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International Card Establishment Reports Second Quarter,
Six-Month Results
Oxnard, California—August 17, 2004—International Card Establishment, Inc.
(I.C.E.) (OTCBB: ICRD) today announced its second quarter and six month results for
the period ended June 30, 2004.
For the quarter ended June 30, 2004, the company generated net
revenues of $ 3,532,387, as compared to net revenues of $ 249,524
for the quarter ended June 30, 2003. For the quarter ended June
30, 2004 and June 30, 2003, the company reported net losses of $
(615,028) $ (0.03 per share) and $ (129,656) $ (0.02 per share),
respectively.
For the six months ended June 30, 2004, the
company reported net revenues of $ 6,920,915 versus $ 530,657
for the comparable period a year ago. The company reported a loss
of $(959,751) $(0.05 per share) for the six month period, as
compared to a loss of $(217,066) $(0.03 per share) for the
comparable period last year.
"Our second quarter results continue to be
in line with plan, and we expect the imminent acquisition of Neos
Merchant Solutions to enable us to reach our minimum revenue
objective of $22 million for the year," said Jonathan Severn,
Chairman and President, I.C.E. "As we move towards becoming a
direct credit card processor, we expect to not only complete more
acquisitions in our bankcard unit, but also to expand margins in
that business unit, as well. Overall, we are comfortable with our
projections to reach $50 million in pro forma revenues and to
attain profitability in 2005."
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