America’s #1 Lifestyle Management Expert will host a One Hour Program and Short-Form Features

NEWARK, N.J. – July 9, 2002 – Talk America Radio Networks announces that Heloise, America’s #1 lifestyle management expert, will launch an hour-long, call-in show starting in early September. Talk America is part of IDT Media, a subsidiary of IDT Corporation (NYSE: IDT.B, IDT), a leading multinational carrier and telephone company.

Talk America also will distribute a one-minute feature filled with Heloise’s helpful hints in August.

Ask Heloise, her hour-long, call-in show, will enable listeners to find out the answers to the questions that need solutions in their daily lives. Heloise’s lifestyle management approach provides proven advice on important consumer issues, home and garden maintenance, pets, automobiles, elder and child care, savvy shopping, entertaining, saving money, traveling smarter and new technology. Her listeners will love Heloise’s wise and warm approach to solving the problems everyone shares.

Heloise is an internationally syndicated columnist, author, and frequent guest on national and local television shows. HerHints from Heloise column appears in more than 500 newspapers in the United States and abroad. She is also a Contributing Editor of Good Housekeeping magazine and writes the popular Household Helpline column. Her combined readership is estimated to be more than 50 million.

“Who doesn’t need help in managing life? Having daily access to America’s leading “hintologist” will be an asset to listeners across the United States”, said Jim Courter, IDT’s CEO.

“Heloise is the only major new voice that is available to radio stations with an already built-in audience,” said Mitch Burg, CEO of IDT Media. “She will definitely be a valuable addition to stations for the Fall ratings book.”

Heloise is the latest personality to join the exciting new Talk America line-up of leading broadcasters, which includes Mort Crim, Barry Farber and Bruce Williams. Talk America personalities can be heard by more than 3 million listeners a week on over 1,200 radio stations.

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.

Contact: Trang Nguyen
COO, Talk America
973-438-3344
trang.nguyen@corp.idt.net

Telecom Executive Claire Calandra, University Executive Jacob J. Lew, and Former N.Y.C. Police Commissioner Howard Safir Join Board

NEWARK, N.J. – June 18, 2002 – IDT Corporation (NYSE: IDT.B, IDT), a leading multinational carrier and telephone company, is pleased to announce the appointment of three new outside Directors to the Board of the Company’s Winstar unit.

Joining the Winstar Board of Directors are Claire Calandra, formerly a senior executive with TyCom Ltd. and AT&T; Jacob J. Lew, an executive with New York University; and Howard Safir, one of the most successful Police Commissioners in New York City history.

“It’s not everyday you pull off a triple play, but that’s exactly what we just did,” said Howard Jonas, IDT’s Chairman. “Our three new Directors will bring an incredible and varied range of experience and success to the oversight of Winstar as we continue to move it along the way to profitability. It’s an honor to welcome them all to IDT.”

Claire Calandra is President of the CLC Group, a management consulting firm focusing on the telecommunications industry. She recently served as Executive Vice President and Chief Operating Officer of undersea telecommunications company TyCom Ltd. Prior to that she held a variety of senior legal and business positions with AT&T. Ms. Calandra is also on the Board of Advisors to Rutgers Business School.

Jack Lew served as Director of the U.S. Office of Management and Budget from 1998 to 2001, and was also a member of the National Security Council. His other Government posts included Deputy Director of OMB, Special Assistant to the President, and Assistant Director then Executive Director of the House Democratic Steering and Policy Committee. Mr. Lew is currently Executive Vice President and Professor of Public Administration at New York University.

Howard Safir was appointed by Mayor Rudolph W. Giuliani to serve as New York City’s 39th Police Commissioner in 1996, and during his tenure he achieved a 38% reduction in major crimes, including a 44% drop in homicides. Prior to that he was New York City Fire Commissioner. Mr. Safir’s law enforcement background also includes service as Assistant Director of the U.S. Drug Enforcement Administration, and Associate Director for Operations of the U.S. Marshals Service. He is currently Chairman and CEO of SafirRosetti, a leading security and investigation company serving clients both nationally and internationally.

“In these days of heightened attention to the way companies do business, the presence of strong, outside directors is more important than ever,” said Jim Courter, IDT’s CEO. “Appointing highly qualified, independent outside directors is an IDT tradition. Each one of our new Winstar Directors exemplifies the crucial qualities of integrity and independence that we want on all our Boards.”

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.

CONTACT:
Gil Nielsen
VP, IDT Corporate Communications
973-438-4002

Mary Jennings
Investor Relations
973-438-3124

· IDT Telecom Achieves Record Revenues and EBITDA
· Winstar on target for profitability by Q3 2003
· IDT Corp. Balance Sheet Features $1 Billion in Cash & Marketable Securities ($13 per Share)

NEWARK, N.J.— June 6, 2002 —IDT Corporation (NYSE: IDT.B, IDT) today reported record revenues of $401.7 million for the third quarter of its Fiscal Year 2002, the three months ended April 30, 2002. Revenues for the third quarter were up 7.4% from the second quarter, and increased 19.6% over the revenues recorded during the third quarter of Fiscal Year 2001. IDT Telcom recorded EBITDA of $25.6 million, its most successful quarter ever.

The net loss for the quarter was $49.6 million, or $0.64 per share. This compares with a net loss of $17.2 million, or $0.23 per share, in the second quarter of Fiscal Year 2002, and a net loss of $48.3 million, or $0.73 per share, in last year’s third quarter.

Our pro-forma results exclude the following three items, accounting for a loss of $55.3 million after tax:
· a loss of $26.1 million due to the results of our newly-acquired Winstar business;
· a loss of $31.4 million attributable to IDT’s noncash share of losses at Net2Phone and its subsidiaries;
· a gain of $2.2 million relating to the formation of an LLC with AT&T Corp. and Liberty Media Corp. to purchase a controlling interest in Net2Phone, Inc.

Excluding these items we would have reported a gain of $5.7 million, or $0.07 per share.

“This is the seventh consecutive quarter in which we have reported a balance sheet featuring over $1 billion in cash and marketable securities,” said Jim Courter, Vice Chairman and CEO of IDT Corporation. “Since reporting that first billion dollar balance sheet we have increased revenues by 45%. We are pleased to be reporting record Telecom EBITDA as well this quarter. Our strategy is providing stability and value in a market whose turbulence plays to our advantage.”

RESULTS OF OPERATIONS

IDT recorded a loss from operations for the third quarter of Fiscal 2002 of $42.8 million, compared to an operating loss of $27.8 million in the second quarter of Fiscal 2002, and a loss of $55.6 million in the third quarter of Fiscal 2001. Excluding the operations of the company’s Winstar division, acquired during Q2, we had an operating gain of $1.0 million, compared with a loss of $8.6 million in Q2 on that basis.

EBITDA (Earnings Before Interest, Taxes and Depreciation and Amortization, and excluding minority interests and impairment charges) in the third quarter of Fiscal 2002 amounted to a loss of $26.1 million, versus a loss of $12.9 million in the second quarter of 2002 and a loss of $36.8 million in Q3 2001. Excluding the company’s Winstar division, acquired during Q2 2002, EBITDA was a $14.8 million gain. EBITDA excluding the Winstar division was a $5.9 million gain in Q2 2002.

Telecommunications

IDT’s core telecommunications business reported record revenues of $364.4 million for the third quarter of Fiscal 2002, representing an increase of 4.4% from the revenues recorded in the second quarter of Fiscal 2002, and up 10.0% from the same period last year. Gross margins for the Company’s core telecommunications business amounted to 24.2%, up from 21.8% in Q2 2002 (or 23.1% excluding an unusual charge related to the early termination of a bandwidth contract) and 10.4% in the prior year period. This is the highest overall gross margin reported by the Telecom division since the first quarter of Fiscal 1999. The continued improvement in Telecom gross margins reflects higher gross margins across all business lines, due to economies of scale and improved operating efficiency.

EBITDA in the quarter for the telecommunications business was $25.6 million, versus $17.0 million in the second quarter of 2002 ($21.5 million excluding the unusual charge) and a loss of $16.0 million in Q3 2001. The EBITDA margin improved from 4.9% in Q2 (or 6.2% excluding the unusual charge) to 7.0% in Q3. This was a record high in EBITDA dollars for Telecom, and the highest EBITDA margin percentage reported since Q3 of Fiscal 1999.

“During the third quarter of Fiscal 2002, we built upon our previous successes to deliver a third consecutive quarter of profits,” stated Motti Lichtenstein, CEO of IDT Telecom. “However, this is just the beginning. As we head toward Fiscal 2003, we will sharpen our competitive edge, as we seek to establish IDT Telecom as a leader in the Telecom industry’s post-apocalyptic era.”

RETAIL

IDT’s retail division posted $285.4 million in revenues for the third quarter, up 3.9% from the previous quarter, and 20.1% more than the retail revenues recorded during the same quarter last year.

Calling Cards
Calling card revenues amounted to $255.3 million for the third quarter, up 3.0% from the previous quarter, and 20.4% more than the calling card revenues of the third quarter of Fiscal 2001. The growth in calling card revenues was fueled by the introduction of several new calling cards in the U.S., as well as the continued expansion of both the scale and the scope of European calling card operations. IDT Europe’s calling card operations witnessed growth in its core United Kingdom market, as well as in relatively new areas of penetration, such as Spain, Germany and the Netherlands.

Gross margins for calling cards were 24.1%, up from 21.6% in the second quarter of Fiscal 2002, and 11.6% in Fiscal 2001’s third quarter. Margins, which have now improved in four consecutive quarters, continued to benefit from increased scale, network efficiency improvements and reduced termination costs to our highest-volume calling destinations. The gross margin performance for calling cards during the third quarter was the highest since the first quarter of Fiscal 1999.

Looking ahead, we anticipate additional growth in both the U.S. and Europe, with European growth to be driven by increased penetration of our newer prepaid calling card markets, including Germany and Spain. We also anticipate the full launch of calling card operations in France and Belgium during the fourth quarter. Growth in the U.S. will be fueled by the introduction of new cards, featuring attractive rates to popular calling destinations, in an attempt to capture market share from weakened competitors. Over the next few quarters, we also expect to significantly ramp-up our early-stage South America prepaid calling card operations.

We expect that margins will remain at or near their current levels, with some margin slippage possible as a result of aggressive pricing on both new cards as well as on some existing cards. We expect that this factor will be partially offset by continued efficiency gains and an improved cost structure.

Consumer Long Distance
Consumer long distance revenues for the quarter were up 12.7% from the previous quarter, and more than doubled from the levels recorded during the same quarter in Fiscal 2001, due to the continued aggressive growth of our $0.05 per minute long distance plan. We currently have approximately 475,000 active long distance customers. Gross margins for the consumer long distance business were 55.8%, up from 54.7% in the second quarter of Fiscal 2002, as we continue to benefit from increased scale.

We anticipate that the consumer long distance business will continue on its growth track into Fiscal 2003.

***See attachment for entire release***

Telecom minutes-of-use for Retail and Wholesale Divisions Achieve Record Monthly Levels

NEWARK, N.J.— April 18, 2002 —IDT Corporation (NYSE: IDTB, IDT), a leading multinational carrier and telephone company, today announced that its telecommunications minutes-of-use for the month of March 2002 exceeded one billion minutes, representing a record amount for the company. The previous high was approximately 928 million minutes, recorded in December 2001.

“As far as IDT is concerned, the reports of the telecom industry’s demise have been greatly exaggerated. IDT Telecom continues to grow and is helping lead the Global Tele-comeback,” said Jim Courter, IDT CEO and Vice Chairman “I’m particularly impressed that we’ve been able to so quickly eclipse our previous minutes record, which was set in December, a month where we traditionally benefit from the holiday season.”

Minutes-of-use for both the Retail and Wholesale divisions achieved strong increases and new monthly records in March. Retail minutes increased 15% from February’s levels, and were 49% higher than in March 2001. Wholesale minutes advanced 21% over February’s total, and were 28% higher than in March 2001. Overall minutes-of-use were 16% higher than in February, and surged 41% from the levels recorded in March of last year.

“This milestone is the result of the hard work and dedication of our entire Telecom team,” said Motti Lichtenstein, CEO of IDT Telecom. “Both our retail and wholesale divisions have moved aggressively to capture market share from weakened competitors. We anticipate continued minutes growth going forward, particularly in our international divisions.”

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 and new technologies.

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 March 15, 2002, there were 47,010,887 shares of Class B common stock (IDT.B) outstanding , and 19,088,116 shares of common stock (IDT).

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.

CONTACT:

Gil Nielsen
VP, IDT Corporate Communications
973-438-4002

Mary Jennings
Investor Relations
973-438-3124

NEWARK, NJ and ENGLEWOOD, CO, March 14, 2002 — IDT Corporation (NYSE: IDT;IDT.B) and Liberty Media Corporation (NYSE: L; LMC.B) announced today that Liberty Media has made a strategic investment of $30 million in IDT Telecom, Inc., a subsidiary of IDT Corporation, at a “pre-money” equity valuation of $600 million. As a result of this investment, Liberty Media will own approximately 4.76% of the common equity of IDT Telecom. IDT Corporation owns the remaining common equity of IDT Telecom.

“We are extremely pleased to be further strengthening our relationship with Liberty Media,” said Jim Courter, CEO and Vice Chairman of IDT Corporation. “They are already important investors in IDT Corp., and we are delighted that they have chosen to invest in our Telecom subsidiary as well.”

“This investment begins the next chapter of building value at IDT Telecom,” said Motti Lichtenstein, Chief Executive Officer of IDT Telecom. “By partnering with a media entity with the unparalleled global footprint of Liberty Media, we expect to successfully execute our expansion strategy to include operations in Europe, South America and Asia.”
Robert Bennett, President and CEO of Liberty Media, stated, “IDT has a highly disciplined and focused management team responsible for creating strong and profitable businesses. These factors add up to a compelling investment opportunity for Liberty Media and provide a solid platform for significant future growth. We are excited to further our relationship with IDT and to participate in its growth.” 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, among other services. The funds from the Liberty investment will be used for further product and business development.

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. IDT Ventures is the IDT subsidiary principally responsible for the Company’s initiatives in media and new technologies. Through its various subsidiaries, IDT has interests in several telecom, Internet-related and media companies. Recent IDT acquisitions include Winstar Communications, Net2Phone, and Talk America Radio Network.

LIBERTY MEDIA CORPORATION
Liberty Media Corporation (NYSE: L and LMC.B) holds interests in a broad range of Domestic and international video programming, communications, technology and Internet businesses.

CONTACTS:
IDT Liberty Media
Gil Nielsen, Mike Erickson
VP, IDT Corporate Communications VP Investor Relations
(973) 438-4002 (877) 772-1518

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, integrate and improve acquired businesses, 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. 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 press 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, media 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 IDT Corp.’s 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.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding IDT Corp’s business which are not historical facts are “forward-looking statements” that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in IDT Corp’s Annual Report or Form 10-K for the most recently ended fiscal year.

NEWARK, N.J.— March 14, 2002 —IDT Corporation (NYSE: IDT, IDT.B) today reported record revenues of $374 million for the second quarter of its Fiscal Year 2002, the three months ended January 31, 2002. Revenues for the second quarter were up 10.3% from the first quarter, and increased 30.1% over the revenues recorded during the second quarter of Fiscal Year 2001. As presented in this report, per share figures for all periods have been adjusted to take into account the Company’s Class B common stock dividend, which was distributed in May 2001.

The net loss for the quarter was $17.2 million, or $0.23 per share. This compares with a net loss of $158.3 million, or $2.22 per share, in the first quarter of Fiscal Year 2002, and a net loss of $117.1 million, or $1.77 per share, in last year’s second quarter.

Three items, accounting for a loss of $14.9 million after tax, deserve particular attention:
· a loss of $11.6 million due to the activities at our newly-acquired Winstar business;
· a loss of $11.4 million attributable to IDT’s noncash share of losses at Net2Phone;
· a gain of $8.1 million relating to the formation of an LLC with AT&T Corp. and Liberty Media Corp. to purchase a controlling interest in Net2Phone, Inc.
Excluding these items, our net loss would have been $2.3 million, or $0.03 per share.

“This quarter’s numbers show solid improvement and clearly confirm that our core business has risen above the ruins of the telecom industry,” said Jim Courter, Vice Chairman and CEO of IDT Corporation. “Record revenues, higher gross margins across all telecom business lines and a wholesale carrier business that has ‘turned the corner’ are just a few highlights of IDT’s remarkable story.”

LIBERTY MEDIA INVESTMENT IN IDT TELECOM
As discussed in a separate press release issued earlier today, IDT and Liberty Media announced that Liberty Media has made a strategic investment of $30 million in IDT Telecom, Inc., a subsidiary of IDT Corporation, at a “pre-money” equity valuation of $600 million. As a result of this investment, Liberty Media will own approximately 4.76% of the common equity of IDT Telecom, Inc.; IDT Corporation owns the remaining common equity of IDT Telecom, Inc.

RESULTS OF OPERATIONS
IDT recorded a loss from operations for the second quarter of Fiscal 2002 of $27.8 million, compared to an operating loss of $9.8 million in the first quarter of Fiscal 2002 (excluding impairment charges). Excluding the operations of the company’s Winstar division, acquired during Q2, the operating loss was $8.6 million.

EBITDA (Earnings Before Interest, Taxes and Depreciation and Amortization, and excluding minority interests and impairment charges) in the second quarter of Fiscal 2002 amounted to a loss of $12.9 million, versus a gain of $5.5 million in the first quarter of 2002 and a loss of $33.8 million in Q2 2001. Excluding the company’s Winstar division, acquired during Q2 2002, EBITDA was a $5.9 million gain.

Telecommunications
IDT’s core telecommunications business reported revenues of $349.1 million for the second quarter of Fiscal 2002, representing an increase of 4.7% from the revenues recorded in the first quarter of Fiscal 2002, and up 24.3% from the same period last year. Gross margins for the Company’s core telecommunications business amounted to 21.8%, up from 20.2% in Q1 2002 and 12.1% in the prior year period. The cost of sales for the second quarter of Fiscal 2002 includes $4.5 million in expenses related to the early termination of a long-term bandwidth contract, as the company seeks to take advantage of the currently depressed bandwidth market to replace existing, above-market price bandwidth, with significantly lower-cost bandwidth. Excluding this expense, gross margins was 23.1%, representing the highest overall gross margin for the Telecom division since the first quarter of Fiscal 1999.

The continued improvement in Telecom gross margins reflects higher gross margins across all business lines, due to economies of scale and improved operating efficiency.

EBITDA in the quarter for the telecommunications business was $17.0 million, versus $16.2 million in the first quarter of 2002 and a loss of $16.3 million in Q2 2001. The EBITDA margin improved from 4.8% in Q1 to 4.9% in Q2. Excluding the bandwidth contract termination expense, EBITDA was approximately $21.5 million, with an EBITDA margin of 6.2%.

“The second quarter of Fiscal 2002 represented another significant step forward for IDT Telecom,” stated Motti Lichtenstein, CEO of IDT Telecom. “Both revenues and profits increased, and we laid the groundwork for future growth over the rest of Fiscal 2002 and beyond.”

RETAIL
IDT’s retail division posted $274.7 million in revenues for the second quarter, up 3.5% from the previous quarter, and 54.7% more than the retail revenues recorded during the same quarter last year.

Prepaid Calling Cards
Prepaid calling card revenues amounted to $247.8 million for the second quarter, up 2.2% from the previous quarter, and 52.1% more than the prepaid calling card revenues of the second quarter of Fiscal 2001. The strong year-to-year growth in prepaid calling card revenues was fueled by the introduction of several new calling cards in the U.S., as well as the continued strong growth on European calling card operations. IDT Europe’s calling card operations witnessed growth in its core United Kingdom market, as well as in relatively new areas of penetration, such as Spain, Germany and the Netherlands.

Gross margins for prepaid calling cards were 21.6%, up from 20.7% in the first quarter of Fiscal 2002, and 13.7% in Fiscal 2001’s second quarter. Margins continued to benefit from improved control of costs and improved scale.

Looking ahead to the remainder of Fiscal 2002, we expect to introduce several new cards, featuring attractive rates to popular calling destinations, in an attempt to capture market share from weakened competitors. We expect this will drive further revenue increases, as will the continued expansion of European calling card operations and the ramp-up of our nascent Latin American calling card business.

We expect that margins will remain at or near their current levels, with some margin slippage possible as a result of aggressive pricing on both new cards as well as on some existing cards. We expect that this factor will be partially offset by continued efficiency gains and an improved cost structure.

Consumer Long Distance
Consumer long distance revenues for the quarter were up 18.6% from the previous quarter, and up 99% from the same quarter in Fiscal 2001, due to the continued aggressive growth of our $0.05 per minute long distance plan. We currently have over 400,000 active long distance customers. Gross margins for the consumer long distance business were unchanged from those of the previous quarter, and were slightly lower than those of the previous year.

We anticipate that the consumer long distance business will continue its strong growth over the second half of Fiscal 2002, as we continue to add customers, fueled by increased marketing expenditures, which will allow IDT to continue to take market share from its competitors. The number of active customers is expected to increase by approximately 25% by the end of Fiscal 2002. Consumer long distance revenues are expected to grow at a double-digit rate in each of the next two quarters, and we anticipate that the current margin levels will be maintained.

SEE ATTACHMENT FOR FULL RELEASE

QUARTERLY TABLES IN DOWNLOADABLE FORMAT AVAILABLE IN THE FINANCIALS.

NEWARK, NJ–December 20, 2001 – IDT Corporation (NYSE: IDT and IDT.B) today announced that it has acquired substantially all the operating assets of Winstar Communications, Inc. pursuant to a sale order by the US Bankruptcy Court in Winstar’s ongoing bankruptcy proceedings. The purchase price is $ 42.5 million and is to be paid $ 30 million in cash and $ 12.5 million in IDT Class B Common Stock.

“This is an incredible deal. It might not top the Dutch settlers buying the Island of Manhattan for twenty four dollars, but it comes pretty close,” said IDT Chairman Howard Jonas. “With almost $ 5 billion in assets and about $ 200 million in annual revenue, Winstar has great potential. And I have a plan to make it a very profitable venture.”

IDT also announced that it has named a new management team for Winstar to begin implementing IDT’s plan to lead the company to profitability. Charles Garner, CEO of IDT Ventures will be Winstar’ s Interim CEO and Moshe Kaganoff has been named Interim President. As part of the deal, IDT has agreed to invest $60 million into Winstar to be used as working capital.

“Winstar represents much more than the acquisition of $ 5 Billion dollars in assets. It’s a vital going concern with valuable customers and employees,” said Charles Garner, Winstar’s Interim CEO. “Our goal is to service the company’s existing customers and to grow our business and workforce over time.”
Winstar Communications operates as a Competitive Local Exchange Carrier (CLEC ) in 50 states using fixed wireless technology. The company’s core business is providing telephone and data services to enterprise customers.

“The Holy Grail for the telecom industry has always been in finding a reliable and practical solution for bridging the elusive “last mile”, the term used for the distance between our switch and the customer’s telephone,” said Jim Courter IDT’s CEO and Vice Chairman. “Winstar’s fixed wireless technology offers a solid last mile solution and is a great fit with IDT’s long distance services and extensive fiber assets. It allows us to offer a full spectrum of voice and data services to business customers.”

As part of the Sale Agreement IDT has agreed to give 5 % of the equity of the new Winstar operations to a group of creditors of Winstar during the Bankruptcy. IDT Corporation will retain the remaining 95 % of the equity.

IDT CORPORATION

IDT 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 provides its customers with integrated and competitively priced international and domestic long distance telephony and prepaid calling cards. IDT Ventures is the IDT subsidiary responsible for the Company’s initiatives outside of its core telecom business. Through its IDT Investments subsidiary, IDT has equity interests in several telecom and Internet-related companies.

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 10-K 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, NJ–December 18, 2001 – IDT Corporation (NYSE: IDT and IDT.B) today announced that its Board of Directors has authorized a new stock repurchase program providing for the repurchase of up to fifteen million (15,000,000) shares of Class B Common Stock and up to five million (5,000,000) shares of Common Stock. IDT’s Class B Common Stock and Common Stock both trade on the New York Stock Exchange under the symbols “IDT.B” and “IDT’, respectively. Shares of Class B Common Stock are entitled to one-tenth of a vote per share and shares of Common Stock are entitled to one vote per share. In other respects shares of Class B Common Stock and Common Stock carry identical entitlements. There are currently 47,525,841 shares of IDT Class B Common Stock outstanding and 23,304,003 shares of IDT Common Stock outstanding.

The Board of Directors also authorized the termination of IDT’s previous Common Stock repurchase program, under which IDT repurchased from May 19, 2000 through November 6, 2001 a total of approximately 15.6 million shares. Approximately 7.1 million of those shares were repurchased prior to the distribution of IDT’s Class B Common Stock dividend in May 2001 and the remainder were repurchased after the distribution of the Class B Common Stock dividend.

“At a time when many companies only talk of increasing shareholder value through stock buybacks, but rarely follow through, IDT is pleased to report on the success of its first stock repurchase program and to announce a new program,” said Jim Courter, IDT CEO and Vice Chairman. “With a strong cash position and a balance sheet that is the envy of the telecom industry, we are confident about IDT’s future and pleased to have the opportunity to further enhance shareholder value.”

The purchases will be made from time to time as market and business conditions warrant, in open market, negotiated or block transactions. All purchases are subject to the availability of shares at prices which are acceptable to IDT, and, accordingly, there is no guarantee as to the timing or number of shares to be repurchased.

As of December 13, 2001, IDT’s principal stockholders were Howard S. Jonas, who beneficially owned approximately 27.3% of the outstanding shares, representing approximately 58.8% of the aggregate voting power of all outstanding stock, Liberty Media Group, which beneficially owned 10,360,303 shares of IDT’s Class B Common Stock representing 14.4% of the outstanding shares and nearly 2% of the aggregate voting power of all outstanding stock, and AT&T Corp., which beneficially owned 1,360,545 shares of IDT’s Class B Common Stock representing approximately1.9% of the outstanding shares and nearly 3% of the aggregate voting power of all outstanding stock.

IDT CORPORATION

IDT 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 provides its customers with integrated and competitively priced international and domestic long distance telephony and prepaid calling cards. IDT Ventures is the IDT subsidiary responsible for the Company’s initiatives outside of its core telecom business. Through its IDT Investments subsidiary, IDT has equity interests in several telecom and Internet-related companies.

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 10-K 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.

• Company Achieves Positive EBITDA

• Telecom Division Achieves Operating Profitability

• Balance Sheet Features Nearly $1.1 Billion in Cash & Equivalents,Amounting to $14.74 per Share

NEWARK, N.J. – November 14, 2001 – IDT Corporation (NYSE: IDT, IDT.B), a leading multinational carrier and telephone company, today announced that its subsidiary, IDT Ventures, Inc., has acquired Talk America Radio Network, one of North America¹s leading providers of talk radio programming. This represents the first step in IDT¹s previously announced intention to build a media company.

“Just about everyone listens to radio. Millions of people all over the country have their radios on all day long,” said Howard Jonas, IDT¹s Chairman. “That¹s why we decided to start our media company with Talk America. Their programs feature some of the best known personalities on the air and cover just about every possible taste and interest, and their extensive distribution means they can reach just about everyone.”

Talk America provides an extensive range of programming to radio stations across North America. Its popular shows cover everything from politics to boxing, medicine to decorating, and include such established favorites as “The Bruce Williams Show,” The Right Side with Armstrong Williams,” “Ring Talk with Pedro Fernandez,” “Dr. Gabe Mirkin,” and “A Matter of Taste with Rachel and David Michael Cane.”

“We’re thrilled to become part of the IDT family,” said Paul Lyle, Talk America¹s President. “With their strong commitment to expanding into media and our proven expertise in broadcast production and syndication, we¹ll be able to create exciting new properties and deliver them to even more stations throughout the U. S. and Canada.”

Talk America syndicates shows on more than 600 radio stations. Currently based in Las Vegas, Talk America will move its operations to new, state-of-the-art facilities in the IDT Building in Newark early next year.

“IDT is about communications – making it easy, affordable, and accessible to everyone,” said Jim Courter, IDT¹s CEO and Vice Chairman. “That¹s why expanding into media – especially radio – represents such a logical way for us to grow. Talk America fits perfectly with all our efforts to provide the very best in communications.”

“Talk America is just our first step in building a premier media company,” said Charles Garner, CEO of IDT Ventures, Inc. “We are currently evaluating other media and broadcast properties, and plan to make additional investments in the future.”

IDT CORPORATION

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

Through its own national telecommunications backbone and fiber optic network infrastructure, IDT provides its customers with integrated and competitively priced international and domestic long distance telephony and prepaid calling cards. IDT Ventures is the IDT subsidiary responsible for the Company¹s initiatives outside of its core telecom business. Through its IDT Investments subsidiary, IDT has equity interests in several telecom and Internet-related companies.

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.