International Card Establishment, Inc. Financial Ratios — ICRD

Profitability (USD)

	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y
As of date	12/31/2001	12/31/2002	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011

Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	-203.15	-15.88	-21.96	-36.7	-41.24	-82.31	2.67	-12.26	-2.18	-29.67
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	-0.75	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	7.45	- -	- -	- -
Gross Margin (%)	100	100	65.64	16.41	32.95	33.52	34.78	37.86	39.17	51.1	52.52
EBITDA Margin (%)	-282.85	-606.06	-45.28	-21.03	-37.87	-15.59	-32.34	1.76	-2.8	-16.65	-12.89
Operating Margin (%)	-375.95	-987.23	-45.38	-23.46	-55.31	-25.08	-40.82	1.76	-3.09	-18.08	-14.29
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	-240.19	- -	- -	- -
Pretax Margin (%)	- -	- -	-45.86	-23.51	-76.63	- -	- -	0.85	-4.44	-1.22	-15.13
Profit Margin (%)	-392.02	-1,055.5	-36.3	-13.92	-76.63	-33.02	-42.89	0.85	-4.44	-1.22	-15.13
Net Income to Common Margin (%)	-392.02	-1,055.5	-36.3	-14.25	-95.75	-34.88	-42.89	0.85	-4.44	-1.22	-15.13
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	- -	- -	- -	0.99	17.02	6.17	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

API ChatGPT

	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y
As of date	12/31/2001	12/31/2002	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011

Total Debt	- -	- -	- -	2	2	2	1	1	1	- -	- -
ST Debt	- -	- -	- -	- -	2	1	1	1	1	- -	- -
LT Debt	- -	- -	- -	2	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBITDA	-0.87	-0.44	-0.15	-0.69	-0.97	-0.94	-0.35	4.93	-3.84	-0.57	-1.23
Net Debt/EBITDA	-0.87	-0.43	-0.12	-0.01	-0.62	-0.81	-0.31	4.24	-3.6	-0.51	-1.18
Total Debt/EBIT	-0.66	-0.27	-0.15	-0.62	-0.66	-0.59	-0.28	4.93	-3.48	-0.53	-1.11
Net Debt/EBIT	-0.66	-0.26	-0.12	-0.01	-0.42	-0.5	-0.25	4.24	-3.26	-0.47	-1.06
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	1.93	-3.91	-23.27	-14.73
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	1.93	-3.91	-24.28	-17.63
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	1.93	-4.32	-25.27	-16.34
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-825.57	-12.4	-4.02	-42.13	-108.19	-210.05	-729.21	-828.27	-958.54	-1,305.03	-1,446.88
Long-Term Debt/Equity (%)	- -	- -	- -	18.09	- -	10.15	- -	- -	- -	- -	- -
Long-Term Debt/Capital (%)	- -	- -	- -	-51.39	- -	-3.53	- -	- -	- -	- -	- -
Long-Term Debt/Total Assets (%)	- -	- -	- -	13.44	- -	6.63	- -	- -	- -	- -	- -
Total Debt/Equity (%)	-108.18	2,285.22	1.83	21.49	29.8	34.42	116.35	67.17	87.12	42.68	161.25
Total Debt/Capital (%)	-38.56	130.83	-57.72	-61.06	-23.11	-11.97	-5.93	-3.65	-3.43	-1.56	-2.3
Total Debt/Total Assets (%)	229.73	52.63	1.47	15.97	20.31	22.46	40.82	29.2	31.79	20.1	32.51
Net Debt to Equity	-108.16	2,256.42	1.54	0.2	19.04	29.6	102.36	57.85	81.55	38.03	154.26
Net Debt/Capital (%)	-38.54	131.35	-44.56	-0.35	-13.63	-10.18	-5.18	-3.13	-3.2	-1.39	-2.2
EBITDA	- -	- -	-1	-3	-2	-2	-3	- -	- -	-1	- -
EBITDA-CapEx	- -	- -	-1	-3	-11	-2	-3	- -	- -	-1	- -
Operating Income (Loss)	- -	- -	-1	-3	-3	-3	-4	- -	- -	-1	- -

Liquidity (USD)

API ChatGPT

	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y
As of date	12/31/2001	12/31/2002	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011

Cash Ratio	- -	0.01	0.01	1.29	0.23	0.08	0.08	0.07	0.03	0.04	0.02
Current Ratio	0.01	1.02	0.41	1.99	1.37	0.35	0.32	0.37	0.26	0.29	0.18
Quick Ratio	0.01	0.95	0.39	1.88	0.42	0.31	0.26	0.29	0.19	0.17	0.1
CFO/Avg Current Liab	- -	-0.46	-0.01	-2.48	-1.69	-0.01	0.77	0.54	0.4	0.03	0.39
Common Equity/Total Assets	-825.57	-12.4	-4.02	-42.13	-108.19	-210.05	-729.21	-828.27	-958.54	-1,305.03	-1,446.88
Long-Term Debt/Equity (%)	- -	- -	- -	18.09	- -	10.15	- -	- -	- -	- -	- -
Long-Term Debt/Capital (%)	- -	- -	- -	-51.39	- -	-3.53	- -	- -	- -	- -	- -
Long-Term Debt/Total Assets (%)	- -	- -	- -	13.44	- -	6.63	- -	- -	- -	- -	- -
Total Debt/Equity (%)	-108.18	2,285.22	1.83	21.49	29.8	34.42	116.35	67.17	87.12	42.68	161.25
Total Debt/Capital (%)	-38.56	130.83	-57.72	-61.06	-23.11	-11.97	-5.93	-3.65	-3.43	-1.56	-2.3
Total Debt/Total Assets (%)	229.73	52.63	1.47	15.97	20.31	22.46	40.82	29.2	31.79	20.1	32.51
CFO/Total Liabilities	-52.39	-101.96	-0.69	-96.42	-126.9	-0.56	83.74	62.54	40.73	4.35	33.92
CFO/CapEx	- -	-498.96	-1.35	-39.92	-0.46	-0.39	- -	- -	- -	1.49	5.23
Altman's Z-Score	-25.91	-6.48	-3.31	1.27	-1.83	-10.39	-45.12	-31.99	-46.09	-69.03	-70.62

Working Capital (USD)

API ChatGPT

	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y
As of date	12/31/2001	12/31/2002	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011

Accounts Receivable Turnover	- -	0.42	9.02	44.47	11.31	36.95	160.72	306.24	418.89	98.69	78.32
Days Sales Outstanding	- -	862.65	40.49	8.21	32.26	9.88	2.27	1.19	0.87	3.7	4.66
Inventory Turnover	- -	- -	63.88	140.14	35.39	116.96	66.34	50.77	53.02	29.23	30.07
Days Inventory Outstanding	- -	- -	5.71	2.6	10.31	3.12	5.5	7.19	6.88	12.49	12.14
Accounts Payable Turnover	- -	- -	2.61	34.31	6.54	15.8	33.32	72.53	113.81	34.95	23.94
Accounts Payable Turnover Days	- -	- -	139.64	10.64	55.82	23.1	10.95	5.03	3.21	10.44	15.25
Cash Conversion Cycle	- -	- -	-93.44	0.17	-13.25	-10.1	-3.18	3.35	4.55	5.74	1.55
Inventory to Cash Days	- -	- -	34.77	5.6	21.95	6.76	-3.23	-6	-6.01	-8.79	-7.48
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

API ChatGPT

	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y
As of date	12/31/2001	12/31/2002	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011

Market Capitalization	- -	- -	- -	12	6	7	4	1	1	- -	- -
- Cash & Cash Equivalents	- -	- -	- -	2	1	- -	- -	- -	- -	- -	- -
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	- -	- -	2	2	2	1	1	1	- -	- -
Enterprise Value	- -	- -	- -	12	7	9	5	2	1	1	1
Total Capital	-1	- -	- -	-3	-9	-13	-18	-18	-18	-19	-19
Total Debt/Capital (%)	-38.56	130.83	-57.72	-61.06	-23.11	-11.97	-5.93	-3.65	-3.43	-1.56	-2.3
Total Debt / EV	1	1.01	1.19	0.18	0.29	0.19	0.21	0.4	0.48	0.4	0.56
EV/Sales	2.47	2.61	0.06	0.79	1.27	0.79	0.53	0.21	0.22	0.24	0.28
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	12.22	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	12.22	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	1.88	2.36	13.14	2.01
EV/Free Cash Flow to Firm	- -	- -	- -	- -	1.49	- -	- -	1.88	2.36	9.35	1.7
Diluted Market Cap	- -	- -	- -	12	6	7	4	1	1	- -	- -
Diluted Enterprise Value	- -	- -	- -	12	7	9	5	2	1	1	1
EV per Share	0.16	0.01	0.01	0.51	0.25	0.28	0.14	0.05	0.04	0.02	0.02
TTM Sales	- -	- -	1	15	6	11	9	8	6	3	3
TTM EBITDA	- -	- -	-1	-3	-2	-2	-3	- -	- -	-1	- -
TTM Operating Income	- -	- -	-1	-3	-3	-3	-4	- -	- -	-1	- -
TTM Cash Flow to Firm	- -	- -	- -	-3	-4	- -	- -	1	1	- -	- -
TTM Free Cash Flow to Firm	- -	- -	- -	-3	5	- -	- -	1	1	- -	- -

Multiples (USD)

API ChatGPT

	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y
As of date	12/31/2001	12/31/2002	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011

Price/Free Cash Flow	- -	- -	- -	-3.61	1.22	330.86	2.86	1.35	1.4	8.37	0.83
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	12.22	- -	- -	- -
Enterprise Value	- -	- -	- -	12	7	9	5	2	1	1	1
Low Price	- -	- -	- -	0.45	0.14	0.1	0.05	0.02	0.02	- -	- -
EV/Sales	2.47	2.61	0.06	0.79	1.27	0.79	0.53	0.21	0.22	0.24	0.28
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	12.22	- -	- -	- -
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	16.56	- -	- -	- -
Price/Earnings Average	- -	- -	- -	-7.5	-1.77	-1.66	-1.45	35.05	-5.05	-11.62	-0.65
Price/Earnings High	- -	- -	- -	-14.87	-2.98	-2.8	-2.28	82.78	-19.37	-28.77	-1.56
Price/Earnings Low	- -	- -	- -	-4.88	-0.76	-0.78	-0.45	11.04	-2.07	-2.88	-0.22
Price/Book Value	- -	- -	- -	-2.07	-0.53	-0.48	-0.21	-0.06	-0.04	-0.02	-0.02
Price/Book Value Average	- -	- -	- -	-2.8	-0.87	-0.42	-0.31	-0.12	-0.07	-0.02	-0.01
Price/Book Value High	- -	- -	- -	-5.55	-1.46	-0.71	-0.48	-0.29	-0.27	-0.06	-0.03
Price/Book Value Low	- -	- -	- -	-1.82	-0.37	-0.2	-0.09	-0.04	-0.03	-0.01	- -
Price/Tangible Book Value	- -	- -	- -	-5,770.22	1.84	-9.3	-3.97	-1.55	-0.93	-1.18	-0.52
Price/Tangible Book Value Average	- -	- -	- -	-7,814.69	3.01	-8.15	-5.68	-3.28	-1.69	-1.1	-0.39
Price/Tangible Book Value High	- -	- -	- -	-15,500.4	5.07	-13.74	-8.97	-7.75	-6.5	-2.73	-0.93
Price/Tangible Book Value Low	- -	- -	- -	-5,091.37	1.3	-3.84	-1.76	-1.03	-0.7	-0.27	-0.13
Price/Sales	- -	- -	- -	0.79	1.04	0.66	0.43	0.14	0.12	0.15	0.13
Price/Sales Average	- -	- -	- -	1.07	1.69	0.58	0.62	0.3	0.22	0.14	0.1
Price/Sales High	- -	- -	- -	2.12	2.85	0.98	0.98	0.7	0.86	0.35	0.24
Price/Sales Low	- -	- -	- -	0.7	0.73	0.27	0.19	0.09	0.09	0.04	0.03
Price/Cash Flow	- -	- -	- -	-3.52	-1.42	-514.61	2.86	1.34	1.4	13.97	0.99
Price/Cash Flow Average	- -	- -	- -	-4.76	-2.32	-451.12	4.1	2.83	2.56	13.02	0.74
Price/Cash Flow High	- -	- -	- -	-9.45	-3.91	-760.72	6.47	6.68	9.83	32.24	1.78
Price/Cash Flow Low	- -	- -	- -	-3.1	-1	-212.55	1.27	0.89	1.05	3.22	0.25
Price/Free Cash Flow Average	- -	- -	- -	-4.88	1.99	290.04	4.1	2.85	2.56	7.8	0.62
Price/Free Cash Flow High	- -	- -	- -	-9.69	3.35	489.1	6.47	6.73	9.83	19.3	1.5
Price/Free Cash Flow Low	- -	- -	- -	-3.18	0.86	136.66	1.27	0.9	1.05	1.93	0.21
EV/Sales Average	2.47	2.61	0.06	1.07	1.93	0.71	0.72	0.37	0.33	0.23	0.25
EV/Sales High	2.47	2.61	0.06	2.12	3.09	1.11	1.08	0.78	0.96	0.44	0.39
EV/Sales Low	2.47	2.61	0.06	0.7	0.97	0.41	0.29	0.17	0.19	0.12	0.19
EV/EBITDA Average	-0.87	-0.43	-0.12	-5.09	-5.09	-4.56	-2.23	21.12	-11.61	-1.36	-1.94
EV/EBITDA High	-0.87	-0.43	-0.12	-10.08	-8.15	-7.11	-3.34	44.09	-34.34	-2.62	-3.01
EV/EBITDA Low	-0.87	-0.43	-0.12	-3.32	-2.55	-2.6	-0.9	9.56	-6.9	-0.72	-1.44
EV/EBIT Average	-0.66	-0.26	-0.12	-4.56	-3.49	-2.84	-1.77	21.12	-10.52	-1.25	-1.75
EV/EBIT High	-0.66	-0.26	-0.12	-9.04	-5.58	-4.42	-2.65	44.09	-31.11	-2.41	-2.72
EV/EBIT Low	-0.66	-0.26	-0.12	-2.97	-1.75	-1.62	-0.72	9.56	-6.25	-0.66	-1.3
Last Price	- -	- -	- -	0.51	0.2	0.23	0.12	0.03	0.02	0.01	0.01
High Price	- -	- -	- -	1.37	0.55	0.34	0.26	0.15	0.14	0.03	0.02
Enterprise Value Average	- -	- -	- -	16	11	8	7	3	2	1	1
Enterprise Value High	- -	- -	- -	31	17	12	10	6	6	1	1
Enterprise Value Low	- -	- -	- -	10	5	4	3	1	1	- -	1

Shares Outstanding	35	35	35	35	35	35	35	36	36	36	36
Diluted Weighted Avg Shares	2	5	10	23	29	31	35	36	36	36	36
Basic Weighted Avg Shares	2	5	10	23	29	31	35	35	36	36	36
Revenue per Share	0.06	- -	0.12	0.65	0.19	0.35	0.27	0.21	0.16	0.09	0.08
EBITDA per Share	-0.18	-0.03	-0.06	-0.14	-0.07	-0.05	-0.09	- -	- -	-0.01	-0.01
Operating Income per Share	-0.24	-0.05	-0.06	-0.15	-0.11	-0.09	-0.11	- -	-0.01	-0.02	-0.01
Basic EPS, GAAP	-0.25	-0.05	-0.04	-0.09	-0.18	-0.12	-0.11	- -	-0.01	- -	-0.01
Basic EPS from Cont Ops	-0.25	-0.05	-0.04	-0.09	-0.11	-0.1	-0.11	- -	-0.01	- -	-0.01
Diluted EPS, GAAP	-0.25	-0.05	-0.04	-0.09	-0.18	-0.12	-0.11	- -	-0.01	- -	-0.01
Diluted EPS from Cont Ops	-0.25	-0.05	-0.04	-0.09	-0.11	-0.1	-0.11	- -	-0.01	- -	-0.01
Dividend per Share	- -	- -	- -	- -	0.01	- -	- -	- -	- -	- -	- -
Cash Flow per Share	-0.11	-0.02	- -	-0.15	-0.14	- -	0.04	0.02	0.01	- -	0.01
Free Cash Flow per Basic Share	-0.11	-0.02	- -	-0.15	-0.45	- -	0.04	0.02	0.01	- -	0.01
Cash & Equivalents per Share	- -	- -	- -	0.09	0.03	0.01	- -	- -	- -	- -	- -
Book Value per Share	-0.58	- -	-0.02	-0.25	-0.38	-0.48	-0.54	-0.53	-0.53	-0.53	-0.54
Tangible Book Value per Share	-0.15	- -	-0.04	- -	0.11	-0.02	-0.03	-0.02	-0.02	-0.01	-0.02

International Card Establishment, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)