are due primarily to the reversal of accrued regulatory fees during Q4 2008, as explained above.

TPS’ SG&A expense in Q4 2009 was $47.3 million, a 24.7% reduction compared to the year ago quarter. The decline reflects primarily the lower compensation and employee benefit costs resulting from previously announced headcount reductions as well as lower legal, consulting and other professional fees, and reduced sales and marketing expenses.

For the full year, SG&A expense was $199.2 million, 24.3% less than the fiscal 2008 level.

Despite the decline in revenues and gross profit, during Q4 2009, Adjusted EBITDA at TPS improved to $12.1 million, up 7.0% year over year, reflecting the Company’s aggressive efforts to reduce TPS’ cost structure, both in terms of network connectivity costs and SG&A expenses.
For the full year, Adjusted EBITDA rose to $30.4 million, up 141.3% compared to fiscal 2008.

For Q4 2009, TPS’ income from operations totaled $0.7 million, including $10.7 million in depreciation and amortization expenses, compared to a loss from operations of $34.7 million in Q4 2008.

For the full year, TPS’ operating loss was $45.8 million, which includes the impact of $42.4 million in depreciation and amortization expenses, $4.8 million in restructuring charges, and $29.1 million in asset impairments. By comparison, the operating loss for fiscal 2008 was $48.5 million, including the impact of $53.7 million in depreciation and amortization expenses, $22.8 million in restructuring charges, and $24.7 million in asset impairments, partially offset by a gain from an arbitration award of $40.0 million.

Consumer Phone Services – CPS
Consumer Phone Services (CPS), which includes both bundled (unlimited local and long distance) services customers as well as long distance-only customers, has been in “harvest mode” since fiscal 2006. During Q4 2009, subscriber attrition continued, but at rates somewhat lower than anticipated. Long distance-only customers numbered approximately 99 thousand as of July 31, 2009, and the year-over-year subscriber churn rate was 25.4% during fiscal 2009. Bundled services customers numbered approximately 29 thousand, and the year-over-year subscriber churn rate was 37.3% over the same period.

CPS’ revenues declined to $11.6 million in Q4 2009, down 31.3% from the same period a year ago. For the full year, revenues were $53.7 million, down 33.3% from fiscal 2008.

Gross margin for this segment was 52.3% in Q4 2009, in line with run-rate expectations and just marginally down from the 52.4% in gross margin reported in the year ago quarter.

Gross margin for CPS rose to 56.3% in fiscal 2009, up 150 basis points from the prior year.

CPS’ SG&A expenses were reduced to $2.4 million in the fourth quarter of fiscal 2009, a 22.8% reduction compared to Q4 2008.

For the full year, SG&A expense declined to $11.2 million, a 22.0% reduction compared to fiscal 2008.

CPS contributed $3.4 million in Adjusted EBITDA during Q4 2009, a 27.1% decline year over year, as a result of the drop in revenues due to continued attrition in the customer base, partially offset by our continued right-sizing of the cost structure.

For the full year, CPS contributed $19.1 million in Adjusted EBITDA, a 26.0% decline compared to fiscal 2008.

CPS generated income from operations in Q4 2009 totaling $3.3 million, down 1.6% from Q4 2008.

For the full year, income from operations fell to $18.6 million, a 14.6% decline compared to fiscal 2008. Compared to the 26.0% year-over-year decline in Adjusted EBITDA in fiscal 2009, the full year decline in income from operations was partially mitigated by substantial reductions in depreciation and amortization expenses, and due to the absence, in 2009, of restructuring charges.

IDT ENERGY

Revenues for the quarter fell sharply to $37.0 million, a 51% reduction compared to Q4 2008, reflecting declines in the market prices of both electricity and gas.

Revenues for fiscal 2009 rose to $264.7 million, a 6.4% increase compared to fiscal 2008, reflecting an increase in meter count year over year, partially offset by falling electric and gas prices throughout the fiscal year.

The total number of meters served on July 31, 2009 was approximately 397,000, comprised of 169,000 gas and 228,000 electric meters. Total meters were up 5.6% year over year from approximately 376,000 on July 31, 2008.

IDT Energy reorganized its sales teams and restructured its marketing approach during the fourth quarter to create a significantly smaller, but better trained external sales force. As a result of this initiative, IDT Energy expects to reduce customer churn and focus acquisition efforts on higher value generating customers.

This re-programming effort slowed the pace of new meter acquisitions significantly during Q4 resulting in a net loss of approximately 17,000 meters on a sequential basis. Given current market conditions and the focus on reducing churn, IDT Energy expects to return to positive net customer acquisitions during the first half of fiscal 2010, although at a rate of growth below that achieved during the first half of fiscal 2009.
For Q4 2009, the gross margin more than doubled from the year ago period, rising to 25.3% from 12.2%, but declined compared to the 29.7% margin achieved in Q3 2009 when extraordinarily volatile energy prices boosted margins.

For the fiscal year 2009, the gross margin rose sharply to 27.3%, up from 11.2% in the prior year, as IDT Energy capitalized on unusually favorable market conditions for energy purchases while managing churn. Those conditions began dissipating during the fourth quarter of fiscal 2009.

SG&A expense in Q4 2009 was reduced to $4.3 million, a reduction of 40.1% compared to the year ago period, reflecting the restructuring of our sales force and subsequently lower sales costs.

SG&A expense during fiscal 2009 was $25.7 million, a 23.2% increase over fiscal 2008’s level. The increase was primarily driven by sharply higher utility purchase of receivable fees due as a result of increased revenues covered under purchase of receivable arrangements, higher billing fees due to the larger customer base, and an increase in incentive compensation and sales commissions during the first three quarters of the year as a result of a significantly expanded sales program.

Adjusted EBITDA climbed to $5.0 million in Q4 2009, up from $1.6 million during Q4 2008, due to strong margin growth, customer base expansion, and lower sales costs.

For the full 2009 fiscal year, Adjusted EBITDA jumped to $45.5 million, up from $6.2 million in fiscal 2008 due to strong margin growth and customer base expansion, although SG&A costs increased as described above.

IDT Energy reported $5.0 million in income from operations during the quarter, compared to $1.6 million in the year ago quarter.
For the full year, income from operations was $45.4 million, compared to $6.0 million in fiscal 2008.

ALL OTHER (previously called IDT CAPITAL)

All Other are operating businesses that are not reportable individually, and are comprised of three main business units:

Local Media Group, which consisted of CTM Media Group, WMET, and our interest in IDW Publishing. On September 14, 2009, after the end of the quarter and fiscal year, IDT spun off the businesses that comprise the Local Media Group to IDT’s stockholders. These businesses will be reported as discontinued operations in Q1 2010 and will not be reported within IDT thereafter.
Alternative Energy, which consists of our Israel oil shale and alternative energy initiative (IEI) and our interest in the American Shale Oil joint venture (AMSO, LLC) operating in western Colorado. Beginning in April 2009, AMSO, LLC is accounted for using the equity method to reflect the purchase of a 50% stake by a subsidiary of Total S.A. These ventures, together with the IDT Energy business, were reorganized to form IDT’s Genie Energy Division following the end of the 2009 fiscal year. In Q1 2010, Alternative Energy is expected to be a separate reportable segment.
Other, which includes our interest in Zedge, our remaining real estate holdings including our building in Newark, NJ, our Net2Phone intellectual property holdings, our IDT Spectrum business, and several smaller businesses.

All Other revenues were $11.7 million in Q4 2009, a 12.7% drop compared to Q4 2008. The revenue decline was primarily the result of the shut down or disposition of non-core businesses previously included under this heading.

Revenues generated by Local Media fell slightly to $10.3 million in Q4 2009, down 0.9% from the same period a year ago. CTM Media continued to experience weakness in the tourism advertising market, particularly for Broadway shows. This was partially offset by a strong quarter for IDW Publishing, where licensing agreements associated with successful feature films boosted revenues.

Alternative Energy, as expected, generated no revenue during fiscal 2009.

Revenues of the remaining businesses included in All Other fell from $3.0 million in Q4 2008 to $1.4 million in Q4 2009.

However, revenues from Zedge (http://www.zedge.ne t), the destination for free mobile content, continued to grow despite the global economic turndown. The site is now visited by over 16 million unique visitors per month. The combined web and mobile traffic currently averages just over 17 million page views per day. During the quarter, Zedge sought to diversify its revenue stream.

For the full 2009 fiscal year, All Other revenues were $39.5 million, a 16.0% decline compared to fiscal 2008. Revenues of the Local Media Group, which comprised $33.7 million of the fiscal 2009 total, rose 3.3% compared to fiscal 2008. Declining revenues from the other businesses more than offset these gains, falling to $5.8 million compared to $14.4 million in fiscal 2008 as a result of the closing and disposition of non-core businesses. Alternative Energy did not generate revenues during the fiscal year and the majority of its costs are currently reported as research and development expenses.

For Q4 2009, All Other gross margin rose to 63.6% from 60.2% during the year ago quarter, reflecting the disposal of unprofitable businesses.
Gross margin for the full 2009 fiscal year rose to 61.1%, up from 42.0% in fiscal 2008, for the same reason.

For Q4, 2009, restructuring efforts – particularly the closing or disposition of non-core businesses – helped to reduce All Other SG&A expense to $5.4 million for Q4 2009, down 56.1% from Q4 2008.

SG&A for the full year declined to $29.1 million, down from $58.9 million in fiscal 2008, a 50.6% reduction.

All Other contributed $1.0 million in Adjusted EBITDA in Q4 2009, compared to negative Adjusted EBITDA of $5.8 million in Q4 2008. The Local Media Group’s Adjusted EBITDA for Q4 2009 was $1.7 million, compared to $0.8 million in the same period a year ago.

All Other Adjusted EBITDA for the full 2009 fiscal year was negative $12.4 million, compared to a negative $47.6 million Adjusted EBITDA in fiscal 2008. The Local Media Group’s Adjusted EBITDA for fiscal 2009 was $1.8 million, compared to Adjusted EBITDA of negative $2.1 million in fiscal 2008. Alternative Energy recorded negative $6.4 million in Adjusted EBITDA in fiscal 2009, consisting primarily of research and development expenses of $6.3 million. The remaining businesses reported aggregate Adjusted EBITDA of negative $7.8 million in fiscal 2009, down from negative $38.6 million in fiscal 2008.

All Other loss from operations in Q4 2009 was $0.3 million, a significant improvement on the loss from operations of $24.1 million in Q4 2008. Included in the Q4 2008 loss from operations was a loss of $9.6 million on dispositions of non-core businesses, as well as restructuring and impairment charges of $6.0 million, compared to an aggregate of $0.2 million for the comparable charges in fiscal 2009.

For fiscal 2009, All Other’s loss from operations was $58.4 million, including the impact from $41.9 million in impairment charges, $1.6 million in restructuring charges, and $5.0 million in depreciation and amortization expenses, offset by a gain on the sale of the interest in AMSO LLC of $2.6 million. For fiscal 2008, All Other’s loss from operations was $71.5 million, including the impact from $3.7 million in impairment charges, $3.2 million in restructuring charges, $7.4 million in depreciation and amortization expenses, and loss of $9.6 million on dispositions of non-core businesses.

BALANCE SHEET AND STATEMENT OF CASH FLOWS HIGHLIGHTS

At July 31, 2009, IDT reported cash, cash equivalents and marketable securities of $181.9 million including $70.1 million in restricted cash, cash equivalents, and marketable securities. At July 31, 2008, cash, cash equivalents and marketable securities totaled $267.4 million including $82.8 million in restricted cash, cash equivalents, and marketable securities.

Cash and cash equivalents of approximately $13.1 million were included in assets of discontinued operations (and are therefore not reflected in the above figures) at July 31, 2009 related to our European prepaid financial services business. IDT has signed an agreement to sell this business for approximately $3.0 million, and has obtained the requisite third party consents to close. Upon closing, IDT will retain approximately $10.0 million in cash in addition to the $3.0 million from the buyer.

During Q4, IDT Energy entered into a multi-year agreement with BP Energy whereby BP became its preferred supplier of electricity and natural gas in New York State. As a result, collateral comprised of $57.0 million in letters of credit outstanding at July 31, 2009 was reduced to $9.3 million as of October 26, 2009.

Income taxes payable were reduced from $123.0 million at July 31, 2008 to $2.0 million at July 31, 2009. The decline primarily reflects the payment of the remaining obligation resulting from the IRS audit of the Company’s federal tax returns for fiscal years 2001 to 2004, as well as a $16.0 million Q4 2009 reversal of income taxes payable.

On July 31, 2009, IDT sold its Palo Alto real estate holdings for $62.7 million. As a result, property, plant and equipment (net of accumulated depreciation), was reduced by $58.1 million, and notes payable was reduced by $57.6 million at July 31, 2009. IDT’s net proceeds from the sale, after deduction of the mortgage debt secured by the property that was assumed by the buyer or repaid in connection with the sale, transaction expenses and the interests of the other owners of this holding, were $3.1 million, which was received in August 2009.

Net cash used in operating activities totaled $101.4 million in fiscal 2009, including $113.6 million in payments of income taxes. In fiscal 2008, net cash used in operating activities totaled $141.1 million, including $13.1 million in payments of income taxes.

OTHER RECENT DEVELOPMENTS

On September 30, 2008, IDT received notice from the New York Stock Exchange (NYSE) that it was no longer in compliance with the NYSE’s $100 million market capitalization threshold required for continued listing. In December of 2008, IDT submitted a plan to regain compliance, and that plan was subsequently accepted. IDT has until March 2010 to regain compliance with the $100 million market capitalization requirement. As of October 26, 2009, IDT had a trailing 30-day average market capitalization of $71.3 million.

In May and June 2009, IDT paid an aggregate of $13.4 million to the IRS to fully satisfy its obligations stemming from an audit covering fiscal years 2001-2004.

On June 24, 2009, IDT closed on the purchase from the Gomez Family Trust of the remaining 49% interest that it did not previously own in its Union Telecard Alliance, LLC (UTA) joint venture. UTA is the exclusive distributor of IDT prepaid calling cards in the United States, and distributes a small number of third party cards. The aggregate purchase price was $9.7 million, which included the aggregate fair value of the interests in two businesses assumed by the Gomez Family Trust: UTA’s calling card distribution business in the Dominican Republic and Ethnic Grocery Brands.

As previously announced, Vice Chairman and former CEO Jim Courter is continuing as the Company’s non-executive Vice Chairman of the Board after his tenure as Chief Executive Officer expired on October 21, 2009. Howard Jonas, the Company’s Chairman, assumed the additional position of Chief Executive Officer upon Mr. Courter’s retirement from that role.

On August 20, 2009, IDT said that it had organized its energy supply and oil shale development interests into a new division, to be called Genie Energy. Oil and gas entrepreneur Wes Perry is Genie’s Chairman of the Board. Genie Energy is comprised of IDT’s interests in IDT Energy, American Shale Oil, LLC and Israel Energy Initiatives (IEI).

On September 14, 2009, IDT completed the spin-off to its stockholders of the equity of CTM Media Holdings, Inc., which holds CTM Media Group, IDW Publishing and WMET 1160AM (formerly the Local Media Group of IDT). Currently, CTM Media Holdings Class A and Class B common stock are quoted on the Pink OTC Markets under the ticker symbols CTMMA and CTMMB, respectively.

During Q4 2009, IDT purchased an aggregate of 0.9 million shares of its Class B Common Stock and Common Stock for $1.8 million under an existing stock buyback program. As of October 15, 2009, IDT had purchased an additional 0.6 million shares for $1.5 million, and 5.5 million shares remained authorized for repurchase under the current stock buyback.

IDT EARNINGS WEBCAST INFORMATION & SUPPLEMENTAL INFORMATION

The earnings webcast is scheduled for today, October 27, 2009, at 5:00 PM Eastern time.
The webcast may be accessed by visiting the IDT Corporation website at www.idt.net , or by using the following hyperlink: http://www.investorcalendar.com/IC/CEPage.asp?ID=151137 .
Windows Media software is required to listen to the streaming feed. Please allow at least 15 minutes to download any necessary audio software prior to the webcast.
An archived copy of the webcast will be available on the Investor Relations page of the IDT website, at https://www.idt.net/about/ir/overview.asp under the “Presentations” heading, for at least one year after the webcast.
A reconciliation of the Non-GAAP financial measures presented in this earnings release and discussed during the webcast is included herein and is available in the Investor Relations portion of IDT’s website, at https://www.idt.net/about/ir/overview.asp .
Pursuant to the format adopted for the prior quarter’s earnings announcement, the webcast will not include a Q&A session. In lieu of asking questions during the webcast, investors and others interested in the Company are invited to e-mail questions to invest@idt.net . The company will accept questions received through close of business on Wednesday, October 28, 2009. Questioners must identify themselves by name and (if applicable) firm. When management can constructively answer the question, the initial question, the questioner’s name and firm’s name, and management’s response will be posted in a document available on the IDT Corporation’s website and in a Form 8-K filing as early as Tuesday, November 3, 2009 following the market close

ABOUT IDT CORPORATION

IDT Corporation (www.idt.net ) is a consumer services company with operations primarily in the telecommunications and energy industries. IDT Corporation’s Class B Common Stock and Common Stock trade on the New York Stock Exchange under the ticker symbols IDT and IDT.C, respectively.

In this press release, all statements 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, including, but not limited to, those described in our most recent report on SEC Form 10-K (under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”), which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K. These factors include, but are not limited to, the following: potential declines in prices for our products and services; our ability to maintain and grow our retail telecommunications services, particularly our prepaid calling card business; availability of termination capacity; financial stability of our customers; our ability to maintain carrier agreements with foreign carriers; effectiveness of our marketing and distribution efforts; increased competition, particularly from regional bell operating companies; our ability to reduce our losses and improve our cash flow; impact of government regulation; our ability to obtain telecommunications products or services required for our products and services; and general economic conditions, particularly in the telecommunications markets. We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise.

Contact:
IDT Corporation Investor Relations
Bill Ulrey
william.ulrey@idt.net
973-438-3838

IDT CORPORATION

CONSOLIDATED BALANCE SHEETS

July 31 (in thousands)	2009	2008
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$ 111,255	$ 158,265
Restricted cash and cash equivalents	64,992	4,133
Marketable securities	5,702	105,030
Trade accounts receivable, net of allowance for doubtful accounts of $16,413 and $20,933 at July 31, 2009 and 2008, respectively	141,648	172,519
Prepaid expenses	18,034	19,307
Investments-short-term	1,655	22,563
Other current assets	18,802	50,528
Assets of discontinued operations	14,532	162,996
TOTAL CURRENT ASSETS	376,620	695,341
Property, plant and equipment, net	133,468	164,861
Goodwill	17,275	74,509
Licenses and other intangibles, net	5,938	9,394
Investments—long-term	13,099	40,295
Deferred income tax assets, net	—	2,300
Other assets	13,220	16,275
TOTAL ASSETS	$ 559,620	$ 1,002,975
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Trade accounts payable	$ 67,474	$ 75,684
Accrued expenses	160,131	201,718
Deferred revenue	69,236	88,618
Income taxes payable	2,031	123,000
Capital lease obligations—current portion	7,280	9,316
Notes payable—current portion	820	1,052
Other current liabilities	5,415	13,956
Liabilities of discontinued operations	1,998	70,008
TOTAL CURRENT LIABILITIES	314,385	583,352
Capital lease obligations—long-term portion	5,737	11,148
Notes payable—long-term portion	43,281	42,543
Other liabilities	16,775	17,745
TOTAL LIABILITIES	380,178	654,788
Minority interests	3,148	5,850
Commitments and contingencies
STOCKHOLDERS’ EQUITY:
Preferred stock, $.01 par value; authorized shares—10,000; no shares issued	—	—
Common stock, $.01 par value; authorized shares—100,000; 9,241 and 8,358 shares issued and 4,202 and 4,847 shares outstanding at July 31, 2009 and 2008, respectively	92	84
Class A common stock, $.01 par value; authorized shares—35,000; 3,272 shares issued and outstanding at July 31, 2009 and 2008	33	33
Class B common stock, $.01 par value; authorized shares—200,000; 22,913 and 21,301 shares issued and 15,503 and 17,083 shares outstanding at July 31, 2009 and 2008, respectively	229	213
Additional paid-in capital	720,804	717,256
Treasury stock, at cost, consisting of 5,039 and 3,511 shares of common stock and 7,410 and 4,218 shares of Class B common stock at July 31, 2009 and 2008, respectively	(293,901)	(285,536)
Accumulated other comprehensive income	953	6,754
Accumulated deficit	(251,916)	(96,467)
TOTAL STOCKHOLDERS’ EQUITY	176,294	342,337
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 559,620	$ 1,002,975

IDT CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

Year ended July 31 (in thousands, except per share data)	2009	2008
REVENUES	$ 1,538,610	$ 1,755,526
COSTS AND EXPENSES:
Direct cost of revenues (exclusive of depreciation and amortization)	1,173,554	1,376,144
Selling, general and administrative (i)	293,667	418,236
Depreciation and amortization	49,285	65,686
Bad debt	8,130	13,488
Research and development	9,035	11,567
Impairments	70,968	28,311
Restructuring charges	10,028	34,613
TOTAL COSTS AND EXPENSES	1,614,667	1,948,045
Gain on sale of interest in AMSO, LLC	2,598	—
Arbitration award income	—	40,000
Loss on disposal of businesses	—	(9,569)
Loss from operations	(73,459)	(162,088)
Interest (expense) income, net	(2,656)	9,195
Other expense, net	(33,466)	(18,497)
Loss from continuing operations before minority interests and income taxes	(109,581)	(171,390)
Minority interests	(1,901)	1,404
Benefit from (provision for) income taxes	4,521	(9,870)
Loss from continuing operations	(106,961)	(179,856)
Discontinued operations, net of tax:
Loss from discontinued operations	(45,860)	(39,586)
Loss on disposal/sale of discontinued operations	(2,628)	(4,888)
Total discontinued operations	(48,488)	(44,474)
NET LOSS	$ (155,449)	$ (224,330)
Earnings per share:
Basic and diluted:
Loss from continuing operations	$ (4.75)	$ (7.09)
Total discontinued operations	(2.15)	(1.75)
Net loss	$ (6.90)	$ (8.84)
Weighted-average number of shares used in calculation of basic and diluted earnings per share	22,542	25,390
(i) Stock based compensation included in selling, general and administrative expense	$ 3,407	$ 4,285

IDT CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

Year ended July 31 (in thousands)	2009	2008
OPERATING ACTIVITIES
Net (loss) income	$ (155,449)	$ (224,330)
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Net loss from discontinued operations	48,488	44,474
Depreciation and amortization	49,285	65,686
Restructuring charges	(12,485)	9,069
Impairments	70,968	28,311
Minority interests	1,901	(1,404)
Deferred income taxes	2,300	5,832
Write-off of acquired research and development assets	—	6,672
Provision for doubtful accounts receivable	8,130	13,633
Net realized losses from sales of marketable securities and investments	9,192	17,365
Gain on sale of interest in AMSO, LLC	(2,598)	—
Loss (gain) on sales of buildings	311	(4,146)
(Gain) loss on sale/disposal of businesses	(272)	9,569
Gain on sale of stock of subsidiary	(336)	—
Interest in the equity of investments	21,950	6,078
Stock-based compensation	3,407	4,285
Change in assets and liabilities, net of effects from dispositions/sales of businesses:
Trade accounts receivable	13,474	(35,407)
Other current assets and other assets	19,215	11,506
Trade accounts payable, accrued expenses, other current liabilities and other liabilities	(40,669)	(64,129)
Income taxes payable	(120,969)	(10,000)
Deferred revenue	(17,244)	(24,139)
Net cash used in operating activities	(101,401)	(141,075)
INVESTING ACTIVITIES
Capital expenditures	(15,253)	(18,121)
Purchase of building	—	(24,778)
Repayment of notes receivable, net	201	15,003
Investments and acquisitions	(7,950)	(21,782)
Proceeds from sales and redemptions of investments	28,601	70,105
Restricted cash and cash equivalents	(60,859)	(1,693)
Proceeds from sale of interest in AMSO, LLC	3,199	—
Proceeds from sales of buildings	4,892	4,872
Proceeds from sales and maturities of marketable securities	148,985	689,789
Purchases of marketable securities	(56,035)	(442,945)
Net cash provided by investing activities	45,781	270,450
FINANCING ACTIVITIES
Distributions to minority shareholders of subsidiaries	(2,760)	(4,087)
Proceeds from sales of stock of subsidiaries	1,187	—
Proceeds from exercise of stock options	—	94
Proceeds from employee stock purchase plan	36	1,173
Repayments of capital lease obligations	(7,701)	(25,644)
Repayments of borrowings	(916)	(2,984)
Repurchases of common stock and Class B common stock	(8,365)	(45,354)
Net cash used in financing activities	(18,519)	(76,802)
DISCONTINUED OPERATIONS
Net cash provided by (used in) operating activities	776	(2,134)
Net cash provided by (used in) investing activities	36,969	(39,918)
Net cash used in financing activities	(1,106)	(590)
Net cash provided by (used in) discontinued operations	36,639	(42,642)
Effect of exchange rate changes on cash and cash equivalents	(3,004)	3,551
Net (decrease) increase in cash and cash equivalents	(40,504)	13,482
Cash and cash equivalents (including discontinued operations) at beginning of year	164,886	151,404
Cash and cash equivalents (including discontinued operations) at end of year	124,382	164,886
Less cash and cash equivalents of discontinued operations at end of year	(13,127)	(6,621)
Cash and cash equivalents (excluding discontinued operations) at end of year	$ 111,255	$ 158,265
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments made for interest	$ 8,865	$ 9,711
Cash payments made for income taxes	$ 113,552	$ 13,090
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING ACTIVITIES
Aggregate of note payable issued, note receivable forgiven, ownership interests assigned and other consideration for the UTA acquisition	$ 4,833	$ —
Assumption of mortgage payable in connection with the purchase of building	$ —	$ 26,851
Purchases of property, plant and equipment through capital lease obligations	$ 299	$ 398

IDT Corporation Reconciliation of Adjusted EBITDA to Net Income (Loss)
Figures may not foot or cross-foot due to rounding to millions.
$ in millions	Total IDT Corporation	Telecom Platform Services	Consumer Phone Services	IDT Energy	All Other	Corporate
Three Months Ended July 31, 2009 (Q4 2009)
Revenues	$ 352.6	$ 292.4	$ 11.6	$ 37.0	$ 11.7	$ –
Direct cost of revenues	269.5	232.1	5.5	27.6	4.2	–
Selling, general and administrative	65.0	47.3	2.4	4.3	5.4	5.6
Bad debt	1.2	0.6	0.3	–	0.3	–
Research and development	1.1	0.4	–	–	0.7	–
Adjusted EBITDA	15.9	12.1	3.4	5.0	1.0	(5.6)
Subtract:
Depreciation and amortization	12.2	10.7	–	–	1.1	0.3
Impairments	0.2	–	–	–	0.2	–
Restructuring charges	1.6	0.6	–	–	–	1.0
Income (loss) from operations	1.8	$ 0.7	$ 3.3	$ 5.0	$ (0.3)	$ (6.9)
Interest expense, net	(1.6)
Other expense, net	(0.7)
Loss from continuing operations before minority interests and income taxes	(0.5)
Minority interests	(1.9)
Benefit from income taxes	15.0
Income from continuing operations	12.7
Loss from discontinued operations	(5.5)
Net income	$ 7.2

	Total IDT Corporation	Telecom Platform Services	Consumer Phone Services	IDT Energy	All Other	Corporate
Three Months Ended April 30, 2009 (Q3 2009)
Revenues	$ 363.4	$ 275.6	$ 12.6	$ 66.7	$ 8.5	$ –
Direct cost of revenues	274.8	218.8	5.9	46.9	3.2	–
Selling, general and administrative	70.7	47.4	2.7	6.9	7.9	5.8
Bad debt	2.8	2.1	0.4	–	0.3	–
Research and development	1.5	0.8	–	–	0.7	–
Adjusted EBITDA	13.5	6.6	3.6	12.8	(3.7)	(5.8)
Add:
Gain on sale of interest in AMSO, LLC	2.6	–	–	–	2.6	–
Subtract:
Depreciation and amortization	11.3	9.8	–	–	1.0	0.3
Impairments	60.1	29.0	–	–	31.1	–
Restructuring charges	0.6	0.3	–	–	–	0.3
(Loss) income from operations	(55.8)	$ (32.6)	$ 3.6	$ 12.8	$ (33.2)	$ (6.4)
Interest expense, net	(0.8)
Other income, net	1.4
Loss from continuing operations before minority interests and income taxes	(55.3)
Minority interests	(0.8)
Provision for income taxes	(1.4)
Loss from continuing operations	(57.5)
Loss from discontinued operations	(6.0)
Net loss	$ (63.4)

IDT Corporation Reconciliation of Adjusted EBITDA to Net Loss
Figures may not foot or cross-foot due to rounding to millions.
$ in millions	Total IDT Corporation	Telecom Platform Services	Consumer Phone Services	IDT Energy	All Other	Corporate
Three Months Ended July 31, 2008 (Q4 2008)
Revenues	$ 449.5	$ 343.9	$ 16.8	$ 75.5	$ 13.4	$ –
Direct cost of revenues	345.3	265.8	8.0	66.2	5.3	–
Selling, general and administrative	88.5	62.8	3.1	7.2	12.4	3.1
Bad debt	5.3	3.0	1.1	0.4	0.7	–
Research and development	1.8	1.1	–	–	0.7	–
Adjusted EBITDA	8.7	11.3	4.6	1.6	(5.8)	(3.1)
Subtract:
Loss on disposal of businesses	9.6	–	–	–	9.6	–
Depreciation and amortization	16.0	12.2	0.7	–	2.8	0.4
Impairments	28.0	24.4	–	–	3.6	–
Restructuring charges	14.2	9.4	0.6	–	2.4	1.9
(Loss) income from operations	(59.2)	$ (34.7)	$ 3.4	$ 1.6	$ (24.1)	$ (5.3)
Interest income, net	0.8
Other expense, net	(7.6)
Loss from continuing operations before minority interests and income taxes	(66.0)
Minority interests	2.4
Provision for income taxes	(1.2)
Loss from continuing operations	(64.8)
Loss from discontinued operations	(21.7)
Net loss	$ (86.4)

IDT Corporation Reconciliation of Adjusted EBITDA to Net Loss
Figures may not foot or cross-foot due to rounding to millions.
$ in millions	Total IDT Corporation	Telecom Platform Services	Consumer Phone Services	IDT Energy	All Other	Corporate
Year Ended July 31, 2009 (Fiscal 2009)
Revenues	$ 1,538.6	$ 1,180.7	$ 53.7	$ 264.7	$ 39.5	$ –
Direct cost of revenues	1,173.6	942.2	23.5	192.5	15.4	–
Selling, general and administrative	293.7	199.2	11.2	25.7	29.1	28.4
Bad debt	8.1	6.1	(0.1)	1.0	1.2	–
Research and development	9.0	2.8	–	–	6.3	–
Adjusted EBITDA	54.2	30.4	19.1	45.5	(12.4)	(28.4)
Add:
Gain on sale of interest in AMSO, LLC	2.6	–	–	–	2.6	–
Subtract:
Depreciation and amortization	49.3	42.4	0.5	0.1	5.0	1.3
Impairments	71.0	29.1	–	–	41.9	–
Restructuring charges	10.0	4.8	–	–	1.6	3.6
(Loss) income from operations	(73.5)	$ (45.8)	$ 18.6	$ 45.4	$ (58.4)	$ (33.3)
Interest expense, net	(2.7)
Other expense, net	(33.5)
Loss from continuing operations before minority interests and income taxes	(109.6)
Minority interests	(1.9)
Benefit from income taxes	4.5
Loss from continuing operations	(107.0)
Loss from discontinued operations	(48.5)
Net loss	$ (155.4)

	Total IDT Corporation	Telecom Platform Services	Consumer Phone Services	IDT Energy	All Other	Corporate
Year Ended July 31, 2008 (Fiscal 2008)
Revenues	$ 1,755.5	$ 1,379.2	$ 80.5	$ 248.9	$ 47.0	$ –
Direct cost of revenues	1,376.1	1,091.5	36.3	221.1	27.2	–
Selling, general and administrative	418.2	263.2	14.4	20.9	58.9	60.9
Bad debt	13.5	7.2	3.9	0.7	1.6	–
Research and development	11.6	4.6	–	–	6.9	–
Adjusted EBITDA	(63.9)	12.6	25.8	6.2	(47.6)	(60.9)
Add:
Arbitration award income	40.0	40.0	–	–	–	–
Subtract:
Loss on disposal of businesses	9.6	–	–	–	9.6	–
Depreciation and amortization	65.7	53.7	2.9	0.1	7.4	1.7
Impairments	28.3	24.7		–	3.7	–
Restructuring charges	34.6	22.8	1.1	0.1	3.2	7.4
(Loss) income from operations	(162.1)	$ (48.5)	$ 21.8	$ 6.0	$ (71.5)	$ (69.9)
Interest income, net	9.2
Other expense, net	(18.5)
Loss from continuing operations before minority interests and income taxes	(171.4)
Minority interests	1.4
Provision for income taxes	(9.9)
Loss from continuing operations	(179.9)
Loss from discontinued operations	(44.5)
Net loss	$ (224.3)

IDT Corporation to Report Fiscal 2009 4th Quarter and Full Year Results

IDT Corporation (NYSE: IDT; IDT.C) has scheduled its presentation of
financial and operational results for its fourth quarter of fiscal 2009
and full-year ended July 31, 2009 via webcast on October 27, 2009 at
5:00 PM Eastern.

As in the prior quarter, the webcast will not include a Q&A session. In
lieu of asking questions during the webcast, investors are invited to
e-mail questions to invest@idt.net.
The Company will accept questions received through close of business on
October 28, 2009. Questioners must identify themselves by name and (if
applicable) firm.

An earnings release will be filed as an 8-K and posted on the investor
relations page of the IDT website (https://www.idt.net/about/ir/overview.asp) where
it will be available for viewing and download approximately one half
hour prior to the webcast. As in the prior quarter, the earnings release
will not be issued over a wire service.

In the event of technical problems during the webcast, and to pre-check
system compatibility, investors can visit http://www.investorcalendar.com/aboutus/HelpDesk.asp
for assistance.

About IDT Corporation:

Investor Relations:
IDT Corporation
Bill Ulrey, 973-438-3838
invest@idt.net

IDT Spectrum Puts FCC License Holdings Up For Sale

Portfolio features 38 GHz and LMDS licenses

IDT Spectrum, a subsidiary of IDT Corporation (NYSE: IDT, IDT.C), said
today that it is accepting offers for its portfolio of 38 GHz and 28-31
GHz spectrum licenses.

The IDT Spectrum portfolio includes nine hundred and thirty one 38 GHz
(sometimes referred to as 39GHz) licenses and sixteen 28-31GHz Local
Multipoint Distribution Service (LMDS) licenses with an average of 1,000
MHz of spectrum in the top 25 U.S. markets. In the New York City market
alone, the portfolio includes an aggregate of 1,650 MHz of spectrum.
Nationwide, the IDT Spectrum portfolio can support 4G and other
bandwidth intensive technologies.

“Networks nationwide are straining to accommodate new bandwidth
intensive applications. Our licenses enable scalable and cost effective
wireless backhaul and last mile solutions,” said Michael Rapaport,
President of IDT Spectrum.

The deadline for offers to be submitted is Thursday, November 12, 2009.
For more information about the sale of the IDT Spectrum portfolio,
interested parties should contact Michel G. Keating at McElroy, Deutsch,
Mulvaney and Carpenter, LLC., (P: 201-493-3702; E: mkeating@mdmc-law.com.)

About IDT Spectrum:

IDT Spectrum, a subsidiary of IDT Corporation, holds and leases fixed
wireless spectrum. Please visit our website at www.idtspectrum.com
for additional information.

About IDT Corporation:

In this press release, all statements that are not purely about
historical facts, including, but not limited to, those with 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.All
forward-looking statements and risk factors included in this document
are made as of the date hereof, based on information available to IDT as
of the date thereof, and IDT assumes no obligation to update any
forward-looking statements or risk factors.

Investor Relations:
IDT Corporation
Bill
Ulrey, 973-438-3838

IDT Corporation Completes Spin-off of CTM Media Holdings

CTM Media Holdings’ Trading Symbols Changed to CTMMA, CTMMB

IDT Corporation (NYSE: IDT; IDT.C) said today that it has completed the
previously announced pro rata tax-free spin-off of the common stock of
CTM Media Holdings, Inc., a wholly-owned subsidiary of IDT, to IDT’s
stockholders.

CTM Media Holdings’ Class A common stock and Class B common stock are
now quoted on the Pink OTC Markets.

CTM Media Holdings’ Class A common stock and Class B common stock are
trading under the symbols CTMMA and CTMMB, respectively, in a change
from the symbols previously announced.

The CUSIP numbers for CTM Media Holdings’ Class A common stock and for
Class B common stock remain 22944D 104, and 22944D 203, respectively.

On September 14, 2009, the distribution date for the spin-off, each IDT
stockholder received one share of Holdings’ Class A common stock for
every three shares IDT common stock, one share of CTM Media Holdings’
Class B common stock for every three shares of IDT Class B common stock,
and one share of CTM Media Holdings’ Class C common stock for every
three shares of the Registrant’s Class A common stock.

As of August 3, 2009, the record date for the distribution, there were a
total of approximately 3.3 million shares of IDT Class A, approximately
15.5 million shares of IDT Class B and approximately 4.2 million shares
of IDT common stock issued and outstanding.

About CTM Media Holdings:

CTM Media Holdings is the holding company for: CTM Media Group (www.ctmmediagroup.com) –
a leading distributor of print and online advertising and information in
targeted North American tourist markets; Idea and Design Works, LLC (www.idwpublishing.com)
– IDW Publishing, a comic and book publisher with a diverse catalog of
licensed and independent titles including classic collections; and WMET
1160 AM (www.wmet1160.com)
-a paid programming radio station in the Washington, D.C. metropolitan
area. CTM Media Holdings Class A and Class B common stock are quoted on
the Pink OTC Markets under the ticker symbols CTMM and CTMX,
respectively.

About IDT Corporation:

IDT
Corporation (www.idt.net)
is a consumer focused company operating primarily in the
telecommunications and energy industries. IDT Corporation’s Class B
common stock and common stock trade on the New York Stock Exchange under
the ticker symbols IDT and IDT.C, respectively.

CTM Media Holdings
Les Rozner
Chief Financial Officer
P:
(203) 323-5161
E-mail: lrozner@ctmmedia.com
or
IDT
Corporation Investor Relations
Bill Ulrey
P: (973) 438-3838

IDT Corporation Announces CTM Media Holdings Spin-Off Date

IDT Corporation (NYSE: IDT; IDT.C) today announced that September 14,
2009 will be the distribution date for the pro rata tax-free spin-off of
the common shares of CTM Media Holdings, Inc., a wholly-owned subsidiary
of IDT, to IDT’s stockholders.

The registration statement filed under the Securities Exchange Act of
1934 became effective on September 8, 2009.

On the distribution date, each IDT stockholder will receive one share of
CTM Media Holdings Class A common stock for every three shares of IDT
common stock, one share of CTM Media Holdings Class B common stock for
every three shares of IDT Class B common stock, and one share of CTM
Media Holdings Class C common stock for every three shares of IDT Class
A common stock.

No action is required by IDT stockholders to receive the shares of CTM
Media Holdings common stock.

CTM and IDT expect that CTM Media Holdings Class A common stock and
Class B common stock will be quoted on the Pink OTC Markets under the
symbols CTMM and CTMX, respectively, beginning on September 14, 2009,
the distribution date. The CUSIP number for Class A common stock is
22944D 104. The CUSIP number for Class B common stock is 22944D 203.

Shares of IDT common stock and Class B Common Stock will continue to
trade “regular way” on the New York Stock Exchange (the “NYSE”) through
the period leading up to the distribution date. This means that shares
of IDT common stock and Class B common stock will trade with an
entitlement to shares of Holdings Class A common stock and Class B
Common Stock, respectively, distributed pursuant to the spin-off.

Therefore, if investors sell shares of IDT common stock or Class B
common stock at any time up to and including through the distribution
date, investors will be selling their right to receive shares of CTM
Media Holdings’ Class A common stock and Class B common stock,
respectively, in the spin-off.

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

About CTM Media Holdings:

About IDT Corporation:

IDT Corporation Investor Relations
Bill Ulrey, 973-438-3838
or
CTM
Media Holdings
Les Rozner, 973-438-3848
Chief Financial Officer
lrozner@ctmmedia.com

IDT Corp. Launches Genie Energy Division

IDT Corporation (IDT) (NYSE: IDT; IDT.C) said today that it has
organized its energy supply and oil shale interests into a new division,
to be called Genie Energy. Oil and gas entrepreneur Wes Perry will serve
as Genie’s Chairman of the Board.

Genie Energy will initially be comprised of IDT’s interests in IDT
Energy, American Shale Oil, LLC (AMSO), and Israel Energy Initiatives
(IEI). IDT Energy is the largest independent residential energy supply
company operating in New York State, and reported $227.7 million in
revenues during the first three quarters of IDT’s 2009 fiscal year while
generating $40.4 million in Income from Operations. American Shale Oil,
LLC is a 50/50 joint venture with multi-national energy company Total
(NYSE: TOT) to research, develop and demonstrate in-situ technologies
for potential commercial shale oil production in western Colorado on a
leasehold granted by the U.S. Bureau of Land Management. IEI has been
licensed by Israel’s Ministry of National Infrastructures to explore
certain public lands in Israel for the potential production of shale
oil. Genie will own approximately 89% of IEI.

Mr. Perry, who has over thirty years of oil and gas industry experience,
founded E.G.L. Oil Shale, LLC which IDT acquired in 2008 and renamed
American Shale Oil, LLC. He is also the owner of S.E.S. Investments,
which he founded in 1977 and which invests in oil and gas opportunities,
and is CEO of E.G.L. Resources, an energy exploration and development
company. In addition, Mr. Perry serves as the elected mayor of Midland,
Texas.

“Both America and Israel have significant shale oil reserves. It’s
difficult to overstate their potential to improve our respective
economies and national security,” said Mr. Perry. “Genie Energy is
developing the technologies America and Israel want to make rapid
progress toward energy independence, while IDT Energy is poised for
continued growth in the consumer market. I’m very excited to work with
their management team to help meet the energy needs of the U.S. and
Israel for decades to come.”

“Organizing our energy holdings under one managerial umbrella provides
us with added flexibility to respond to opportunities in those areas,”
said Howard Jonas, IDT Corporation’s Chairman. “As a visionary business
leader, public servant and humanitarian, I can think of no finer person
to lead this effort than Wes Perry, who has worked well with our team
since our acquisition of EGL Oil Shale.”

Geoffrey Rochwarger, currently Chairman and CEO of IDT Energy, will also
serve as Genie Energy’s President and Chief Executive Officer. Mr.
Rochwarger, who launched IDT Energy for IDT in 2004, has directed the
phenomenal growth of this business which today serves over 400,000
meters in New York State. Previously, he served as an Executive Vice
President of IDT Telecom, where he launched the Company’s wholesale
carrier arbitrage business while directing IDT Telecom’s global
expansion. Mr. Rochwarger earned his BA from Yeshiva University in New
York.

Claude Pupkin, AMSO’s President, will also serve as Genie Energy’s Chief
Financial Officer. Mr. Pupkin previously held several senior management
positions at IDT, including Executive Vice President of Corporate
Development. Prior to joining IDT in 2003, Mr. Pupkin’s career included
more than 17 years of finance and investment banking experience at
several firms including JP Morgan Chase, Morgan Stanley & Co. and
Citibank. Mr. Pupkin holds an MBA from The Wharton School of the
University of Pennsylvania, and an MA in International Studies from the
University of Pennsylvania.

About IDT Corporation:

IDT
Corporation (www.idt.net)
is a multinational holding company focused on the telecommunications and
energy industries. IDT Corporation’s Class B Common Stock and Common
Stock trade on the New York Stock Exchange under the ticker symbols IDT
and IDT.C, respectively.

In this press release, all statements that are not purely about
historical facts, including, but not limited to, those with 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.All
forward-looking statements and risk factors included in this document
are made as of the date hereof, based on information available to IDT as
of the date thereof, and IDT assumes no obligation to update any
forward-looking statements or risk factors.

IDT Corporation External Affairs
Bill Ulrey, 973-438-3838

Category: Press Releases

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IDT Reports Results for Fourth Quarter and Fiscal 2009

IDT Corporation

IDT Corporation to Report Fiscal 2009 4th Quarter and Full Year Results

IDT Spectrum Puts FCC License Holdings Up For Sale

IDT Corporation Completes Spin-off of CTM Media Holdings

IDT Corporation Announces CTM Media Holdings Spin-Off Date

IDT Corp. Launches Genie Energy Division

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