IDT Corporation is named to the Russell 1000 Index |
The Telecom Company Joins Index of America’s Largest Public Companies
NEWARK, N.J. – June 28, 2002 – IDT Corporation (NYSE: IDT.B, IDT), a leading multinational carrier and telephone company, is proud to announce that it has been named to the Russell 1000, an index of the largest publicly traded companies in the United States. The Russell 1000 Index is based on an unbiased and complete ranking of each company’s market capitalization.
“Being put in the Russell 1000 is very nice, but I won’t get really excited until IDT makes the S&P 500 and the DOW,” said Howard Jonas IDT Chairman. “As the big old monopolistic telecoms are laid to rest, IDT is proof that technological innovation, competition, an entrepreneurial spirit and hard work are still the building blocks of corporate success in America.”
All the Russell Indexes, including the Russell 1000, are reconstituted annually to reflect changes in the marketplace. The list of companies is ranked based on May 31 total market capitalization, with actual reconstitution effective June 30 of each year.
“The Russell 1000 is one of Corporate America’s well known benchmarks of market performance,” said Jim Courter, IDT CEO and Vice Chairman. “This is just one more chapter in IDT’s incredible growth story. Stayed tuned the plot is about to get even better.”
On June 19, 2002 IDT announced that it has been listed in the Business Week Info Tech 100, a ranking of the top technology companies in the world based on their performance over the past 12 months. In April, IDT made the Fortune 1,000, leading all other companies listed in the telecommunications category in total return to investors as measured by an increase in share price, and in profits as a percent of stockholders’ equity, a percent of revenues, and a percent of assets. Earlier in February, IDT received the highest overall ranking in the 2002 Wall Street Journal Shareholder Scoreboard in the Communications/Fixed-Line category.
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. 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 June 10, 2002, there were 53.4 million shares of Class B common stock (IDT.B) outstanding, and 24.9 million shares of common stock (IDT). Of these, 4.0 million shares of Class B common stock and 5.4 million shares of common stock were held by units of IDT Corporation.
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.
|
Jun 28, 2002 |
Give Feedback |
|