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, 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.
VP, IDT Corporate Communications