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 IDT Corporation Declares Stock Dividend

 

NEWARK, NJ (May 4, 2001) - IDT Corporation (NYSE: IDT) today announced that its Board of Directors has declared a stock dividend of one share of Class B Common Stock for every one share of Common Stock, Class A Common Stock and Class B Common Stock. The shares of IDT's Class B Common Stock are entitled to one-tenth of a vote per share. The record date for the stock dividend is May 14, 2001. IDT plans to distribute the dividend shares on May 31, 2001 and the Class B Common Stock is expected to commence trading on the New York Stock Exchange, Inc. on June 1, 2001.

IDT CORPORATION

IDT is a leading facilities-based, multinational carrier that combines its position as an international telecommunications operator with its experience as an Internet service provider to provide a broad range of telecommunications services to its wholesale and retail customers worldwide.

Through its own national telecommunications backbone and fiber optic network infrastructure, IDT provides its customers with integrated and competitively priced international and domestic long distance telephony, prepaid calling cards, Internet access and digital subscriber line (DSL) service. The Company's Ventures division is developing several innovative telecom and Internet related businesses. Through its IDT Investments subsidiary, IDT has equity interests in several telecom and Internet-related companies.


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, 2000; 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.

Norman Rosenberg, CFA
SVP, Finance & Capital Markets
(973) 438-4001

Mary Jennings
Manager, Investor Relations
(973) 438-3124

 

 

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