NEWARK, N.J. — June 10, 2003 —IDT Corporation (NYSE: IDT, IDT.C) today reported record revenues of $454.9 million for the third quarter of its Fiscal Year 2003, the three months ended April 30, 2003. Revenues increased 13.2% over the third quarter of Fiscal Year 2002, and 0.9% over the second quarter of Fiscal Year 2003.
The net loss for the third quarter of Fiscal Year 2003 was $9.3 million, or $0.12 per share. This compares with a net loss of $49.6 million, or $0.64 per share, in Fiscal Year 2002’s third quarter, and a net loss of $12.5 million, or $0.16 per share, in Fiscal Year 2003’s second quarter. As of the close of the third quarter of Fiscal Year 2003, consolidated cash, restricted cash, cash equivalents and marketable securities stood at $1.059 billion, which includes $102 million held by Net2Phone.
Excluding Net2Phone, which was not consolidated by IDT in Fiscal Year 2002, revenues for the third quarter of Fiscal year 2003 were $435.3 million, an 8.4% increase from the third quarter of Fiscal Year 2002’s comparable revenues of $401.7 million. In the third quarter of Fiscal Year 2003, Net2Phone accounted for 4.3% of total revenues.
“Q3 saw IDT advancing on just about every front,” said Jim Courter, Vice Chairman and CEO. “In Telecom, our wholesale division continues to record double-digit quarterly growth, IDT Solutions has turned the corner by stabilizing revenue, and we have begun to transform IDT into an integrated communications and media company with the exciting developments at IDT Media.”
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