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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