BACK
International Card Establishment Reports Third
Quarter, Nine-Month Results
Oxnard, California—November 23, 2004—International Card
Establishment, Inc. (I.C.E.) (OTCBB: ICRD) today announced its
third quarter and nine month results for the period ended
September 30, 2004. For the quarter ended
September 30, 2004, the company generated net revenue of $
3,760,392, as compared to net revenues of $ 230,615 for the quarter ended
September 30, 2003. For the quarter ended September 30, 2004 and
September 30, 2003, the company reported net losses of $ (362,682)
$ (0.01 per share) and $ (92,361) $ (0.01 per share), respectively.
For the nine months ended September 30, 2004, the company reported
net revenues of $ 10,681,308 versus $ 761,272 for the comparable
period a year ago. The company reported a loss of $ (1,322,433) $
(0.06 per share) for the nine month period, as compared to a loss
of $ (309,427) $ (0.04 per share) for the comparable period last
year.
"Our third quarter results do not fully reflect the acquisition of
Neos Merchant Solutions, a factor which would otherwise have
enabled us to attain higher revenue," said William Lopshire, Chief
Executive Officer, I.C.E. "We expect to become a direct bankcard
processor in the final quarter of this year, an event which should
lead to expanded margins for our bankcard unit." Mr. Lopshire went
on to comment, "Overall, we are confident that pro-forma revenues
for calendar 2004 will come in at between $18 and $23 million,
while 2005 revenues are expected to reach between $30 million to
$40 million, depending on the outcome of our acquisition program.
More important, we expect to attain profitability in 2005."
About I.C.E.
I.C.E. (http://www.cardnetone.com/) is a rapidly growing provider
of diversified products and services to the electronic transaction
processing industry. I.C.E. establishes merchant accounts for
businesses that enable them to accept credit cards, debit cards
and other forms of electronic payments; supplies point-of-sale
systems; facilitates processing; and markets a proprietary “Smart
Card"-based system – which allows gift and loyalty functions to be
stored on one card -- that enables merchants to offer
store-branded gift and loyalty cards.
Forward-Looking Statements
This press release may contain forward-looking statements that are
subject to risks and uncertainties. Important factors which could
cause actual results to differ materially from those in the
forward-looking statements, include but are not limited to: the
company's short operating history which makes it difficult to
predict its future results of operations; the company's initial
history of operating losses with possible future losses which
could impede its ability to address the risks and difficulties
encountered by companies in new and rapidly evolving markets; the
company's future operating results could fluctuate which may cause
volatility or a decline in the price of the company's stock; the
possibility that the company may not be able to price its services
above the overall cost causing its financial results to suffer;
and other factors detailed in this press release and in future
company filings with the Securities and Exchange Commission, at
such time as the company is required to report its results of
operations under the Securities Exchange Act of 1934, as amended.
Investor Relations Contact:
PAN Consultants, Ltd.
Philippe Niemetz,
toll-free: 800/477-7570
212/344-6464
email: p.niemetz@panconsultants.com
|
|
|
