Greetings and welcome to the IDT Corporation Second Quarter Fiscal 2009 Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. (Operator Instructions). As a reminder this conference is being recorded. It is now my pleasure to introduce your host, Jim Courter, Chief Executive Officer and Vice Chairman for IDT Corporation. Thank you. You may begin.

Thank you very much and good afternoon. I am recording this live. I didn't pre-record. I think it somehow goes better that way. I'm here with Bill Pereira, IDT's new Chief Financial Officer, to report to you on IDT's performance during the second quarter of our 2009 fiscal year, the three months ending January 31, 2009. As this is Bill's first call as CFO, I want to welcome him and thank him for the extraordinary service he's provided IDT and the positions he's had previously and for taking on the financial helm at this time. Bill has impressed us all with his dedication, his hard work and ability to handle numerous complicated matters at once. We're very lucky to have Bill. Bill thank you very much for joining us. Before we begin, please recall that any forward-looking statements we may make during the course of this call, either in our prepared remarks or in the Q&A period that follows, whether general or specific in nature, are subject to risks and uncertainties that may cause actual results to differ materially from those which we anticipate. These risks and uncertainties include and are not limited to, specific risks and uncertainties discussed in the reports that we file periodically with the SEC. We assume no obligation to update any forward-looking statements that we have made or may make, or to update you on factors that may cause actual results to differ materially from those that we forecast. During the course of our discussion today, in our prepared remarks and possibly the Q&A period which follows, we will make reference to adjusted EBITDA. As used throughout, adjusted EBITDA is a non-GAAP measure representing operating income exclusive of depreciation and amortization and restructuring and impairment charges. It is one of the several key metrics we…

Thank you, Jim. I would like to begin by thanking our shareholders for participating on the call. We appreciate your investment and interest in IDT and we value the opportunity to hear your views and comments. Please do not hesitate to comment or ask questions during the Q&A session that follows. I would also like to thank Howard Jonas, Jim Courter and the IDT Board for their vote of confidence in naming me to this position during these very challenging times and my predecessor, Steve Brown for mentoring me for the past couple of years. I could not have asked for a better teacher. Thank you, Steve. Before I begin to discuss IDT's financial performance for the quarter, I would like to point out that IDT is exiting the Debt Collection business and therefore IDT Carmel has been reflected in our Q2 financial statements as a discontinued operation. The proceeds from the sale of our debt portfolios of $18 million, which was received in February, is included in assets of discontinued operations in our January 31 balance sheet. Accordingly, all comparative prior periods of IDT Carmel have been restated and are now collapsed and reflected as discontinued operations. Our quarterly results reflect both the progress towards sustainable profitability we are making internally at IDT, and the impact of the economic turmoil in which we are currently operating. While adjusted EBITDA, which is one of our key measures of operational performance, continues to show strong improvement, our net income is being negatively impacted by charges related to the cost reduction measures we are implementing and by mostly non-cash write-downs in the value of certain assets which our largely related to the overall decline in asset values being experienced throughout the broader economy. Adjusted EBITDA, which we define as operating income exclusive…

Thank you. Ladies and gentlemen, we will now be conducting a question-and-answer session. (Operator Instructions). I am sorry no question, thank you. I'd like to turn the call back over to management.

Well, thank you very much for listening those who are still on and we look forward to talking to you in the third quarter. Thank you very much, have a good evening.

This concludes the teleconference. You may disconnect your lines. Thank you for your participation.