Welcome to IDT Corporation's First Quarter Fiscal 2012 Earnings Presentation. This is Bill Ulrey, IDT's Investor Relations Officer. In this presentation, IDT's Chairman and Chief Executive Officer, Howard Jonas; and Chief Operating Officer, Samuel Jonas, will discuss IDT's financial and operational results for the 3 months ended October 31, 2011. Both this audio file consisting of management's prerecorded remarks and our earnings release are available on the Investor Relations page of the IDT Corporation website, www.idt.net. The earnings release has also been filed on a Form 8-K with the SEC. If you have any questions for management related to the announced results after listening to management's presentation and reading the company's earnings release, please e-mail them to us at the following address: invest@idt.net no later than the close of business on Thursday, December 15. 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, your firm's name and our answer on the Investor Relations page of the IDT website as early as Monday, December 19, after market close. We will also file a Form 8-K with the SEC containing the questions and answers. Any forward-looking statements made during this audio presentation 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 either to update any forward-looking statements that we have made or may make or to update the factors that may cause actual results to differ materially from those that we forecast. In this presentation and in our written responses to questions thereafter, we make reference to adjusted EBITDA. Adjusted EBITDA for all periods discussed during our remarks is a non-GAAP measure representing income from operations or loss from operations, exclusive of depreciation and amortization and other operating gains or losses. Adjusted EBITDA is one key financial metric management uses to evaluate the operating performance of the company and its segments. A schedule provided in the earnings release reconciles adjusted EBITDA to the nearest corresponding GAAP measure, income or loss from operations for each of our segments and for the company as a whole. Now to begin the discussion of our financial and operating results, here is IDT Corporation's Chairman and CEO, Howard Jonas.

Thank you, Bill. On October 28, IDT completed the spinoff of Genie Energy to our shareholders. The spinoff reflects years of effort here at IDT. We built an entire new and exciting business segment from scratch, then we separated from IDT where its long-term potential for shareholders could best be realized. We have generated value for our shareholders in various ways during our history. From the IPO of Net2Phone to selling IDT Entertainment to paying dividends and now spinning off Genie Energy, we find the opportunities to take the bold moves necessary to realize value. With Genie now standing on its own, IDT offers a more focused investment opportunity. There is a remarkable transformation going on within IDT Telecom that holds tremendous promise. And now, we can also shine a brighter light on Fabrix surge and our Spectrum licenses and our Net2Phone IP, all of which have upside potential. Samuel Jonas, our Chief Operating Officer, will be going over the quarter's financial results with you shortly, but I want to point out the profitability of the first quarter of fiscal 2012 was impacted by the $10 million settlement of an outstanding legal claim by T-Mobile resulting from a dispute over a wholesale supply contract. Also in the quarter, IDT paid fiscal 2011 performance compensation to certain employees which were accrued in the course of last year totaling $5.7 million. That payment, along with the T-Mobile settlement, represented about a $16 million reduction in cash flow from operations. Had it not been for these items, our cash from operations would have been positive on the quarter. In light of these results and our continued confidence in the profitability of our operating businesses, earlier today, IDT's Board of Directors declared a dividend of $0.13, slightly under $3 million for the first quarter.…

Thank you. IDT's revenues for the first quarter of fiscal 2012 were $376.8 million, a 21.6% increase year-over-year and a 4.3% increase quarter-over-quarter. 98% of our revenue is generated by the Telecom Platform Services segment or TPS within IDT Telecom. Therefore, I will focus my remarks mostly on the results at TPS. Minutes of use at TPS increased to 7.3 billion minutes for the quarter, a 20% increase year-over-year and a 4.5% increase quarter-over-quarter. Both the year-over-year and quarter-over-quarter growth were led by our Wholesale Terminations business. TPS revenue for the quarter totaled $369.1 million, a 22.9% increase year-over-year and a 4.5% increase quarter-over-quarter. Following the spin-off of Genie Energy, we have broken down TPS into 4 categories that share certain common elements in order to better describe our operations and results: One, Wholesale Termination Services is our global carrier business, which terminates international long-distance calls around the world for Tier 1 fixed line and mobile network operators, as well as other aggregators. Wholesale revenue during the quarter was $187 million, increasing 33% year-over-year and 6.5% quarter-over-quarter. Our managers and employees in this business have done an outstanding job executing pricing and costing strategies and continue to substantially increase our share of the international long-distance market. Wholesale Termination Services sales represented 50.7% of TPS' total revenue for the quarter. Two, Retail Communications include sales of our international long-distance calling products, primarily to immigrant communities worldwide with core markets in the U.S. and Europe. It includes sales generated by Boss Revolution, mobile applications and traditional prepaid calling cards such as Boss, La Leyenda, Feliz and Pennytalk. Retail Communications generated $131.9 million in revenue in Q1, an 11.5% year-over-year increase and a 3.3% quarter-over-quarter increase. Boss Revolution was the key growth driver, partially offset by a continued decline in sales of traditional…