Welcome to IDT Corporation's second quarter of fiscal 2010 earnings webcast. This is Bill Ulrey, IDT’ Investor Relations Officer. IDT’s Chairman and CEO, Howard Jonas and CFO, Bill Pereira will be reporting to you shortly on IDT’s financial and operational results for the three months ended January 31, 2010. This quarter we are following the same format we 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 a 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 e-mail them to us at the following address: invest@idt.net. We will accept questions through the close of business tomorrow, March 12th. Please include your name and firm name, if applicable, in your e-mail. If we can constructively answer 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, March 17th, after market close or soon thereafter. We will also 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 same address. Throughout this webcast, any forward-looking statements made during this webcast or in the written Q&A, 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, 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 responses to 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 or loss exclusive of depreciation and amortization, and restructuring and impairment charges. Adjusted EBITDA is one of several key financial metrics management uses to evaluate the company’s and the different segments’ operating performances. The schedule provided in the earnings release reconciles adjusted EBITDA to the nearest corresponding GAAP measure, income from operations, for each of our segments and to both income from operations and to net income for the company as a whole. Now to begin the discussion of our financial and operating results, here's IDT Corporation's Chairman and Chief Executive Officer, Howard Jonas.

Thank you, Bill. Good afternoon to everyone. I am Howard Jonas, Chairman and CEO of IDT. Let me begin with the black bottom lin. IDT attained profitability this quarter, generating positive income from operations of $7.6 million and net income attributable to IDT of $3.7 million. Compared to a year ago, when our loss from operations was $6.2 million and our net loss was $62 million, it is a dramatic improvement. I want to take a moment here to thank and congratulate all the IDT employees listening. This turnaround was a direct result of your efforts. I very much appreciate your hard work and believe that if we continue to apply ourselves, great things are in store for all of us at IDT. What is more, we now have positive net income for the first-half of fiscal 2010, and all of us here at IDT are focused in keeping it that way for the remainder of the year and beyond. Bill Pereira is going to get into the details of our results for the quarter, but I want to make two big picture points before turning the call over to him. The first point is that we have broadened our strategic outlook beyond cost-cutting, and are working on initiatives that will grow our core businesses. At IDT telecom, our minutes of use were up by 13% year-over-year and by 10% compared to a prior quarter, and revenues increased by $14.8 million compared to the first quarter of the fiscal year. That is not only a seasonal improvement. In fact when you compare telecom’s quarterly revenues in fiscal 2009 to the prior quarter, you'll find that revenues did not increase at all. In fact they declined by $27.5 million. So we're generating real revenue growth. In the United States this expansion…

Thank you, Howard. Good afternoon everyone. It is my pleasure to be able to discuss our most recent quarterly results with you. During the past two years, we have been showing steady improvements in our operational results as reflected by the rising levels of adjusted EBITDA we generated throughout much of fiscal 2008 and 2009. We have repeatedly said that once we digest the impact of our restructuring efforts and got past the impact to the economic downturn on asset valuations, these operational improvements would work their way through to our bottom line. With this quarter's results, as Howard pointed out we have finally reached the objective of our turnaround plan, bottom-line profitability. For the second quarter of our 2010 fiscal year, we're reporting positive income from operations, net income, and cash flow from operating activities. But before I delve into our results for the quarter, I just want to give our investors a quick update on the status of our New York Stock Exchange listing. Back in September of 2008, the New York Stock Exchange notified IDT that we were not in compliance with the New York Stock Exchange’s global market capitalization listing standard of $100 million. To regain compliance and retain our New York Stock Exchange listing, our market capitalization at the market close on March 30, 2010 and our trailing 30 day market capitalization average, which are the 30 trading days beginning February 17, and ending March 30, must both be over $100 million. If we aren’t in compliance on March 30th, the NYSE is likely to begin the delisting process. In the event of a delisting from the NYSE, the company will seek to transition IDT's stock listings to an alternative exchange. Currently, IDT meets the initial quantitative listing standards for the NASDAQ global markets and…