Newark, N.J., April 18, 2005- IDT Corporation (NYSE: IDT, IDT.C) is pleased to announce that the company has moved up from 746 to 705 on this year’s Fortune 1000 list. The new list is available on line and will be published in the April 18th issue of Fortune Magazine. IDT Corporation is an international telecom, entertainment and technology company.
“Fasten your seat belts, IDT’s driving in the passing lane,” said Howard Jonas, IDT’s Chairman. “Accelerating ahead on Fortune’s 1000 list is great, but IDT’s prospects for the future are even better. Telecom revenue continues to grow, we’re expanding our presence in Europe, Asia and Latin America and IDT Entertainment is emerging as an industry leader. Passengers are advised to hold on. The ride has just begun.”
The Fortune 1,000 ranks America’s largest corporation by annual revenues. According to Fortune Magazine, IDT’s 2004 revenue was more than $2.2 – billion, up 20.8% from the previous year.
“Look at the great companies of the Fortune 100, most of them have businesses in many industries. This diversification provides more sources of revenue and makes them less reliant on any one sector,” said Jim Courter, IDT’s CEO. “While IDT continues to have great success and expand its telecommunications business, we have long wanted to become more diversified. So, we’ve begun to make strategic and carefully planned moves into other industries, such as entertainment and spectrum leasing, to name a few. As these businesses grow and mature, we expect the additional streams of revenue to propel IDT into the ranks of the top Fortune companies.”
In 2004, IDT sold about 370-million calling cards through its network of more than 300,000 retail locations. In addition, IDT customers placed more than 2-billion calls to destinations in over 230 countries.
About IDT Corporation:
IDT Corporation, through its IDT Telecom subsidiary, is a facilities-based, multinational carrier that provides a broad range of telecommunications services to retail and wholesale customers worldwide. IDT Telecom, by means of its own international telecommunications backbone and fiber optic network infrastructure, provides its customers with integrated and competitively priced international and domestic long distance and domestic all-distance telephony and prepaid calling cards. IDT Entertainment is the IDT subsidiary focused on developing, acquiring, producing and distributing computer-generated and traditionally animated productions and other productions for the film, broadcast and direct-to-consumer markets. IDT Capital is the IDT division principally responsible for the Company’s initiatives in radio broadcasting, brochure distribution and new technologies. Net2Phone, Inc., a subsidiary of IDT Corporation, is a leading provider of high-quality global retail Voice over IP services and offers a fully outsourced cable telephony service to cable operators allowing cable operators to provide residential phone service to their subscribers.
IDT Corporation’s Class B Common Stock and Common Stock trade on the New York Stock Exchange under the ticker symbols IDT and IDT.C, respectively.
Important Note: In this press release, all statements that are not purely about historical facts, including, but not limited to, those include the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,” “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent IDT’s current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those described in IDT’s most recent report on SEC Form 10-K (under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations”), which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K and other filings IDT may make with the SEC.