LendingTree 2Q/02

LendingTree posted 2Q/02 revenue of $24.5 million, which is $3.2 million, or 15%, greater than the first quarter and $8.7 million, or 55%, greater than the revenue for the second quarter of 2001. Net loss for the quarter was $1.1 million, $1.7 million less than the first quarter, and $11.2 million less than the same quarter in 2001. LendingTree says that for the first time ever, the quarterly transmit rates for its mortgage and home equity products both exceeded 80%, and the average number of lenders to whom these loan requests were transmitted exceeded three. Another significant factor in LendingTree’s revenue growth was its average closing rate, which increased to an all-time high of 14.0%, up from 11.4% in the first quarter, an improvement of nearly 23%. For 2003, LendingTree expects to grow revenue by 30% to $126.0 million and to earn net income of $9.2 million. For complete details on LendingTree’s 2Q/02 results visit CardData ([www.carddata.com][1]).

[1]: http://www.carddata.com

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NCR 2Q/02

NCR reported 2Q/02 revenue of $1.38 billion, an 8% decline from the $1.50 billion reported in the second quarter of last year. Net income for the second quarter was $32 million compared to $35 million one year ago. ATM revenues declined 2% from last year’s second quarter, despite strong double-digit growth in the Asia-Pacific region. Retail Store Automation solution revenue was down 22% and Payment & Imaging solution revenues declined 24%. NCR says it has not seen any signs of improved capital spending. For the third quarter, revenue for NCR is expected to decline 0-5% year over year. ATM or Financial Self Service and Retail Store Automation solution revenues are expected to be down 0-5% and 5-10%, respectively. Payment and Imaging solutions revenues may decline 25-30%. NCR’s 3Q/02 operating income is expected to be $50-$65 million range. For complete details on NCR’s 2Q/02 results visit CardData ([www.carddata.com][1]).

[1]: http://www.carddata.com

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CompuCredit’s Providian Manager

CompuCredit has named Richard Huddleston, current CompuCredit board member and former EVP of Prudential Bank and Trust, to serve as the General Manager of the portfolio recently acquired from Providian. CompuCredit Corporation is a credit card company that uses analytical techniques, including sophisticated computer models, to market general-purpose credit cards and related fee-based products and services.

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Kinkade Card

MBNA has signed an affinity card deal with Media Arts Group to issue the Thomas Kinkade, “Painter of Light” credit card. The credit card will offer cardholders reduced membership fees toward the Thomas Kinkade Collector’s Society, opportunities to purchase special Thomas Kinkade paintings, and other special benefits through participating Thomas Kinkade Signature Galleries nationwide. Each year, Media Arts Group will select one or more charities to receive a portion of the royalties from the credit card program. During the first year of the program, Media Arts Group has selected The Salvation Army to receive the donation.

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Diebold 2Q/02

Diebold reported record second quarter net income of $39.8 million on revenue of $483.5 million. This compares to 2Q/01 net income of $27.8 million on revenue of $423.6 million. Significant orders for the quarter included ATM orders totaling more than $15 million from three U.S. financial institutions, a $15 million order for equipment and service from China Construction Bank, a $6 million order from six financial institutions throughout the Middle East, an upgrade order of nearly $5 million from a large financial institution in South Africa, a $3+ million from two financial institutions in Thailand, an order of $1.8 million for cash dispensers from a financial institution in Australia, and, service contracts valued at more than $1 million from several financial institutions in France. Diebold says that excluding voting revenue, third quarter revenue will increase in the high single digit range. For complete details on Diebold’s 2Q/02 results visit CardData ([www.carddata.com][1]).

[1]: http://www.carddata.com

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Western Union Signs Phillips 66

Western Union Financial Services has signed a multi-year agreement with Phillips 66 Company to provide money transfer services in up to 2,600 Circle K and Phillips 66 locations. The addition of Circle K, one of the largest convenience store chains in North America, and Phillips 66, a premier chain of service stations, will expand the availability of Western Union’s services throughout the United States.

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MONERIS RECORD

Toronto-based Moneris Solutions reported this week it has processed more than two billion payment transactions since the company was formed. Moneris was established in December 2000 by combining the merchant card processing operations of RBC Financial Group and BMO Financial Group. Moneris became the first processor in Canada to offer merchant processing of MasterCard, VISA and debit transactions. Moneris serves more than 300,000 North American customers and has a staff of over 1,000 employees.

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Certegy 2Q/02

Certegy reported second quarter net income of $22.9 million on revenue of $255.4 million. Card Services generated revenue of $172.5 million in the second quarter, an increase of $15.3 million, or 9.7%, over 2Q/01. Revenue growth was driven by a 21.4% increase in international card issuing, a 16.1% increase in merchant processing and a 5.6% increase in domestic card issuing revenues. Card Services’ operating income grew to $31.1 million, 5.8% over second quarter 2001 pro forma results. Certegy also noted that it added 807,000 cards globally during the quarter, increasing its global card base to 44.0 million and its international card base to 22.0 million. The Check Services segment generated revenue of $82.9 million in the second quarter, an increase of $12.4 million, or 17.6%, over the second quarter of 2001. For complete details on Certegy’s 2Q/02 results visit CardData ([www.carddata.com][1]).

[1]: http://www.carddata.com

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DIEBOLD DEAL

Mumbai-based Tata Infotech Limited has signed an agreement with Diebold to manufacture ATMs in India for distribution in south/southeast Asia. As the products are localized, various components and raw materials are expected to be sourced from suppliers throughout India. The agreement allows Diebold to speed-up its deliveries to Indian financial institutions. The ATMs are part of the standard Diebold product
offering and will be built according to Diebold’s global design and quality specifications at Tata Infotech’s manufacturing facility in Goa.

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STM 2Q/02

Geneva-based STMicroelectronics reported second quarter net revenues of $1.5 billion, a 13% increase from the 2002 first quarter, and just modestly below the $1,587.2 million of last year’s second quarter. Gross profit was $575.8 million, a 27.4% sequential increase from the prior quarter’s $452.0 million. Four out of the five market segments achieved double-digit sequential revenue growth in the second quarter. The “Industrial & Other” segment , which includes smart cards, increased 22.2%. During the second quarter STM sampled to leading wireless manufacturers a 64Mbit Flash memory with a dedicated Multi-banking architecture processed in 0.15-micron technology. Continuing the trend towards vertical package integration, ST completed the development of its first 4-stack multi-memory product holding 2 Flash, 1 SRAM and 1 Pseudo RAM memory.

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Secure 3DES Spec

The consortium of ACI Worldwide, Diebold, Thales e-Security, and VeriFone yesterday announced the publication of a draft security specification proposing the first global interoperable method for triple DES session key management. The increasing sophistication and power of mainstream computing equipment shortens the useful life of the current single DES key management systems and requires the industry to proactively address the need for security upgrades.

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