IDT Corp. Proudly Acknowledges a Top Ranking by The Wall Street Journal
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Company Outperforms All Others in Communications/Fixed-Line Category
NEWARK, N.J. – March 20, 2002 – IDT Corporation (NYSE:IDT, IDTB), a leading multinational carrier and telephone company, is pleased to announce that the Company was ranked number one in its industry category in the 2002 Wall Street Journal Shareholder Scoreboard, which appeared on February 25, 2002.
IDT achieved the highest overall ranking in the Wall Street Journal’s rankings of the Communications/Fixed-Line category. According to the Journal’s annual Shareholder Scoreboard, IDT had the highest 1-year return at 72.8%, the highest surplus/deficit relative to its industry at 77.2%, the highest 3-year average return at 31.8%, and the highest 5-year average return at 26.2%.
“The numbers speak for themselves,” said Howard Jonas, IDT Chairman. “Our conservative growth model and business strategy have clearly been vindicated, and have set the stage for many more years of growth. To quote another great performer, Al Jolson, ‘You ain’t seen nothing yet.’”
Besides its record performance and industry ranking, IDT has just reported record revenues for the second quarter of its fiscal year 2002. This is the company’s second consecutive quarter of operating profits. IDT also reported a balance sheet with more than $1 billion in cash and equivalents. At the same time the Company also reported that Liberty Media had made a strategic investment of $30 million in IDT Telecom, Inc., a subsidiary of IDT Corporation. As a result of this investment, Liberty Media will own approximately 4.76% of the common equity of IDT Telecom, Inc.
“It’s very gratifying to see our hard work at building a rock-solid telecom company be rewarded with stellar earnings performance and top industry rankings by The Wall Street Journal. But the best is yet to come,” said Jim Courter, CEO and Vice Chairman of IDT. “Just consider our extensive fiber network, our ability to terminate calls all over the world, and our ability to provide the all-important ‘last mile’ connection thanks to our acquisition of the assets of Winstar. These combined with a strong balance sheet are a powerful recipe for future success.”
Other notable recent IDT highlights include the acquisition of substantially all of the operating assets of Winstar on December 19, 2001; the reacquisition of control of Net2Phone on October 23, 2001; and moving from the NASDAQ to the New York Stock Exchange on February 26, 2001.
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. Recent IDT acquisitions include Winstar Communications, Net2Phone, and Talk America Radio Network.
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 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. 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.
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Mar 20, 2002 |
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