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International Card Establishment Reports Third Quarter, Nine-Month Results
CAMARILLO, Calif., Nov. 22 /PRNewswire-FirstCall/ -- International Card Establishment, Inc. (I.C.E.) (OTC Bulletin Board: ICRD) today announced its third quarter and nine month results for the period ended September 30, 2005. For the quarter ended September 30, 2005, the company generated net revenue of $7,739,666 as compared to net revenues of $3,760,392 for the quarter ended September 30, 2004. For the quarter ended September 30, 2005 and September 30, 2004, the company reported net losses of $(1,884,202) $(0.06 per share) and $(362,682) $(0.02 per share), respectively.
For the nine months ended September 30, 2005, the company reported net revenues of $12,248,662 versus $10,681,308 for the comparable period a year ago. For the first nine months of 2005, the company reported a loss of $ $(3,550,822) $(0.12 per share) versus a loss of $(1,322,433) $(0.06 per share) for the nine month period ended September 30, 2004.
I.C.E. is actively seeking additional financing to implement measures that Management believes will increase operating margins and enable the company to continue its rapid revenue growth. There is no assurance that the company will be able to obtain additional capital as required, or obtain the capital on acceptable terms and conditions. Management believes that without additional capital, operations would need to be curtailed significantly with a corresponding reduction in revenue growth.
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