·Consolidated Revenues Increase 16.9% Year-over-Year, to a Record $527.0 Million
·Gross Profit Dollars Up 28.6% Year-over-Year, Reflecting 220 Basis Points Increase in Gross Margins
·IDT Entertainment Completes the Anchor Bay and Mainframe Acquisitions

NEWARK, N.J. — March 16, 2004 —IDT Corporation (NYSE: IDT, IDT.C) today reported record revenues of $527.0 million for the second quarter of its Fiscal Year 2004, the three months ended January 31, 2004. Revenues for the second quarter increased 2.7% sequentially and 16.9% year-over-year.

Gross profits for the second quarter of Fiscal Year 2004 was $130.9 million, or 24.8% of revenues, as compared to gross profits of $118.8 million or 23.2% of revenues, last quarter and gross profits of $101.8 million, or 22.6% of revenues, in the second quarter of Fiscal Year 2003.

Net income for the second quarter of Fiscal Year 2004 was $18.4 million, or $0.20 per diluted share, as compared to a net loss of $12.5 million, or ($0.16) per share, in the second quarter of Fiscal Year 2003.

Other income of $32.3 million includes a gain of $21.6 million from an arbitration award in the Telefonica litigation, and a $9.4 million gain on the sale of subsidiary stock as a result of Net2Phone’s follow-on offering in November 2003.
Cash balances and marketable securities stood at $1.09 billion, including $138.8 million held by Net2Phone, as of the close of the second quarter.

IDT narrowed its loss from operations, with a $16.2 million loss from operations for the second quarter of Fiscal Year 2004, down from losses from operations of $18.4 million and $30.7 million, for the first quarter of Fiscal Year 2004 and the second quarter of Fiscal Year 2003, respectively. Included in the loss from operations for the second quarter of Fiscal Year 2004 was $1.5 million in non-cash compensation relating to the amortization of deferred compensation resulting from the issuance during the second quarter of 1.1 million shares of restricted shares of IDT stock to employees.

Excluding the operating results of Net2Phone (IDT’s Voice over IP business segment)1, the loss from operations in the second quarter of Fiscal Year 2004 was $7.5 million, compared with a loss from operations of $20.7 million in the second quarter of Fiscal Year 2003, and a loss from operations of $10.8 million in the first quarter of Fiscal Year 2004.

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Newark, N.J., March 16, 2004 – IDT Entertainment today announced that it has acquired DKP Effects, Inc., a 3-D animation, and special effects production company, based in Toronto, Canada, well known for its innovative work for movies and television. IDT Entertainment is a subsidiary of IDT Corporation (NYSE:IDT, IDT.C), a multinational carrier, telephone and technology company.

Established in 1985 by Dan Krech and Jackie Lynette, DKP Effects, Inc. has gained an international reputation for excellence for the high-end, digital visual effects it has produced for feature films, television, video features and commercials. DKP has completed special effects for some of Hollywood’s top studios, including 20th Century Fox, Paramount Pictures, Universal Pictures, Warner Bros. and New Line/Alliance Films. The company is also responsible for effects and animation for over 3000 commercials, including award winning spots for such clients as Suzuki, Ford, Pepsi, GMC, Polaroid, Michelin, Bose, PlayStation and Fisher Price. DKP recently completed 6 episodes of “Game Over,” a new prime time computer generated (CG) animated series for UPN that depicts the humorous daily activities of a regular suburban family living inside a video game world.

“This acquisition brings that extra measure of pizzazz to the animation magic created by IDT Entertainment,” said Jim Courter, IDT’s CEO. “By adding DKP’s cutting edge technology to its own world class computer generated animation capabilities, IDT Entertainment moves further ahead of the competition.”

DKP provides IDT Entertainment with another production hub in its growing integrated global animation network that includes key facilities in Newark, Los Angeles, Vancouver, and Israel. In addition, DKP’s powerful production tool, the Graphic Realtime Information Display (theGRID™) will add depth to IDT Entertainment’s considerable production capability. TheGRID, which DKP utilized on “Game Over,” speeds up and simplifies the management and completion of complex animation projects by connecting all elements of production and accelerating real time changes. Recently, DKP completed a “VeggieTales” episode entitled “Snoodles” and 3-2-1 Penguins! for Big Idea Productions, as well as the ground-breaking DVD interactive movie, “Scourge of Worlds, A Dungeons & Dragons Adventure™.”

“DKP shares our passion for high quality production that is both innovative and efficient,” said Morris Berger, IDT Entertainment’s CEO. “This acquisition provides IDT Entertainment with additional production options and additional premium properties. By adding DKP’s work on ‘GameOver’ to the IDT production roster that includes “The Simpsons” and “King of the Hill,” IDT Entertainment becomes the largest and only production facility producing 2-D and 3-D primetime broadcast programming.”

“We are thrilled to join the exceptionally talented group of companies at IDT Entertainment,” said Dan Krech, President of DKP Effects, Inc. “Collaboration with this elite global team of industry icons provides DKP with infinite opportunities to develop and produce ground-breaking original animation.”

In March 2003, Digital Production Solutions (DPS), now a unit of IDT Entertainment, acquired rights to Starpoint Academy and Char, both Gene Roddenberry creations. Starpoint Academy is presently in production. In May 2003, IDT Entertainment acquired a controlling interest in Film Roman, Inc., the animation company well known for its production work on The Simpsons, King of the Hill, and other popular broadcast television programs. In July 2003, IDT Entertainment acquired a minority equity interest in Vanguard Animation, LLC. Under the terms of the Vanguard Animation investment, IDT Entertainment was granted a first look right to provide production services on future Vanguard Animation projects. IDT and Vanguard Animation also entered into a joint venture agreement to jointly develop, produce, finance and arrange distribution of computer generated (CG) animation entertainment. In December 2003, IDT Entertainment acquired a controlling interest in Mainframe Entertainment Inc., a Vancouver, Canada based entertainment company well known for producing CG animation for films, television, videogames and the direct-to-consumer market. In December 2003, IDT Entertainment acquired Anchor Bay Entertainment Group from Handleman Company. In January 2004, IDT Entertainment acquired a five percent (5%) equity interest in Archie Comics Entertainment, LLC.

IDT Corporation, through its IDT Telecom subsidiary, is a facilities-based, multinational carrier that provides a broad range of telecommunications services to retail and wholesale customers worldwide. IDT Telecom, by means of its own national telecommunications backbone and fiber optic network infrastructure, provides its customers with integrated and competitively priced international and domestic long distance and domestic all-distance telephony and prepaid calling cards. IDT Entertainment is the IDT subsidiary focused on developing, acquiring, producing and distributing computer-generated and traditionally animated productions and other productions for the film, broadcast and direct-to-consumer markets. IDT Media is the IDT subsidiary principally responsible for the Company’s initiatives in radio broadcasting, brochure distribution and new video technologies. Winstar Holdings, LLC, which provides service under the IDT Solutions brand, is the IDT subsidiary focused on providing broadband and telephony services to commercial and governmental customers through a fixed-wireless and fiber infrastructure. Net2Phone, Inc., a subsidiary of IDT Corporation, is a leading provider of high-quality global retail Voice over IP services and offers a fully outsourced cable telephony service to cable operators allowing cable operators to provide residential phone service to their subscribers.

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.

Important Note: In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which 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 IDT’s 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 IDT’s most recent report on SEC Form 10-K (under the heading “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 and other filings IDT may make with the SEC.

NEWARK, N.J. – March 15, 2004 – IDT Corporation (NYSE: IDT, IDT.C), a multinational carrier, telephone and technology company, is pleased to announce that the Company was ranked the highest among Communications/Fixed-Line companies in the 2004 Wall Street Journal Shareholder Scoreboard of America’s largest companies. The results were published in the Wall Street Journal and were made available online on March 9, 2004.

The Shareholder Scoreboard ranks the 1000 largest companies in the Dow Jones U.S. Total Market index. The Shareholder Scoreboard reported that IDT ranked number 1 in shareholder returns among its peers in the Fixed-Line Communications Industry for 1-year returns, 3-year average returns and 5-year average returns. IDT’s 3-year average return of 25.2% compares to the industry average of a 7.9% loss. IDT is the only Fixed-Line Communications company to show a positive 3-year average return. The Company’s 5-year average return was 21.1%, compared with the industry average of a 7.2% loss.

“Seeing IDT at the top of the list is great, especially when you see names like Verizon, BellSouth, SBC Communication and AT&T below you,” said Howard Jonas, IDT’s Founder and Chairman. “Unlike other companies, we developed new technologies rather than just relying on the old, we kept the entrepreneurial spirit alive and we’re quick to adapt to the changing marketplace.”

“This recognition by the Wall Street Journal is proof that IDT’s philosophy of managing for the long term, rather than focusing on short term stock price gains, gives a company staying power,” said Jim Courter, IDT’s CEO. “Hiring the right people, rewarding innovation, and investing strategically, is not just the formula for IDT’s success, it’s the blueprint for the communications company of the future.”

The rankings were measured by the total value of each company’s publicly traded common stock and can be found online at www.wsj.com/reports. The rankings did not take into consideration the more liquid IDT Class B shares (NYSE: IDT), which outperformed the Common Stock during the latest period.

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Newark, NJ, March 11, 2004 – IDT Corporation today announced that it has been selected by AOL® Latino as its online phone card provider. The agreement marks the first time that AOL Latino has offered phone cards to its members. AOL Latino, a subsidiary of AOL, is the leading Internet service provider for U.S. Hispanics. IDT Corporation (NYSE: IDT, IDT.C) is a multinational carrier, telephone and technology company.

According to the terms of the agreement, AOL Latino members can choose from three virtual phone cards, Conexion Latina, Raices Latinas, and Latino Plus, each designed to answer a specific calling preference. All three cards have extremely low per minute rates and can be purchased by credit card. Members who buy a card will get an email with an account PIN number they can use to make calls to any country and will have the option to automatically recharge the PIN whenever it falls below a pre-set amount.

“AOL Latino and IDT share a commitment to serving the Hispanic community with Spanish language products and services that provide consumers with the tools they need to succeed,” said Jim Courter, IDT’s CEO. “AOL Latino brings its members the Internet. Now, IDT has joined with AOL to give Latino consumers domestic and international long distance phone service at warehouse club rates, without the lines.”

According to a U.S. Department of Commerce study, as of July 1, 2002 the U.S Hispanic Population numbered 38.8 million, making Hispanics the nation’s largest minority group. Based upon published reports Hispanic buying power is now estimated to be about 600 billion dollars annually an increase of over 300 billion dollars from fours years earlier. As a group, Hispanics utilize phone cards on a regular basis. A recent AOL/Roper ASW survey found that 40% of Hispanics have purchased prepaid calling cards in the past six months to make calls outside the U.S.

“AOL Latino’s partnership with IDT provides a tremendous value to our AOL Latino members, potentially saving them a substantial amount of money each year,” said David Wellisch, Vice President and General Manager of AOL Latino. “Latinos are heavy users of pre-paid cards, and we are able to leverage our relationship with IDT and our substantial online Hispanic community to offer these steep discounts. This service also offers an additional incentive for Hispanics to come online and begin taking advantage of the convenience that the Internet provides.”

IDT Corporation, through its IDT Telecom subsidiary, is a facilities-based, multinational carrier that provides a broad range of telecommunications services to retail and wholesale customers worldwide. IDT Telecom, by means of its own national telecommunications backbone and fiber optic network infrastructure, provides its customers with integrated and competitively priced international and domestic long distance and domestic all-distance telephony and prepaid calling cards. IDT Entertainment is the IDT subsidiary focused on developing, acquiring, producing and distributing computer-generated and traditionally animated productions and other productions for the film, broadcast and direct-to-consumer markets. IDT Media is the IDT subsidiary principally responsible for the Company’s initiatives in radio broadcasting, brochure distribution and new video technologies. Winstar Holdings, LLC, which provides service under the IDT Solutions brand, is the IDT subsidiary focused on providing broadband and telephony services to commercial and governmental customers through a fixed-wireless and fiber infrastructure. Net2Phone, Inc., a subsidiary of IDT Corporation, is a leading provider of high-quality global retail Voice over IP services and offers a fully outsourced cable telephony service to cable operators allowing cable operators to provide residential phone service to their subscribers. Liberty Media Corporation holds a 5% stake in IDT Telecom and also owns 5.6% stakes in IDT Entertainment and IDT Media.

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 heading “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 manage our growth; competitiveness of our Winstar subsidiary; 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.

NEWARK, N.J. – March 5, 2004 – Please join us for the IDT Corp. (NYSE: IDT and IDT.C) second quarter conference call when we report results for the period ended January 31, 2004, along with an update of our current financial status.

Our conference call is scheduled for Tuesday, March 16, at 8:00 AM (EST). An earnings release will be available prior to the call.

We are pleased to offer two ways to participate in the conference call — via teleconference or webcast. You may access the webcast of our call by visiting the IDT Corp. website (www.idt.net). A direct link to the call will be found on the IDT Corporation home page, and at the following hyperlink:

Click here

You will need Windows Media software to listen to the streaming feed of the conference call. Please allow at least 15 minutes to download any necessary audio software prior to the call.

If you choose to participate via telephone, the dial-in number is 1-866-594-2183 for domestic callers, and 1-973-935-8583 for international callers.

Should you miss the call, you may access an archived copy at the IDT website (in the Investor Relations section’s Presentations), or via a replay at 1-877-519-4471 — passcode #4555957 for domestic callers, or 1-973-341-3080 — passcode #4555957 for international callers. The teleconference replay will be available for one week after the conference call.

We look forward to your participation.

Newark, NJ & New York, NY January 28, 2004 – IDT Entertainment and Archie Comics Entertainment, LLC today announced IDT Entertainment’s acquisition of a five per cent (5%) equity interest in Archie Comics Entertainment, LLC. The agreement provides IDT the rights to co-develop and co-produce select animated properties based upon Archie Comics Entertainment characters. IDT Entertainment is a subsidiary of IDT Corporation (NYSE:IDT, IDT.C) a multinational carrier, telephone and technology company. Archie Comics Entertainment LLC is the entertainment and licensing arm of Archie Comic Publications Inc.

The Archie Comics Entertainment character properties include: Archie, Jughead, Veronica, Betty and their Riverdale friends, Sabrina the Teenage Witch, Josie and the Pussycats, Katy Keene, Cheryl Blossom, as well as super hero properties from the Mighty Crusaders library.

“Sit back, relax and get ready to laugh – The best of the Archie Comics characters will be animated for your viewing pleasure,” said Jim Courter, IDT’s CEO. “Archie Comics characters will be joining X-Men and Spiderman, other comic book heroes that IDT Entertainment is animating for television and direct to DVD distribution.”

IDT Entertainment intends to immediately start development on several projects based on Archie Comics characters. Plans include the creation of direct to DVD programming that may be distributed through Anchor Bay, IDT Entertainment’s distribution division, as well as possible feature film production.

“For over 60 years Archie Comics characters have provided the public with the best in family friendly entertainment,” said Morris Berger, CEO of IDT Entertainment. “This is a brand that has stood the test of time. We’re excited to be working with Archie Comics Entertainment to produce animated programming for their loyal audience and to introduce their wonderful characters to a whole new generation of fans.”

“The last year has proven to be a time of tremendous growth for both Archie Comics Entertainment, LLC and IDT Entertainment, which has gained industry-wide recognition for its distinctive and innovative approach to worldwide animation,” said, Allan I. Grafman, President of Archie Comics Entertainment. “IDT’s commitment to wholesome, fun, animated programming is our ‘sweet spot.’ IDT’s strategy, family orientation, management and staff are in perfect ‘sync’ with Archie Comics Entertainment. We look forward to the limitless synergistic opportunities that will be generated by our association.”

Archie Comics Entertainment LLC was established in 2003 as the entertainment and licensing arm of Archie Comic Publications, home of the world renowned character properties Archie, Betty, Veronica, Jughead and their Riverdale friends, Sabrina the Teenage Witch, Josie and the Pussycats and Katy Keene, as well as super hero properties Mighty Crusaders including The Web. With offices in metro New York, Archie Comics Entertainment is involved in the development, production and worldwide distribution of original projects for television, film and home video, music, live events and the Internet as well as represents the licensing and merchandising of its enduring brands across all global markets. Archie Comics Entertainment is on the Web at www.archiecomics.com.

In March 2003, Digital Production Solutions (DPS), now a unit of IDT Entertainment, acquired rights to Starpoint Academy and Char, both Gene Roddenberry creations. Starpoint Academy is presently in production. In May 2003, IDT Entertainment acquired a controlling interest in Film Roman, Inc., the animation company well known for its production work on The Simpsons, King of the Hill, and other popular broadcast television programs. In July 2003, IDT Entertainment acquired a minority equity interest in Vanguard Animation, LLC. Under the terms of the Vanguard Animation investment, IDT Entertainment was granted a first look right to provide production services on future Vanguard Animation projects. IDT and Vanguard Animation also entered into a joint venture agreement to jointly develop, produce, finance and arrange distribution of computer generated (CG) animation entertainment. In December 2003, IDT Entertainment acquired a controlling interest in Mainframe Entertainment Inc., a Vancouver, Canada based entertainment company well known for producing CG animation for films, television, videogames and the direct-to-consumer market. In December 2003, IDT Entertainment acquired Anchor Bay Entertainment Group from Handleman Company.

IDT Corporation, through its IDT Telecom subsidiary, is a facilities-based, multinational carrier that provides a broad range of telecommunications services to retail and wholesale customers worldwide. IDT Telecom, by means of its own national telecommunications backbone and fiber optic network infrastructure, provides its customers with integrated and competitively priced international and domestic long distance and domestic all-distance telephony and prepaid calling cards. IDT Entertainment is the IDT subsidiary focused on developing, acquiring, producing and distributing computer-generated and traditionally animated productions and other productions for the film, broadcast and direct-to-consumer markets. IDT Media is the IDT subsidiary principally responsible for the Company’s initiatives in radio broadcasting, brochure distribution and new video technologies. Winstar Holdings, LLC, which provides service under the IDT Solutions brand, is the IDT subsidiary focused on providing broadband and telephony services to commercial and governmental customers through a fixed-wireless and fiber infrastructure. Net2Phone, Inc., a subsidiary of IDT Corporation, is a leading provider of high-quality global retail Voice over IP services and offers a fully outsourced cable telephony service to cable operators allowing cable operators to provide residential phone service to their subscribers. Liberty Media Corporation holds a 5% stake in IDT Telecom and also owns 5.6% stakes in IDT Entertainment and IDT Media.

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.

Important Note: In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which 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 IDT’s 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 IDT’s most recent report on SEC Form 10-K (under the heading “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 and other filings IDT may make with the SEC.

Newark, N.J., December 18, 2003 – IDT Telecom today announced the next phase in the expansion of “IDT America Unlimited.” The company’s all-inclusive unlimited calling plan is now available to customers in Delaware, Massachusetts, New Hampshire, West Virginia, Maine, and Rhode Island for $39.95, in most areas. The calling plan includes unlimited local, regional toll and long distance calling with Caller ID, Speed Dial, Call Waiting and 3-way Calling, and the convenience of one monthly bill for $39.95 a month. IDT Telecom is a subsidiary of IDT Corporation (NYSE: IDT, IDT.C).

IDT America Unlimited was launched in New York, New Jersey, Pennsylvania and Maryland in September 2003 with incredible response.

“There’s no stopping IDT now. We’re breaking all records with a calling plan that is priced below the competition and finally, consumers have a real choice when it comes to saving money on phone bills,” said Jim Courter, IDT’s CEO. “With services like ‘IDT America Unlimited,’ we’re planning to make IDT ‘America’s’ phone company and become the first choice for consumers.”

“Customers who sign up for ‘IDT America Unlimited’ will get the same high-quality, low prices that have become IDT’s trademark,” said Motti Lichtenstein, CEO of IDT Telecom. “With our aggressive roll out plan, we’ll be growing quickly state by state in the coming weeks and months.”

Customers may also choose the “IDT America Choice” plan that provides unlimited local service with Caller ID and Call Waiting for $28.95 per month along with IDT Domestic Long Distance included at just 5 ¢ a minute with no additional fee (available in most areas). IDT offers a choice of international calling plans for a nominal charge of $2 – $3.95 monthly. Customers can get rates as low as 5.9¢ to Hong Kong and Germany, 31¢ to India, and 9¢ to China. In addition, IDT customers enjoy the same low rates away from home when using their calling cards to call domestically or internationally from the U.S. as they do at home. IDT’s popular 5¢ a minute Long Distance calling plan is still available nationwide.

IDT Corporation, through its IDT Telecom subsidiary, is a facilities-based, multinational carrier that provides a broad range of telecommunications services to retail and wholesale customers worldwide. IDT Telecom, by means of its own national telecommunications backbone and fiber optic network infrastructure, provides its customers with integrated and competitively priced international and domestic long distance and domestic all-distance telephony and prepaid calling cards. IDT Entertainment is the IDT subsidiary focused on developing, acquiring, producing and distributing computer-generated and traditionally animated productions and other productions for the film, broadcast and direct-to-consumer markets. IDT Media is the IDT subsidiary principally responsible for the Company’s initiatives in radio broadcasting, brochure distribution and new video technologies. Winstar Holdings, LLC, which provides service under the IDT Solutions brand, is the IDT subsidiary focused on providing broadband and telephony services to commercial and governmental customers through a fixed-wireless and fiber infrastructure. Net2Phone, Inc., a subsidiary of IDT Corporation, is a leading provider of high-quality global retail Voice over IP services and offers a fully outsourced cable telephony service to cable operators allowing cable operators to provide residential phone service to their subscribers. Liberty Media Corporation holds a 5% stake in IDT Telecom and also owns 5.6% stakes in IDT Entertainment and IDT Media.

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.

Important Note: In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which 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 IDT’s 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 IDT’s most recent report on SEC Form 10-K (under the heading “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 and other filings IDT may make with the SEC.

Newark NJ, December 17, 2003 – IDT Entertainment today announced that it has engaged Christopher Reeve to direct an original feature length animated film. Mr. Reeve is well known for his portrayal of Superman in 4 feature films and for starring roles in the Bostonians, Somewhere in Time and The Remains of the Day. In addition, Mr. Reeve is a distinguished writer, producer and director. In 1997 he was nominated for an Emmy for directing the HBO film In The Gloaming. IDT Entertainment is a subsidiary of IDT Corporation (NYSE: IDT, IDT.C), a multinational carrier, telephone and technology company.

“Christopher Reeve is a man I deeply admire. His ‘can do’ attitude is inspiring,” said Howard Jonas, IDT’s Founder and Chairman. “Without question, he is a true American superhero. His courage, integrity and professional accomplishments are not the stuff of fiction – they’re real life.”

Digital Production Solutions (DPS), IDT Entertainment’s animation unit, will provide complete production services on the film. Mr. Reeve will oversee the entire production process, from character development, casting and set design through animation, lighting, texturing and postproduction.

“This agreement writes a new chapter in IDT’s ongoing success story,” said Jim Courter, CEO of IDT Corporation. “IDT revolutionized Telecom, now we’re doing the same for high quality, 3-D Computer Generated (CG) animation. We’re pleased that Christopher Reeve shares our vision and that he’s put his stamp of approval on this film.”

“Many projects cross my desk but only a few are truly captivating,” said Christopher Reeve. “With the perfect blend of warmth and wit, this is a story with universal appeal that both children and their parents will love.”

The film is an urban fable set in the 1930’s, and is expected to be completed in early 2005.

“This project required a director with a combination of experience and creativity,” said Morris Berger, CEO of IDT Entertainment. “Christopher Reeve was our first choice. We’re thrilled that he will shape and guide this film from concept to completion.”

In March 2003, Digital Production Solutions (DPS), now a unit of IDT Entertainment, acquired rights to Starpoint Academy and Char, both Gene Roddenberry creations. Starpoint Academy is presently in production. In May 2003, IDT Entertainment acquired a controlling interest in Film Roman, Inc., the animation company well known for its production work on The Simpsons, King of the Hill, and other popular broadcast television programs. In July 2003, IDT Entertainment acquired a minority equity interest in Vanguard Animation, LLC. Under the terms of the Vanguard Animation investment, IDT Entertainment was granted a first look right to provide production services on future Vanguard Animation projects. IDT and Vanguard Animation also entered into a joint venture agreement to jointly develop, produce, finance and arrange distribution of computer generated (CG) animation entertainment. In December 2003, IDT Entertainment acquired a controlling interest in Mainframe Entertainment Inc., a Vancouver, Canada based entertainment company well known for producing CG animation for films, television, videogames and the direct-to-consumer market. In December 2003, IDT Entertainment acquired Anchor Bay Entertainment Group from Handleman Company.

IDT Corporation, through its IDT Telecom subsidiary, is a facilities-based, multinational carrier that provides a broad range of telecommunications services to retail and wholesale customers worldwide. IDT Telecom, by means of its own national telecommunications backbone and fiber optic network infrastructure, provides its customers with integrated and competitively priced international and domestic long distance and domestic all-distance telephony and prepaid calling cards. IDT Entertainment is the IDT subsidiary focused on developing, acquiring, producing and distributing computer-generated and traditionally animated productions and other productions for the film, broadcast and direct-to-consumer markets. IDT Media is the IDT subsidiary principally responsible for the Company’s initiatives in radio broadcasting, brochure distribution and new video technologies. Winstar Holdings, LLC, which provides service under the IDT Solutions brand, is the IDT subsidiary focused on providing broadband and telephony services to commercial and governmental customers through a fixed-wireless and fiber infrastructure. Net2Phone, Inc., a subsidiary of IDT Corporation, is a leading provider of high-quality global retail Voice over IP services and offers a fully outsourced cable telephony service to cable operators allowing cable operators to provide residential phone service to their subscribers. Liberty Media Corporation holds a 5% stake in IDT Telecom and also owns 5.6% stakes in IDT Entertainment and IDT Media.

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.

Important Note: In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which 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 IDT’s 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 IDT’s most recent report on SEC Form 10-K (under the heading “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 and other filings IDT may make with the SEC.

Newark, NJ, December 11, 2003 – IDT Entertainment today announced that it has agreed with NorthStar Entertainment Group, Inc., a subsidiary of the Christian Broadcasting Network, Inc. (CBN), to create a joint venture that will develop, produce and distribute family friendly entertainment programming. IDT Entertainment is a subsidiary of IDT Corporation (NYSE: IDT, IDT.C), a multinational carrier, telephone and technology company.

“Jim Courter, IDT’s CEO and I feel this match is made in heaven. It links two innovative communications companies, IDT Entertainment and The Christian Broadcasting Network,” said Howard Jonas, IDT’s Founder and Chairman. “By connecting IDT Entertainment’s proprietary animation technology and original programming, with CBN’s loyal audience, international reach and the credibility of Pat Robertson, its visionary leader, this joint venture creates a new distribution channel with the potential for reshaping the entertainment landscape for positive family entertainment.”

Pat Robertson, Founder and CEO of CBN adds, “I am a great fan of Howard Jonas, the founder of IDT. His business acumen is astounding. Even greater is his personal integrity. I believe that the joint venture between a division of IDT and a subsidiary of CBN will provide exciting family entertainment products for a wide segment of the American public, which I greatly applaud.”

Both IDT and CBN believe there is a serious lack of family friendly entertainment today and this partnership is intended to fill that void in American culture.

According to the terms of the agreement, the joint venture will develop, produce, distribute and promote family friendly programming and related products through direct marketing and retail. The initial programming will include “Hip Hop & Hamilton,”
a 3-D, computer generated (CG) animated series, created and produced by IDT Entertainment. Intended for a pre-school audience, this edutainment series uses music and original characters to entertain and engage children while it prepares and encourages them to read.

IDT Entertainment and CBN also intend to co-develop and co-produce additional positive family entertainment programming. CBN will contribute archived interviews from the “700 Club,” selected by Dr. Robertson. CBN will also contribute films, programs and videos to the joint venture.

“This is a powerhouse deal that will do for family friendly entertainment programming what Oprah did for books,” said Morris Berger, CEO of IDT Entertainment. “This agreement perfectly demonstrates what IDT Entertainment is all about, partnering with top notch companies and using our considerable animation, production and distribution capabilities to produce family entertainment with a positive moral message.”

In March 2003, Digital Production Solutions (DPS), now a unit of IDT Entertainment, acquired rights to Starpoint Academy and Char, both Gene Roddenberry creations. Starpoint Academy is presently in production. In May 2003, IDT Entertainment acquired a controlling interest in Film Roman, Inc., the animation company well known for its production work on popular broadcast television programs. In July 2003, IDT Entertainment acquired a minority equity interest in Vanguard Animation, LLC. Under the terms of the Vanguard Animation investment, IDT Entertainment was granted a first look right to provide production services on future Vanguard Animation projects. IDT and Vanguard Animation also entered into a joint venture agreement to jointly develop, produce, finance and arrange distribution of computer generated (CG) animation entertainment. In November 2003 IDT Entertainment entered into an agreement to purchase Anchor Bay Entertainment Group from Handleman Company. In December 2003, IDT Entertainment acquired a controlling interest in Mainframe Entertainment Inc., a Vancouver; Canada based entertainment company well known for producing CG animation for films, television, videogames and the direct-to-consumer market.

IDT Corporation, through its IDT Telecom subsidiary, is a facilities-based, multinational carrier that provides a broad range of telecommunications services to retail and wholesale customers worldwide. IDT Telecom, by means of its own national telecommunications backbone and fiber optic network infrastructure, provides its customers with integrated and competitively priced international and domestic long distance and domestic all-distance telephony and prepaid calling cards. IDT Entertainment is the IDT subsidiary focused on developing, acquiring, producing and (with the Anchor Bay acquisition) distributing computer-generated and traditionally animated productions and other productions for the film, broadcast and direct-to-consumer markets. IDT Media is the IDT subsidiary principally responsible for the Company’s initiatives in radio broadcasting, brochure distribution and new video technologies. Winstar Holdings, LLC, which provides service under the IDT Solutions brand, is the IDT subsidiary focused on providing broadband and telephony services to commercial and governmental customers through a fixed-wireless and fiber infrastructure. Net2Phone, Inc., a subsidiary of IDT Corporation, is a leading provider of high-quality global retail Voice over IP services and offers a fully outsourced cable telephony service to cable operators allowing cable operators to provide residential phone service to their subscribers. Liberty Media Corporation holds a 5% stake in IDT Telecom and also owns 5.6% stakes in IDT Entertainment and IDT Media.

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.

Important Note: In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which 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 are used. While these forward-looking statements represent IDT’s 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 IDT’s most recent report on SEC Form 10-K (under the heading “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 and other filings IDT may make with the SEC.

Newark N.J., December 11, 2003 – IDT Entertainment today announced that it has completed its purchase of Anchor Bay Entertainment Group, from Handleman Company. Anchor Bay is an independent home video company that licenses, markets and distributes a vast collection of films, television shows and direct-to-video programming for home entertainment through mass merchants and specialty stores. Anchor Bay will become an operating unit of IDT Entertainment, a subsidiary of IDT Corporation (NYSE: IDT, IDT.C), a multinational carrier, telephone and technology company.

Anchor Bay has many established long-term arrangements and utilizes a library of more than 3,500 owned or licensed titles. The company is known for its popular assortment of video collections and titles in a variety of genres, including: children’s (the Thomas The Tank Engine series); fitness (where the company’s leading industry position includes titles such as the Crunch series and the For Dummies series); horror (films and series such as Halloween, The Evil Dead, Hellraiser and Dawn Of The Dead); television (Highlander, Xena, Hercules, and Three’s Company); and theatrical.

In March 2003, Digital Production Solutions (DPS), now a unit of IDT Entertainment, acquired rights to Starpoint Academy and Char, both Gene Roddenberry creations. Starpoint Academy is presently in production. In May 2003, IDT Entertainment acquired a controlling interest in Film Roman, Inc., the animation company well known for its production work on popular broadcast television programs. In July 2003, IDT Entertainment acquired a minority equity interest in Vanguard Animation, LLC. Under the terms of the Vanguard Animation investment, IDT Entertainment was granted a first look right to provide production services on future Vanguard Animation projects. IDT and Vanguard Animation also entered into a joint venture agreement to jointly develop, produce, finance and arrange distribution of computer generated (CG) animation entertainment. In December 2003, IDT Entertainment acquired a controlling interest in Mainframe Entertainment Inc., a Vancouver, Canada based entertainment company well known for producing CG animation for films, television, videogames and the direct-to-consumer market.

IDT Corporation, through its IDT Telecom subsidiary, is a facilities-based, multinational carrier that provides a broad range of telecommunications services to retail and wholesale customers worldwide. IDT Telecom, by means of its own national telecommunications backbone and fiber optic network infrastructure, provides its customers with integrated and competitively priced international and domestic long distance and domestic all-distance telephony and prepaid calling cards. IDT Entertainment is the IDT subsidiary focused on developing, acquiring, producing and (with the Anchor Bay acquisition) distributing computer-generated and traditionally animated productions and other productions for the film, broadcast and direct-to-consumer markets. IDT Media is the IDT subsidiary principally responsible for the Company’s initiatives in radio broadcasting, brochure distribution and new video technologies. Winstar Holdings, LLC, which provides service under the IDT Solutions brand, is the IDT subsidiary focused on providing broadband and telephony services to commercial and governmental customers through a fixed-wireless and fiber infrastructure. Net2Phone, Inc., a subsidiary of IDT Corporation, is a leading provider of high-quality global retail Voice over IP services and offers a fully outsourced cable telephony service to cable operators allowing cable operators to provide residential phone service to their subscribers. Liberty Media Corporation holds a 5% stake in IDT Telecom and also owns 5.6% stakes in IDT Entertainment and IDT Media.

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.

Important Note: In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which 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 are used. While these forward-looking statements represent IDT’s 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 IDT’s most recent report on SEC Form 10-K (under the heading “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 and other filings IDT may make with the SEC.