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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."
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