Welcome to IDT's Corporations first quarter fiscal 2010 earnings webcast. This is Bill Ulrey, Investor Relations Officer. IDT’s Chairman and Chief Executive Officer, Howard Jonas and Chief Financial Officer, Bill Pereira will be reporting to you shortly on IDT’s financial and operational results for the three months ended October 31, 2009. This quarter we are following the same announcement format we have used in prior quarters. Our earnings release is available on the Investor Relations page of IDT Corporation's website at www.IDT.net. We have also filed the release on Form 8-K with the SEC. These remarks are pre-recorded. If you have any questions after listening to them and reading the company’s earnings release, please email them to us at the following address: invest@idt.net. We will accept questions through the close of business tomorrow, December 11th. Please include your name and firm name, if applicable, in your email. If we can constructively answer to your question we will post your question, along with your name and your firm's name and our answer, on the Investor Relations page of IDT's website as early as next Wednesday, December 16th after market close or soon thereafter. We will file a Form 8-K with the SEC containing the questions and the answers. If you have any questions or suggestions regarding our Q&A process please e-mail us at the exact same address. Any forward-looking statements we make during this webcast or the written Q&A that are 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, but 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 the factors that may cause actual results to differ materially from those that we forecast. In the prepared remarks you will hear today and also possibly in our written questions thereafter we will make reference to adjusted EBITDA, earnings before income taxes, depreciation and amortization. Adjusted EBITDA for all periods discussed during our remarks is a non-GAAP measure representing operating income exclusive of depreciation and amortization, restructuring and impairment charges and gains or losses as a result of business or asset sales. Adjusted EBITDA is one of several key financial metrics management uses to evaluate the company’s and the different segment’s operating performances. The schedule provided in the earnings release reconciles adjusted EBITDA to the nearest corresponding GAAP measure, loss from operations for each of our segments and to both loss from operations and net loss for the company as a whole. Now to begin the discussion of our operating results here is IDT Corporation’s Chairman and Chief Executive Officer, Howard Jonas.

Thanks Bill. Good afternoon. This is Howard Jonas. Let me begin while welcoming my fellow shareholders and IDT employees. Thank you for listening in. You are used to listening to James Courter present as CEO on these calls. I cannot hope to match Jim’s eloquence but I hope that my own confidence in IDT will keep your interest. Jim has been invaluable to IDT and we look forward to reaping the benefits of his advice and service as a Vice Chairman for years to come. With our results this quarter IDT has achieved six consecutive quarters of positive EBITDA. Adjusted EBIDTA is one metric we use to provide a meaningful measure and basis of comparison of core operating results. During these six quarters we generated $65 million in adjusted EBITDA despite the worst global economic environment in a generation. That is not bad especially when you consider during the previous 18 months our adjusted EBITDA loss totaled $181 million. That is nearly one quarter-billion dollars net improvement. A big part of the turnaround was achieved by divesting non-core businesses and aggressively cutting costs both in terms of corporate overhead and streamlining our core businesses. None of these moves have been easy. I have been with IDT since the beginning and some of the businesses cut were very dear to me and the people we had to let go were good friends but we did what was needed to provide a platform for future growth. So we have come a long way. That doesn’t mean much if we stop at cost cutting. So now we are all focused on growth strategies and our core businesses as well as in a few select projects where we are investing very judiciously. At IDT Telecom we began leveraging a recent consolidation of our UTA…

Thank you Howard. Good afternoon everyone. As most of you are aware, by the end of fiscal 2009 we had substantially implemented the company-wide restructuring and streamlining plan which we viewed as essential in providing IDT with a solid foundation for growth. Nevertheless, there have been several developments during and subsequent to the first quarter of 2010 that have allowed us to further sharpen our focus on our core businesses. Before getting to the quarter’s results I would like to discuss some of these developments. In August 2009 we received $4.4 million in proceeds from the sale of our Palo Alto real estate holdings of which we paid $1.5 million for our non-controlling partner in November and we followed that up in October with the sale of our building in Puerto Rico that previously housed our call center operations. The Puerto Rico sale netted $800,000 in cash on a total sale price of $7.4 million. These real estate transactions follow the sale of our Jerusalem, Israel building last fiscal year. At this point our remaining real estate holdings consist of our former headquarters building at 520 Broad Street in Newark and two sister properties in New Jersey which house part of our telecom network infrastructure and related employees. The $37 million in notes payable remaining on our balance sheet consist essentially of the mortgages underlying these three remaining properties. In mid-September we spun off to our shareholders the equity of CTM Media Holdings, Inc. which included the CTM Media Group, IDW Publishing and the WMEP Radio Station in Washington, D.C. The spinoff of CTM Media holdings reduced our total assets by $21.2 million. Included in that total is $9.8 million in cash, $4.1 million in property and equipment net of accumulated appreciation and $3 million in net accounts receivable. In…

Thank you. This concludes the IDT Corporations first quarter 2009 earnings results webcast.