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International Card Establishment Reports Second Quarter, Six-Month Results
CAMARILLO, Calif., Aug. 22 /PRNewswire-FirstCall/ -- International Card Establishment, Inc. (I.C.E.) (OTC Bulletin Board: ICRD) today announced its second quarter and six month results for the period ended June 30, 2005. For the quarter ended June 30, 2005, the company generated net revenue of $ 3,946,501, as compared to net revenues of $ 3,532,382 for the quarter ended June 30, 2004. For the quarter ended June 30, 2005 and June 30, 2004, the company reported net losses of $ (145,101) $ (0.00 per share) and $ (615,028) $ (0.02 per share), respectively.
For the six months ended June 30, 2005, the company reported net revenues of $ 8,455,497 versus $ 6,920,915 for the comparable period a year ago. For the first six months of 2005, the company reported a loss of $ (771,771) $ (0.03 per share) versus a loss of $ (959,751) $ (0.05 per share) for the six month period ended June 30, 2004.
'We have successfully increased our net revenue over the previous year and more importantly, reduced our losses, while transitioning to our new credit card processing platform,' said William Lopshire, CEO, I.C.E. 'More significantly, I.C.E. was able to attain these gains without becoming a full fledged processor until May 2005. Commencement of operations under our new processing platform has enabled us to rollout our new ISO Rep program that is quickly gaining traction and accelerating processing revenues. The net result of these developments is consistent revenue growth and a steady march to profitability, which should enable us to reach our objectives of $25 million in revenue for 2005 and reaching profitable operations by year end.'
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