IDT Telecom Achieves Record Daily Minutes-of-Use
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NEWARK, N.J.— May 14, 2002 —IDT Corporation (NYSE: IDT.B, IDT) today announced that its IDT Telecom subsidiary posted a record daily number of telecommunications minutes-of-use on Sunday, May 12, 2002, which coincided with the Mother’s Day holiday. Minutes-of-use amounted to approximately 53.5 million minutes, breaking the previous record of 45.6 million minutes, set on December 25, 2001. Including minutes generated by IDT’s Consumer Long Distance division, overall billable minutes amounted to nearly 60.0 million.
“Our ability to continually register new daily, weekly, and monthly minutes-of-use records is truly impressive,” said Jim Courter, IDT's CEO. “This is a credit to the entire IDT Telecom team, which continues to rack up milestone after milestone as they work to prove that the Telecom industry is indeed alive and well.”
Minutes-of-use for both the Retail and Wholesale divisions achieved record daily levels on Sunday, with retail minutes amounting to 43.2 million, and wholesale minutes amounting to 10.3 million. The previous record high for retail minutes was 37.9 million minutes, recorded on December 25, 2001, while the previous wholesale minutes record of 8.5 million minutes was just set on May 5, 2002.
“As demonstrated by our new records for both wholesale and retail, IDT Telecom is not a one-trick pony,” said Motti Lichtenstein, CEO of IDT Telecom. “We are experiencing growth across all of our business lines, both in the U.S. and abroad. My goal is to surpass this latest record and continue to turn records into milestones.”
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 and new technologies. 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 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.
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May 14, 2002 |
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