NEWARK, N. J. — December 10, 2002 – IDT Corporation (NYSE: IDT.B; IDT), a leading multinational carrier and telephone company, has been selected as the exclusive prepaid calling card provider to Walgreen Co. (NYSE: WAG), the nation’s largest drugstore chain. IDT will supply Walgreen-branded pre-paid calling cards to the drugstore chain’s nearly 4,000 stores.

Howard Jonas, IDT’s Chairman, said, “Walgreens is America’s No. 1 retail pharmacy chain, and IDT is one of the world’s healthiest telecommunications companies. Together, we can offer customers nationwide a high-quality calling card program.”

“We’re delighted that IDT was selected over all the major domestic phone companies competing to be Walgreens phone card provider,” said Jim Courter, IDT CEO. “Walgreens and IDT are a great fit. Walgreens is known for providing consumers with good value and reliable service. And IDT’s extensive domestic and international infrastructure and rock solid balance sheet will insure consumers get very competitive rates from a phone company that will be around a long while.”

The new Walgreens phone cards will be sold in $10, $20 and $40 denominations and are available now.

“This agreement with Walgreens, one of the largest and most trusted retailers in the U.S., is very significant for IDT Telecom in terms of both revenue and prestige,” said Motti Lichtenstein, CEO IDT Telecom. “Our Private Label calling card division has been hard at work signing up major companies as clients, offering quality service at competitive prices.”

WALGREEN CO.
Walgreen Co. is the nation’s largest drugstore chain with fiscal 2002 sales of $28.7 billion. The company operates 3,954 stores in 43 states and Puerto Rico, in addition to Walgreens Health Initiatives, which provides mail service prescriptions, pharmacy benefits management and other clinical services.

IDT Corporation, through its IDT Telecom subsidiary, is a facilities-based, multinational carrier that provides a broad range of telecommunications services to its 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 telephony and prepaid calling cards. IDT and Liberty Media own 95% and 5 % of IDT Telecom, respectively. IDT Media is the IDT subsidiary principally responsible for the Company’s initiatives in media, new video technologies and print media.

Through its various subsidiaries, IDT has interests in several telecom, Internet-related and media companies. IDT acquired assets of Winstar Communications in December 2001. IDT Corporation common shares trade on the New York Stock Exchange under the ticker symbols IDT.B and IDT. As of October 18, 2002, there were about 54.1 million shares of Class B common stock (IDT.B) outstanding, and about 25.0 million shares of common stock (IDT). Of these, approximately 4.0 million shares of Class B common stock and approximately 5.4 million shares of common stock were held by IDT Corporation.

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.— December 9, 2002 —IDT Corporation (NYSE: IDT.B, IDT) today reported record revenues of $443.2 million for the first quarter of its Fiscal Year 2003, the three months ended October 31, 2002. Revenues increased 30.6% over the first quarter of Fiscal Year 2002, and 6.3% over the fourth quarter of Fiscal Year 2002. Excluding its Winstar division, acquired in the second quarter of Fiscal Year 2002, and Net2Phone, which was not consolidated during Fiscal Year 2002, IDT’s revenue would have been $396.0 million, and its revenue growth in the first quarter would have been 16.8% over the first quarter of Fiscal Year 2002 and 1.7% over the fourth quarter of 2002.

The net loss for the first quarter of Fiscal Year 2003 was $4.1 million, or $0.05 per share. This compares with a net loss of $158.3 million, or $2.22 per share, in Fiscal Year 2002’s first quarter, and a net loss of $78.2 million, or $0.99 per share, in Fiscal Year 2002’s fourth quarter. As of the close of the first quarter of Fiscal Year 2003 consolidated cash and marketable securities stood at $1.114 billion, which includes $119 million held by Net2Phone.

Excluding certain items which aggregately accounted for a loss of $19.2 million after taxes, IDT would have reported net income of $15.1 million for the first quarter of Fiscal Year 2003. These items are:

· Loss of $24.7 million related to the results of its Winstar division;
· Income of $7.0 million related to the results of Net2Phone; and
·Non-cash impairment charges of $1.5 million, primarily related to the write-down of certain network assets.

“While IDT continues to set revenue records, this year’s challenge is to improve the bottom line.” said Jim Courter, Vice Chairman and CEO. “We have improved our operating performance this quarter, and we’d like to see black ink on the bottom line by the end of Fiscal 2003.”

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Q1 2003 Financials

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NEWARK, N.J., December 9, 2002 — IDT Corporation (NYSE: IDT.B, IDT), a multinational carrier, telephone and technology company, is pleased to announce that it will achieve a majority of independent directors on the IDT Corporate Board with the elimination of one inside directorship and with the appointment of one additional outside director. The changes to the board are to be effective following the IDT Board of Directors meeting on December 11, 2002. At that time the IDT Board will have 8 outside directors and 7 inside directors.

In fulfilling the new corporate mandate, IDT Corporation is pleased to welcome former U.S. Senator from Minnesota, Rudy Boschwitz and Marc J. Oppenheimer, President and CEO of Crystallex International Corporation to the IDT Board of Directors. Senator Boschwitz, currently serves on the IDT Media Board. Also, outside director, Meyer Berman, age 68, has announced his retirement from IDT’s board.

“IDT has been moving toward having an independent board for several years now. That has been our goal long before corporate scandals started making daily headlines and long before regulators deemed it necessary. We were moving toward an independent board because it was the right thing to do,” said Jim Courter, IDT’s CEO. “For IDT, just having a majority of outside directors is still not enough. We have built a Board of high caliber, strongly independent and highly distinguished individuals. It is a Board that I believe is the envy of many of America’s largest companies.”

Rudy Boschwitz was first elected to the United States Senate from Minnesota in 1978. He was re-elected in 1984, and served until 1991. Sen. Boschwitz is currently Chairman of the Advisory Committee of the Center for Global Food Issues, and a director of Friends of the World Food Program (a UN agency), the Hudson Institute, and the St. Paul Chamber Orchestra. He is currently Founder and Chairman of HomeValu, Inc.

Marc Oppenheimer has served as President and CEO of Crystallex International Corporation, an emerging gold mining company, since 1995. Previously, Mr. Oppenheimer was Director of Trade and Merchant Banking with Midlantic National Bank. Mr. Oppenheimer was a senior executive in the International Department of the Commodity Financing Division at Chase Manhattan Bank. Mr. Oppenheimer earned an MBA in Finance and a Bachelor of Science degree in Management and Industrial Relations from NYU.

“I have tremendous respect for Rudy Boschwitz and Marc Oppenheimer. They are both individuals with great intelligence, integrity and business acumen,” said Howard Jonas, IDT’s Chairman. “So, if I ever get outvoted on a decision by our outside controlled board, I’ll take some comfort knowing that Rudy and Marc were there and voted their consciences.”

As part of the realignment of the IDT Corporate Board, inside director Geoffrey Rochwarger will leave the Board to become vice chairman of the Board of IDT Winstar, a subsidiary of IDT Corporation.

Also, IDT announced that Senator Frank Lautenberg will resign his position as a member of the IDT Media Board. Mr. Lautenberg was re-elected to the United States Senate and will take office in January, 2003.

IDT Corporation, through its IDT Telecom subsidiary, is a facilities-based, multinational carrier that provides a broad range of telecommunications services to its 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 telephony and prepaid calling cards. IDT and Liberty Media own 95% and 5 % of IDT Telecom, respectively. IDT Media is the IDT subsidiary principally responsible for the Company’s initiatives in media, new video technologies and print media.

Through its various subsidiaries, IDT has interests in several telecom, Internet-related and media companies. IDT acquired assets of Winstar Communications in December 2001. IDT Corporation common shares trade on the New York Stock Exchange under the ticker symbols IDT.B and IDT. As of October 18, 2002, there were about 54.1 million shares of Class B common stock (IDT.B) outstanding, and about 25.0 million shares of common stock (IDT). Of these, approximately 4.0 million shares of Class B common stock and approximately 5.4 million shares of common stock were held by IDT Corporation.

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. – November 22, 2002 – IDT Corporation (NYSE:IDT.B, IDT), a multinational carrier, telephone and technology company, is proud to announce that it has moved up to number 44 in the Business Week Info Tech 100, a ranking of the top technology companies in the world, based on their performance over the past 12 months. IDT was previously ranked 96 on the list. The results of the comprehensive survey are published in the Monday, November 25, 2002 edition of Business Week.

“Moving up in the Business Week Info Tech 100 is really important to me, because it is not just a listing of the top telecom companies, but of the world’s top technology companies,” said Howard Jonas, Chairman, IDT Corporation. “Looking at the list, it’s evident that the companies that have relied on their monopoly status are losing ground. The future in Telecom belongs to those companies, like IDT, which can innovate and develop new technologies to provide more efficient, cost effective and reliable communications for people around the globe.”

In addition to an overall ranking of 44 in the Business Week Info Tech 100, IDT received top ranking in the “Total Shareholder Return” (TSR) category of the entire telecommunications sector. Business Week reports that IDT had a TSR of 41.7 %, which is based on data compiled by Standard & Poor’s.

“Just as communications technology evolved from the telegraph to the telephone, IDT along with IDT Winstar and Net2Phone continues to push the technological envelope even further,” said Jim Courter, IDT’s CEO and Vice Chairman. “And while we’re proud that IDT has evolved from a telecom to a ‘teletech’, it is most gratifying to see that IDT has been able to grow with measured steps, without losing sight of its responsibilities to its shareholders, customers or employees.”

In October 2002, IDT’s consumer long distance service was given a “thumbs up,” the highest ranking given by The Wall Street Journal, in its independent survey of cellular and long distance telephone companies. In the survey of long distance carriers, which included all the major carriers, including MCI, Sprint and AT&T, IDT received the best overall ratings. The Wall Street Journal survey said, “In an age of impossible-to-decipher bills, IDT stands out as an exception. The discount carrier’s rate structure is so simple (five-cents-a-minute round the clock) reading the bill doesn’t require a calculator to weed out hidden fees and charges. And the tax section includes only actual taxes, not added fees that go to the carrier.”

IDT Corporation, through its IDT Telecom subsidiary, is a facilities-based, multinational carrier that provides a broad range of telecommunications services to its 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 telephony and prepaid calling cards. IDT and Liberty Media own 95% and 5 % of IDT Telecom, respectively. IDT Media is the IDT subsidiary principally responsible for the Company’s initiatives in media, new video technologies and print media.

Through its various subsidiaries, IDT has interests in several telecom, Internet-related and media companies. IDT acquired assets of Winstar Communications in December 2001. IDT Corporation common shares trade on the New York Stock Exchange under the ticker symbols IDT.B and IDT. As of October 18, 2002, there were about 54.1 million shares of Class B common stock (IDT.B) outstanding, and about 25.0 million shares of common stock (IDT). Of these, approximately 4.0 million shares of Class B common stock and approximately 5.4 million shares of common stock were held by IDT Corporation.

Except for historical information, all of the expectations and assumptions contained in the foregoing are forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and the Securities Exchange Act of 1934, involving risks and uncertainties. These statements refer to our plans to implement our growth strategy, improve our financial performance, expand our infrastructure, develop new products and services, expand our customer base and enter international markets. The forward looking statements also include our expectations concerning factors affecting the markets for our products, including the demand for long distance telecommunications, and Internet access services. These forward looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the results that we anticipate. These risks and uncertainties include, but are not limited to, those risks discussed in this release. In addition to the factors specifically noted in the forward looking statements, other important factors that could result in those differences include (a) general economic conditions in the telecommunications and Internet markets, including inflation, recession, interest rates, and other economic factors; (b) casualty to or other disruption of our facilities and operations; (c) those discussed in our Annual Report on Form 10K for the period ended July 31, 2002 and (d) other factors that generally affect the business of telecommunications, Internet and other communications companies. We assume no obligation to update these forward looking statements or to update the reasons actual results could differ materially from the results anticipated in the forward looking statements.

NEWARK, NJ – November 11, 2002 – Winstar, a subsidiary of IDT Corp. (NYSE: IDT.B, IDT), is pleased to announce that it has received approval from the General Services Administration’s Federal Technology Service to novate or assume twelve of its Metropolitan Area Acquisition (MAA) contracts. The novation agreement is a legal instrument that allows Winstar to be substituted in place of old Winstar Communications, Inc. in its contracts with the General Services Administration (GSA). The process of novation is used by the Federal Government to recognize a successor in interest to a Federal contract and represents the Government’s approval of the new company to fulfill these contracts.

“GSA’s approval of Winstar’s novation agreements is a landmark development for IDT and Winstar and is a resounding approval of the company’s superior fixed wireless technology,” said Jim Courter, CEO of IDT Corporation. “This is good for both Winstar and the Federal Government. It will generate significant revenue for Winstar and give government agencies access to high-quality, cost-effective and reliable telecommunication services that will enable the government to better serve all citizens.”

Since being acquired by IDT, a multinational carrier and telephone company, Winstar has been working diligently to novate these twelve Federal MAA contracts with the GSA. The old Winstar Communications originally received the MAA contracts during 2000-2001. Winstar’s fixed wireless technology has been deployed across the United States, providing broadband services to over 50,000 government telephone numbers. Winstar’s installed base of MAA services ranges from basic local dial tone to high-speed data services.

“IDT is a company known for technological innovation and these twelve MAA contracts will give Winstar the opportunity to supply the government with the finest fixed wireless technologies and services available,” said Brian Finklestein, CEO of Winstar. “This will ensure that government users, such as federal agencies, federal contractors and certain federally supported universities and laboratories can benefit from Winstar’s current suite of services as well as new technology enhancements as they become available.”

Winstar represents a high value and high quality alternative for Federal Agencies who desire broadband services whether for local dial tone, critical network infrastructure diversity solutions, redundant building access solutions, or an array of campus and metropolitan area broadband Homeland Security initiatives.

The GSA has previously relied on Winstar to provide emergency services to several government facilities for disaster recovery networking after the 9/11 terrorist attacks, and continues to use Winstar to support selected agencies’ needs for business continuity networking outside of these MAA contracts.

Winstar, an IDT Company, is the reliable choice for local and long distance voice, data, high-speed Internet, and business continuity-standby networking services for business needs. Winstar’s unmatched facilities-based network utilizes fixed broadband wireless technology to deliver highly reliable, affordable services as your primary or supplemental choice to the Regional Bell Operating (RBOC) monopolies in 22 U.S. markets. Excellent customer support, superior network reliability, and the financial stability of IDT make Winstar the smart choice for your telecommunications services.
Contact: 877-WIN-4GSA (877-946-4472) or www.winstar.com

IDT Corporation through its IDT Telecom subsidiary is a facilities-based, multinational carrier that provides a broad range of telecommunications services to its retail and wholesale customers worldwide. Through its own national telecommunications backbone and fiber optic network infrastructure, IDT Telecom provides its customers with integrated and competitively priced international and domestic long distance telephony and prepaid calling cards. IDT and Liberty Media own 95% and 5 % of IDT Telecom, respectively. IDT Media is the IDT subsidiary principally responsible for the Company’s initiatives in media, new video technologies and print media.

Through its various subsidiaries, IDT has interests in several telecom, Internet-related and media companies. IDT acquired Winstar Communications in December, 2001. IDT Corporation common shares trade on the New York Stock Exchange under the ticker symbols IDT.B and IDT. As of October 18, 2002, there were about 54.1 million shares of Class B common stock (IDT.B) outstanding, and about 25.0 million shares of common stock (IDT). Of these, approximately 4.0 million shares of Class B common stock and approximately 5.4 million shares of common stock were held by units of IDT Corporation.

Except for historical information, all of the expectations and assumptions contained in the foregoing are forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and the Securities Exchange Act of 1934, involving risks and uncertainties. These statements refer to our plans to implement our growth strategy, improve our financial performance, expand our infrastructure, develop new products and services, expand our customer base and enter international markets. The forward looking statements also include our expectations concerning factors affecting the markets for our products, including the demand for long distance telecommunications, and Internet access services. These forward looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the results that we anticipate. These risks and uncertainties include, but are not limited to, those risks discussed in this release. In addition to the factors specifically noted in the forward looking statements, other important factors that could result in those differences include (a) general economic conditions in the telecommunications and Internet markets, including inflation, recession, interest rates, and other economic factors; (b) casualty to or other disruption of our facilities and operations; (c) those discussed in our Annual Report on Form 10K for the period ended July 31, 2001 and (d) other factors that generally affect the business of telecommunications, Internet and other communications companies. We assume no obligation to update these forward looking statements or to update the reasons actual results could differ materially from the results anticipated in the forward looking statements.

NEWARK, N.J. – November 5, 2002 — IDT Media’s Digital Production Solutions (D.P.S.) today announced that it has signed an agreement with Jim Jinkins and David Campbell, founders of Cartoon Pizza, to develop an animated children’s series. IDT Media is a division of IDT Corporation (NYSE: IDT.B, IDT), a multinational carrier and telephone company. Cartoon Pizza is a leading developer and producer of entertainment for children.

Under the terms of the deal, D.P.S. and Cartoon Pizza will co-produce and jointly own the new animated property. D.P.S. will be utilizing its proprietary Global Animation Studio for production.

“Working with the creative folks at Cartoon Pizza is a great opportunity for D.P.S.,” said Jim Courter, IDT’s CEO. “Jim Jinkins and David Campbell have a track record for producing high-quality children’s programming. They are known for creating entertainment content with mass-appeal that respects the intelligence, experience and feelings of kids.”

“It’s both a pleasure and a challenge to work with Jim and Dave,” says Yehuda Wurtzel, CEO of D.P.S. “They are wonderful storytellers who understand the hopes and fears and delights of children, but they never let their target audience be an excuse for production values that are anything less than the best.”

Cartoon Pizza is the creator of the hugely successful Doug, Stanley and PB&J Otter, and the executive producers of such hits as the animated series 101 Dalmatians for Disney, Allegra’s Window for Nick Jr., The Busy World of Richard Scarry for Random House, and The Beginner’s Bible for Sony Wonder.

D.P.S. is currently producing 26 episodes of the popular children’s animated series Monster by Mistake under an agreement with CCI Entertainment, Ltd that will be broadcast on television on a worldwide basis.

IDT Corporation through its IDT Telecom subsidiary, is a facilities-based, multinational carrier that provides a broad range of telecommunications services to its retail and wholesale customers worldwide. Through its own national telecommunications backbone and fiber optic network infrastructure, IDT Telecom provides its customers with integrated and competitively priced international and domestic long distance telephony and prepaid calling cards. IDT and Liberty Media own 95% and 5 % of IDT Telecom, respectively. IDT Media is the IDT subsidiary principally responsible for the Company’s initiatives in media, new video technologies and print media.
Through its various subsidiaries, IDT has interests in several telecom, Internet-related and media companies. IDT acquired Winstar Communications in December, 2001. IDT Corporation common shares trade on the New York Stock Exchange under the ticker symbols IDT.B and IDT. As of October 18, 2002, there were about 54.1 million shares of Class B common stock (IDT.B) outstanding, and about 25.0 million shares of common stock (IDT). Of these, approximately 4.0 million shares of Class B common stock and approximately 5.4 million shares of common stock were held by units of IDT Corporation.
Except for historical information, all of the expectations and assumptions contained in the foregoing are forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and the Securities Exchange Act of 1934, involving risks and uncertainties. These statements refer to our plans to implement our growth strategy, improve our financial performance, expand our infrastructure, develop new products and services, expand our customer base and enter international markets. The forward looking statements also include our expectations concerning factors affecting the markets for our products, including the demand for long distance telecommunications, and Internet access services. These forward looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the results that we anticipate. These risks and uncertainties include, but are not limited to, those risks discussed in this release. In addition to the factors specifically noted in the forward looking statements, other important factors that could result in those differences include (a) general economic conditions in the telecommunications and Internet markets, including inflation, recession, interest rates, and other economic factors; (b) casualty to or other disruption of our facilities and operations; (c) those discussed in our Annual Report on Form 10K for the period ended July 31, 2001 and (d) other factors that generally affect the business of telecommunications, Internet and other communications companies. We assume no obligation to update these forward looking statements or to update the reasons actual results could differ materially from the results anticipated in the forward looking statements.

NEWARK, N.J.— October 24, 2002 —IDT Corporation (NYSE: IDT.B, IDT) today reported record revenues of $416.7 million for the fourth quarter of its Fiscal Year 2002, the three months ended July 31, 2002. Revenues for the fourth quarter increased 3.8% from the third quarter, and 25.9% over the revenues recorded during the fourth quarter of Fiscal Year 2001. For the Fiscal Year ended July 31, 2002, IDT recorded revenues of $1.532 billion, up 24.4% from Fiscal 2001. Excluding its Winstar division, acquired in the second quarter, IDT’s revenue gains in the fourth quarter would have been 5.7% above the Q3 figure. Revenue growth for the year would have been 18.0%.

The net loss for the fourth quarter of Fiscal Year 2002 was $78.2 million, or $0.99 per share. This compares with a net loss of $49.6 million, or $0.64 per share, in the third quarter of Fiscal Year 2002, and a net loss of $171.8 million, or $2.44 per share, in last year’s fourth quarter.

The Company’s pro-forma fourth quarter results exclude the following four items, accounting for an $89.1 million after-tax loss:

· Non-cash impairment charges of $61.5 million, primarily related to the write-down of the TyCom fiber asset
· A loss of $20.2 million related to the results of the recently-acquired Winstar business;
· A loss of $5.8 million attributable to IDT’s noncash share of losses at Net2Phone;
· A loss of $1.6 million relating to the formation of NTOP Holdings, LLC.

Excluding these items IDT would have reported net income of $10.9 million, or $0.13 per diluted share for the fourth quarter.

For Fiscal Year 2002, the Company recorded a net loss of $303.3 million ($4.04 per share). This compares with net income of $532.4 million ($7.12 per diluted share) in Fiscal Year 2001. Results for Fiscal Year 2002 include a non-cash, after-tax charge of $147.0 million, or $1.96 per share, related to an impairment of goodwill, in connection with the adoption of SFAS No. 142. Excluding the cumulative effect of this accounting change, the net loss for Fiscal Year 2002 amounted to $156.4 million, or $2.08 per share.

“I am about to certify IDT’s 10K financial report for the first time,” said Jim Courter, Vice Chairman and CEO. “And I am proud to do it. The IDT Telecom Division is setting records while competitors are falling by the wayside. The Company is growing responsibly, conserving its strong balance sheet. The IDT Media Division is building entertainment platforms that should develop lasting value as they mature. There is a remarkable turnaround underway in IDT’s Winstar Division.”

RESULTS OF OPERATIONS

IDT recorded a loss from operations for the fourth quarter of Fiscal Year 2002 of $141.1 million, compared to an operating loss of $42.8 million in the third quarter of Fiscal Year 2002, and a loss of $268.6 million in the fourth quarter of Fiscal Year 2001. Excluding impairment charges, the operating losses would have been $29.6 million in the fourth quarter of Fiscal Year 2002, $42.8 million in Fiscal Q3 2002, and $74.4 million in Fiscal Q4 2001. Excluding both the impairment charges and the operating losses of the Winstar division, IDT would have produced operating profits of $4 million for the fourth quarter and an operating loss of $13.3 million for the year.

EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization, and excluding minority interests and impairment charges) in the fourth quarter of Fiscal Year 2002 amounted to a loss of $10.4 million, versus a loss of $57.0 million in the fourth quarter of Fiscal Year 2001 and a loss of $26.1 million in the third quarter of Fiscal Year 2002. Excluding the company’s Winstar division results, EBITDA would have been $19.8 million in Q4 of Fiscal Year 2002 (up from $14.8 million on that basis in Q3 of Fiscal Year 2002) and $46.0 million for all of Fiscal Year 2002.

IDT Telecom Division

The IDT Telecom core telecommunications services business enjoyed the most successful quarter in its history in the fourth quarter of Fiscal Year 2002. IDT Telecom reported record revenues of $383.6 million for the fourth quarter of Fiscal Year 2002, and $1.43 billion for Fiscal Year 2002. This represents an increase of 5.3% from the revenues recorded in the third quarter of Fiscal Year 2002, an increase of 18.3% versus the fourth quarter of Fiscal Year 2001, and an increase of 18.8% over Fiscal Year 2001’s revenues. Revenue growth for Fiscal Year 2002 was driven by strong revenue gains in the retail division. Retail telecom revenues for Fiscal Year 2002 were $1.122 billion, up from $816 million in Fiscal Year 2001, an increase of 37.4%. This revenue increase more than offset the decline in the wholesale telecom business, which generated $309 million of revenues during Fiscal Year 2002, down from $388.1 million in Fiscal Year 2001, a decline of 20.4% for the year.

IDT Telecom recorded EBITDA of $29.8 million and operating income of $14.2 million for the fourth quarter, and EBITDA and operating income of $88.7 million and $30.8 million, respectively, for the year. In comparison, EBITDA was $25.6 million in the third quarter of Fiscal Year 2002, and IDT Telecom had an EBITDA loss of $9.9 million in Fiscal Q4 2001 and a loss of $53.4 million for all of Fiscal Year 2001. The EBITDA margin improved from 7.0% in Fiscal Q3 to 7.8% in Fiscal Q4, and amounted to 6.2% for the full fiscal year.

Gross margins for IDT Telecom amounted to 24.0% for Fiscal Q4, up from 14.7% in Fiscal Q4 2001 and virtually unchanged from the margins achieved in Q3 of Fiscal Year 2002. IDT Telecom’s gross margins for Fiscal Year 2002 increased dramatically to 22.6%, from 12.3% in Fiscal Year 2001. Margin improvements were seen across all of IDT Telecom’s major lines of business, reflecting efficiency gains and vigorous cost reduction programs. In addition, Telecom gross margins benefited from a shift in revenues toward higher-margin retail services.

Retail

IDT’s retail telecommunications services division posted $296.2 million in revenues for the fourth quarter, up 3.8% from the previous quarter, and 21.3% more than the retail revenues recorded during Fiscal Q4 of Fiscal 2001. Retail Telecom revenues for the Fiscal Year were $1.122 billion, up 37.4% from Fiscal Year 2001.

Calling Cards
Calling card revenues amounted to $263.4 million for the fourth quarter, up 3.2% from the previous quarter, and 17.9% more than the calling card revenues of the fourth quarter of Fiscal 2001. For Fiscal 2002, calling card revenues were $1.009 billion, an increase of 33.6% from 2001, as the business witnessed strong growth in both the U.S. and in Europe.

Gross margins for calling cards were 24.1% in Fiscal Q4 2002, unchanged from the third quarter of Fiscal Year 2002 level but considerably improved from 14.9% in Fiscal Year 2001’s final quarter. Margins for calling cards continued to benefit from increased scale, network efficiency improvements and reduced termination costs to the Company’s highest-volume calling destinations.

** CLICK HERE FOR Q4 FINANCIAL TABLE:
IDT Q4 Earnings Table

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Newark, NJ & San Juan, Puerto Rico – October 23, 2002 – IDT Corporation (NYSE: IDT.B, IDT), a leading multinational carrier and telecommunications company, announced the expansion of its Puerto Rico Customer Service Center. The IDT Puerto Rico division and the service center were established two years ago to handle Spanish-language calls from Hispanic customers on the US mainland. IDT Puerto Rico & Company plans to double the center’s capacity and create 120 additional jobs on the Island.

The expansion will enable IDT’s Puerto Rico Customer Service Center to handle as much as 95 percent of all customer service calls originating from the U.S. and South America. The company will now process more than 11,000 daily transactions through its local call center—a 51% increase from the current amount of transactions. Customer Service Center personnel provide general orientation, answer usage and billing questions on more than 200 types of calling cards and other products and services.

“When we established our Customer Service Center in Rio Piedras two years ago, our goal was to provide service to our Spanish-speaking retail card customers in the U.S. In two short years the operation has grown to handle most of all US and South America calls,” said James Courter, Vice Chairman and CEO of IDT Corporation. “Much of the credit for our success goes to the hard work of our employees on the island. In fact it was the highly educated, bilingual and high quality workforce that initially attracted us to Puerto Rico.”

“We envision a strong and lasting relationship with Puerto Rico,” said Doug Mauro, President of IDT Puerto Rico & Company. “The cooperation we have received from the local government, the productivity and dedication to quality of our local team and the opportunities for growth have all been very positive and could lead to further expansion in Puerto Rico in the future.”

IDT first established offices and a call center in Puerto Rico in July of 2000. In two years, IDT’s operation in Puerto Rico grew from 20 employees to 115 and now handles more than 150,000 calls monthly, which is 44% of all of IDT’s customer service calls for South America and the U.S.

About IDT
IDT, through its IDT Telecom subsidiary, is a leading facilities-based, multinational carrier that provides a broad range of telecommunications services to its retail and wholesale customers worldwide. Through its own national telecommunications backbone and fiber optic network infrastructure, IDT Telecom provides its customers with integrated and competitively priced international and domestic long distance telephony and prepaid calling cards. IDT and Liberty Media own 95% and 5 % of IDT Telecom, respectively. IDT Media is the IDT subsidiary principally responsible for the Company’s initiatives in media, new video technologies and print media.
Through its various subsidiaries, IDT has interests in several telecom, Internet-related and media companies. IDT acquired Winstar Communications in December 2001. IDT Corporation common shares trade on the New York Stock Exchange under the ticker symbols IDT.B and IDT. As of June 10, 2002, there were 53.4 million shares of Class B common stock (IDT.B) outstanding, and 24.9 million shares of common stock (IDT). Of these, 4.0 million shares of Class B common stock and 5.4 million shares of common stock were held by units of IDT Corporation.

Except for historical information, all of the expectations and Assumptions contained in the foregoing are forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and the Securities Exchange Act of 1934, involving risks and uncertainties. These statements refer to our plans to implement our growth strategy, improve our financial performance, expand our infrastructure, develop new products and services, expand our customer base and enter international markets. The forward-looking statements also include our expectations concerning factors affecting the markets for our products, including the demand for long distance telecommunications, and Internet access services. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the results that we anticipate. These risks and uncertainties include, but are not limited to, those risks discussed in this release. In addition to the factors specifically noted in the forward looking statements, other important factors that could result in those differences include (a) general economic conditions in the telecommunications and Internet markets, including inflation, recession, interest rates, and other economic factors; (b) casualty to or other disruption of our facilities and operations; (c) those discussed in our Annual Report on Form 10K for the period ended July 31, 2001 and (d) other factors that generally affect the business of telecommunications, Internet and other communications companies. We assume no obligation to update these forward-looking statements or to update the reasons actual results could differ materially from the results anticipated in the forward-looking statements.

IDT Corporation (NYSE: IDT.B, IDT) today announced that its IDT Telecom subsidiary’s telecommunications minutes-of-use for the month of July 2002 and for the Fiscal Year ended July 31, 2002, grew to record levels.

For the month of July, IDT Telecom generated approximately 1.2 billion minutes of use, representing the fifth consecutive month of over one billion minutes. July minutes-of-use increased 10% from June’s levels, and were 47% higher than those recorded in July 2001. For the full Fiscal Year 2002, IDT Telecom recorded over 10.0 billion minutes of use, up 57% from Fiscal 2001.

“The impressive growth in the number of minutes carried by IDT Telecom is a clear indication that both retail and wholesale customers are turning to IDT for their telecommunications services in these increasingly uncertain times,” said Jim Courter, Vice Chairman and CEO of IDT Corporation. “I look forward to continued strong growth in Fiscal 2003, driven by gains in all of our major business lines and geographic regions of operation.”

Minutes-of-use for both the Retail and Wholesale divisions achieved strong increases and new monthly records in July, and made significant gains in Fiscal 2002. Retail minutes increased 6% from June’s levels, and were 44% higher than in July 2001. Wholesale minutes advanced 20% over June’s total, and were 82% higher than in July 2001. The above minutes-of-use numbers does not include the minutes-of-use from IDT’s fast growing consumer domestic long distance division.

“A few months ago, we announced that IDT Telecom had broken the one billion minute per month barrier, and we haven’t looked back since,” said Motti Lichtenstein, CEO of IDT Telecom. “During Fiscal 2003, we will continue to add to our network infrastructure while exerting our customary financial discipline, paving the way for further growth and solid returns on our capital investments.”

IDT CORPORATION
IDT, through its IDT Telecom subsidiary, is a leading facilities-based, multinational carrier that provides a broad range of telecommunications services to its retail and wholesale customers worldwide.

Through its own national telecommunications backbone and fiber optic network infrastructure, IDT Telecom provides its customers with integrated and competitively priced international and domestic long distance telephony and prepaid calling cards. IDT Media is the IDT subsidiary principally responsible for the Company’s initiatives in media, new video technologies and print media.

Through its various subsidiaries, IDT has interests in several telecom, Internet-related and media companies. IDT recently acquired Winstar Communications. IDT Corporation common shares trade on the New York Stock Exchange under the ticker symbols IDT.B and IDT. As of June 10, 2002, there were 53.4 million shares of Class B common stock (IDT.B) outstanding, and 24.9 million shares of common stock (IDT). Of these, 4.0 million shares of Class B common stock and 5.4 million shares of common stock were held by units of IDT Corporation.

Except for historical information, all of the expectations and assumptions contained in the foregoing are forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and the Securities Exchange Act of 1934, involving risks and uncertainties. These statements refer to our plans to implement our growth strategy, improve our financial performance, expand our infrastructure, develop new products and services, expand our customer base and enter international markets. The forward looking statements also include our expectations concerning factors affecting the markets for our products, including the demand for long distance telecommunications, and Internet access services. These forward looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the results that we anticipate. These risks and uncertainties include, but are not limited to, those risks discussed in this release. In addition to the factors specifically noted in the forward looking statements, other important factors that could result in those differences include (a) general economic conditions in the telecommunications and Internet markets, including inflation, recession, interest rates, and other economic factors; (b) casualty to or other disruption of our facilities and operations; (c) those discussed in our Annual Report on Form 10K for the period ended July 31, 2001 and (d) other factors that generally affect the business of telecommunications, Internet and other communications companies. We assume no obligation to update these forward looking statements or to update the reasons actual results could differ materially from the results anticipated in the forward looking statements.

NEWARK, N.J. – July 29, 2002 – Talk America Radio Networks congratulates radio personality Mort Crim on his induction into the Michigan Association of Broadcasters (MAB) Broadcasting Hall of Fame. Talk America is part of IDT Media, a subsidiary of IDT Corporation (NYSE: IDT.B, IDT), a leading multinational carrier and telephone company.

The Michigan Hall of Fame recognizes broadcasters for their leadership, achievement and contributions to the broadcasting industry. Hall of Fame inductees are chosen based on their distinguished professional career in Michigan broadcasting.

With more than five decades of broadcasting experience, Mort has covered events from the Apollo moon landing to the fall of the Soviet Union. Today, Mort’s insights can be heard daily by more than 2 million listeners on over 1,200 stations on the Talk America Radio Network. His 90-second essays on his daily newscast “Second Thoughts” rely on humor and personal anecdotes focusing on the positive aspects of human nature. “News You Care About,” a daily five-minute drive time newscast, reflects his belief that human achievement and heroism should be given more airtime to balance the negative aspects of the news. Mort has received numerous awards throughout his extensive career in broadcasting including more than a dozen Emmys, two medals from the New York International Festivals and Northwestern University’s Distinguished Alumni Award.

IDT CORPORATION
IDT, through its IDT Telecom subsidiary, is a leading facilities-based, multinational carrier that provides a broad range of telecommunications services to its retail and wholesale customers worldwide. Through its own national telecommunications backbone and fiber optic network infrastructure, IDT Telecom provides its customers with integrated and competitively priced international and domestic long distance telephony and prepaid calling cards. IDT Media is the IDT subsidiary principally responsible for the Company’s initiatives in media, new video technologies and print media.

Through its various subsidiaries, IDT has interests in several telecom, Internet-related and media companies. IDT recently acquired Winstar Communications. IDT Corporation common shares trade on the New York Stock Exchange under the ticker symbols IDT.B and IDT. As of June 10, 2002, there were 53.4 million shares of Class B common stock (IDT.B) outstanding, and 24.9 million shares of common stock (IDT). Of these, 4.0 million shares of Class B common stock and 5.4 million shares of common stock were held by units of IDT Corporation.

Except for historical information, all of the expectations and Assumptions contained in the foregoing are forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and the Securities Exchange Act of 1934, involving risks and uncertainties. These statements refer to our plans to implement our growth strategy, improve our financial performance, expand our infrastructure, develop new products and services, expand our customer base and enter international markets. The forward looking statements also include our expectations concerning factors affecting the markets for our products, including the demand for long distance telecommunications, and Internet access services. These forward looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the results that we anticipate. These risks and uncertainties include, but are not limited to, those risks discussed in this release. In addition to the factors specifically noted in the forward looking statements, other important factors that could result in those differences include (a) general economic conditions in the telecommunications and Internet markets, including inflation, recession, interest rates, and other economic factors; (b) casualty to or other disruption of our facilities and operations; (c) those discussed in our Annual Report on Form 10K for the period ended July 31, 2001 and (d) other factors that generally affect the business of telecommunications, Internet and other communications companies. We assume no obligation to update these forward looking statements or to update the reasons actual results could differ materially from the results anticipated in the forward looking statements.