IDT Reports Second Quarter Fiscal Year 2003 Results ·Consolidated Revenues Increase 20.5% over the Year-ago Quarter ·IDT Telecom Posts Record Revenues of $403.8 million ·Cash & Marketable Securities Stand at $13.49 per Share Consolidating Net2Phone

In order to enable a straightforward comparison between the second quarter of Fiscal Year 2003 and the second quarter of Fiscal Year 2002, and to provide a better understanding of IDT’s core operating results for the second quarter of Fiscal Year 2003, this press release presents, as additional information, some financial figures excluding the IDT Solutions division (formerly Winstar) and Net2Phone. During the second quarter of Fiscal Year 2002, the Winstar assets were acquired, and contributed to revenues for only part of the quarter, and Net2Phone was not consolidated, as IDT did not have voting control of Net2Phone at that time.

NEWARK, N.J. — March 11, 2003 —IDT Corporation (NYSE: IDT.B, IDT.C) today reported record revenues of $450.8 million for the second quarter of its Fiscal Year 2003, the three months ended January 31, 2003. Revenues increased 20.5% over the second quarter of Fiscal Year 2002, and 1.7% over the first quarter of Fiscal Year 2003.

The net loss for the second quarter of Fiscal Year 2003 was $12.5 million, or $0.16 per share. This compares with a net loss of $17.2 million, or $0.23 per share, in Fiscal Year 2002’s second quarter, and a net loss of $4.1 million, or $0.05 per share, in Fiscal Year 2003’s first quarter. As of the close of the second quarter of Fiscal Year 2003, consolidated cash, cash equivalents and marketable securities stood at $1.1 billion, which includes $111.6 million held by Net2Phone.
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