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IDT Corpor a Tion 2002 Annual Report

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IDT Corpor a Tion 2002 Annual Report IDT Corporation 2002 Annual Report IDT Corporation IDT Corporation 2002 ANNUAL REPORT IDT Corporation, through its subsidiary IDT Telecom, Inc., is one of the largest providers of telecommunications services in the U.S., utilizing its own backbone and fiber optic network to route calls both domestically and around the world. The Company is also a leader in the prepaid calling card industry, with calling card revenues of more than $1 billion. Our 192 brands sold 200 million cards worldwide last year. IDT’s corporate mission is to provide value for new and existing customers by creating and bringing to market a broad range of innovative and cost-effective communication services on a global basis. IDT principally operates through four distinct entities: IDT Corporation, IDT Telecom, Inc., Winstar Holdings, LLC and IDT Media, Inc. IDT Corporation has a long history of innovation, pioneering the international call-back industry and Internet telephony. IDT launched Net2Phone®, the leader in Internet telephony, sometimes referred to as Voice over Internet Protocol (VoIP). Today, IDT has approximately a 20% equity stake in Net2Phone ® and exercises voting control over the company. IDT Telecom, a 95%-owned subsidiary, operates a wholesale “carrier” business and a consumer long distance business, as well as a calling card business. While the majority of its revenues are U.S.-based, the Company’s IDT Europe division, established in 1998, has become the single largest provider of prepaid calling cards in the U.K. Winstar Holdings, LLC purchased the U.S. assets of Winstar Communications, Inc. out of bankruptcy in December 2001. Winstar Holdings, LLC provides local, long distance and Internet communications to businesses and government agencies using its state-of-the-art fixed-wireless technology. Table of Contents 2 Eight Year Financial History Virtually debt free, with $13 per share of cash and marketable securities 4 Chairman’s Letter to Shareholders 2,500 dedicated employees contributing to IDT’s success 5 CEO’s Letter to Shareholders Substantial structures and processes ensure proper corporate governance 6 IDT Network A global telecommunications network that spans the U.S., Europe, Latin America and Asia 8 Prepaid Calling Cards A commanding leadership position, with over 6 cards sold each second 10 Wholesale Carrier A dominant entity in the wholesale sector 12 Consumer Long Distance Fastest-growing business in 2002 14 Winstar Holdings, LLC ’Last mile’ broadband connections for business 16 IDT Media A robust portfolio of media and entertainment businesses 18 Map and timeline Twelve amazing years of steady worldwide growth 20. IDT in the Community Significant contributions on the corporate and employee levels Inside Back Cover: Management & Board Membership Fast Investment Facts Ī Founded by Howard Jonas in 1990 Ī IPO on NASDAQ March 15, 1996 Ī Now trading on NYSE with tickers IDT.B and IDT Ī 80 million shares outstanding Ī 2,500 employees in 13 countries Ī $1 billion in cash and marketable securities, debt free Ī $1.5 billion in annual revenues Ī Over 1 billion minutes billed every month Ī Listed in Fortune 1,000 largest U.S. companies IDT Corporation 2002 ANNUAL REPORT 1 Dollars in millions, except per share items Years Ending Jul-02 Jul-01 Jul-00 Jul-99 Jul-98 Jul-97 Telecom Minutes Billed (Millions) 11,307.0 7,049.6 4,244.6 2,772.3 805.8 233.8 Revenues Retail Telecom 1,121.7 816.4 520.5 395.5 137.2 35.3 Wholesale Telecom 309.0 388.1 502.5 289.0 166.7 64.7 Telecom Total 1,430.7 1,204.5 1,023.0 684.5 303.9 100.0 Media/Ventures 21.3 26.4 14.8 16.9 20.0 32.9 Winstar 79.6 Net2Phone 56.1 30.7 11.5 2.4 Total Revenues 1,531.6 1,230.9 1,093.9 732.2 335.4 135.2 Income (Loss) from Operations (Before Impairment Charges) Retail Telecom 63.0 (69.5) (11.5) 12.3 1.0 2.3 Wholesale Telecom (29.0) (34.1) (8.4) 12.6 9.5 3.4 Telecom Total 34.0 (103.6) (19.9) 24.9 10.5 5.7 Media/Ventures (20.9) (66.3) (39.1) (8.2) (7.0) (8.1) Winstar (96.6) Corporate (26.5) (63.5) (31.7) Net2Phone (125.9) (24.4) (2.7) (1.1) Total Income (Loss) from Operations (110.0) (233.4) (216.6) (7.7) 0.8 (3.4) (Before Impairment Charges) Impairment Charges (114.3) (199.4) 0.0 0.0 0.0 0.0 Interest and Other Income (Expense) (34.3) 1,180.2 609.5 (3.3) (0.3) (0.4) Minority Interests (22.1) (5.7) 59.3 3.3 (3.9) 0.0 Income Taxes 124.3 (209.4) (218.4) (7.3) 2.5 0.0 Extraordinary Item/Change in Accounting (147.0) 0.0 (3.0) (3.3) (0.1) 0.0 Net Income (Loss) (303.3) 532.4 230.8 (18.2) (1.0) (3.8) Per Common Share ($4.04) $7.79 $3.30 ($0.27) ($0.02) ($0.09) Cash Flow from Operations 21.7 26.2 (77.1) (18.3) 30.6 (4.4) Purchases of Property, Plant & Equipment 39.2 106.5 101.2 48.1 41.3 7.1 Investments and Acquisitions, Net of Cash Acquired 81.4 73.7 38.8 10.7 0.0 2.1 Year End Position Cash and Marketable Securities 1,010.0 1,094.6 393.0 130.8 175.6 7.7 Working Capital 808.4 915.4 347.9 179.4 166.4 4.9 Total Assets 1,607.9 1,881.6 1,219.1 515.3 417.2 58.5 Long Term Debt 45.4 50.2 56.1 128.7 113.1 9.1 Stockholders’ Equity 869.5 1,076.2 468.2 253.4 238.7 25.3 Per Common Share $10.95 $14.97 $7.57 $3.73 $3.61 $0.58 Common Shares Outstanding (Millions) 79.4 71.9 61.9 68.0 66.2 43.6 Options Outstanding 16.4 19.0 13.3 7.2 6.4 8.8 Employees 2,533 1,660 1,280 1,271 712 360 * Net2Phone was not consolidated in Fiscal 2001 and 2002. The impact of IDT’s stake in Net2Phone is one of the items contributing to Interest and Other Income 2 Corporate Overview Consolidated Revenues Cash and Marketable Securities $ Million $ Million 2000 1200 1000 1500 800 1000 600 400 Jul-96 Jul-95 500 200 88.0 10.9 0 0 1998 1999 2000 2001 2002 1998 1999 2000 2001 2002 17.1 9.4 Consolidated revenues increased 24% in fiscal 2002, with most of the gain in IDT Telecom. Double digit revenue growth has been a staple of IDT 18.6 1.4 corporate history. A key financial goal since early Fiscal 2001 has been to maintain growth while preserving our substantial cash position, which 35.7 10.8 stands at $13 per share. 22.0 0.9 IDT Telecom 57.7 11.7 12000 Minutes Billed Telecom EBITDA Million Minutes $ Million 10000 30 NA NA 8000 25 NA NA 2.8 0.8 6000 20 15 (17.9) (3.0) 4000 10 2000 5 (0.7) (15.8) (2.2) 0 0 -5 1998 1999 2000 2001 2002 -10 0.0 0.0 0.3 0.0 Q 4 2001 Q 1 2002 Q 2 2002 Q 3 2002 Q 4 2002 0.0 0.0 IDT Telecom’s growth of minutes billed has exceeded 50% for the last three Fiscal years, driving double digit revenue growth despite a very 0.0 0.0 competitive pricing environment. In Fiscal 2002 the Company was able to reduce per minute costs faster than per minute prices, and generate (0.2) 0.0 EBITDA (earnings before interest, taxes, depreciation and amortization) of $88.7 million. (15.6) (2.1) ($0.43) ($0.13) Industry Comparisons (14.9) 0.5 Current Ratio Total Debt to Equity 11.9 1.3 0.0 0.0 3.5 1.5 3.0 1.2 2.5 2.0 0.9 14.9 0.2 13.5 (0.9) 1.5 0.6 43.8 4.2 1.0 0.3 0.0 0.0 0.5 26.8 0.9 0.0 0.0 $0.64 $0.03 y vice y vice IDT poration Communications Ser tor IDT poration Communications Ser tor 41.7 31.3 Cor Industr Sec S&P 500 Cor Industr Sec S&P 500 7.0 4.3 IDT Corporation has considerable financial strength in comparison to the communications industry in which it participates, and more broadly in 485 96 comparison to the services sector of the economy and to the S&P 500. Our current ratio (current assets divided by current liabilities) is 1.9 times that of the S&P 500, and our total debt to equity, at 8%, is orders of magnitude below the industry norms. (Expense) during those years. IDT Corporation 2002 ANNUAL REPORT 3 Dear Shareholder: Day to day, a company is nothing more than the collective effort of its employees. Speaking as the first employee of this Company, I understand that IDT’s success is due to the fact that my fellow employees are the best, most talented, most dedicated professionals not only in the telecommunications industry, but any industry. It is because of the quality of IDT’s employees that I am free of the horrible burden shouldered by many chairmen this year.
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