International Card Establishment, Inc. announced its fourth quarter and year end financial results for the period ended December 31, 2006.
For the three month period ended December 31, 2006, I.C.E. net revenues rose to $ 3,082,744, a 2% decrease over $ 3,138,166 of net revenues recorded in the comparable year ago period. The company reported quarterly net income of $ 28,956 as compared to quarterly net loss of $(1,751,570) in 2005. Net income would have been significantly higher absent a large charge related to a defaulted merchant account that generated approximately $198,000 in losses. Earnings Before Interest, Taxes, Amortization and Depreciation (EBITDA) also rose sharply to $526,125 or 25% for the quarter, as compared to $422,076 for the same period in 2005.
For the year ended December 31, 2006, I.C.E.’s net revenues rose 91% to $10,765,826 from $5,644,079 the previous year. Gross profit increased 94% to $3,608,423 as compared to $1,859,838 in 2005. The net loss attributable to common shareholders was $(3,755,075), down 31% from the previous year’s loss of $(5,403,972) EBITDA increased 11% to $(1,855,801) from $(2,124,933) for the year ago period.
Note: the information above has been adjusted for the sale of our subsidiary Global Tech Leasing. EBITDA is calculated as income before discontinued operations plus interest and depreciation expense. All information contained above was generated off of our quarterly and annual filings as posted on EDGAR.
“We are extremely pleased with our overall results for the year and fourth quarter. Our plan, initiated in the second quarter, to reduce overhead and increase overall margins has been quite successful and we recorded our first profitable quarter in history with net income of $29,278 in the third quarter followed by net income of $28,957 in the fourth quarter. For the year we were able to increase net revenues by 91% to $10,765,826 and gross profit by 94% to $3,608,423. Management remains focused on continuing to increase our overall gross revenues by expanding our agent base and through strategic alliances to reach more of our target merchants,” stated I.C.E. CEO, William Lopshire. About I.C.E.
http://www.cardnetone.com
I.C.E. is a rapidly growing 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.
