CAMARILLO, CA--(MARKET WIRE)--Aug 18, 2008 -- International Card Establishment, Inc.
(I.C.E.) (OTC BB:
ICRD.OB -
News) today announced its second quarter
2008 results.
For the quarter ended June 30, 2008, the company generated
net revenues of
$1,946,234 as compared to net revenues of $2,253,386 for
the quarter ended
June 30, 2007. For the quarter ended June 30, 2008 and June
30, 2007, the
company reported net income of $55,262 ($0.00 per share)
and a net loss of
$(295,221) ($0.01 loss per share), respectively. For the six month period ended June 30, 2008, the company
reported revenues
of $3,886,913 and net income of $49,717 ($0.00 per share),
as compared to
revenues of $4,767,382 and a net loss of $(499,674) ($0.01
loss per share)
for the comparable year ago period.
"Our strategic decision to institute tighter controls on
merchant account
acquisitions resulted in a return to profitability in the
face of a
difficult economic environment," said William Lopshire,
CEO, I.C.E. "While
this policy did result in revenue contraction, we remain
focused on
profitability and have pared general and administrative
costs an additional
$444,000 in the second quarter."
Mr. Lopshire added, "Now, that we have cut expenses as deeply
as possible,
we have formed the LIFT Networks division, based in Tampa,
Florida, in a
drive to accelerate revenue growth in our smart card and
credit card
processing businesses. LIFT Networks will expand on our
current product
lines by offering additional services to our stored value
Gift and Loyalty
products; such as, Shop & Dine Rewards, a unique multi-merchant
community
stored value cash/gift, loyalty and rewards card; stored
value MasterCard
with payroll rewards; and the introduction of a consumer
credit card
program -- LIFT Revolution. We believe that, given our current
cost
structure, any incremental revenue gains will have a strong
positive effect
on net income."
The LIFT Networks division focuses on the value-added services
and products
that I.C.E. can provide to merchants to allow them to promote
their
businesses and to access critical customer data and spending
habits.
Mr. Lopshire stated, "Our LIFT Networks division has a suite
of products
and services that enable merchants to create unique marketing
campaigns to
attract new customers, reward loyal customers and most importantly,
to
monitor the actual results through our proprietary customer
relationship
and management ('CRM') software and databases."
Mr. Lopshire went on to say, "In the current economic environment
we
believe that are value-added services and products help
distinguish us from
our competitors, especially those focused on solely providing
credit card
processing services, which is increasingly becoming a commoditized
business."
About I.C.E.
www.cardnetone.com
I.C.E. is a 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 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.
