iPayment ( IPMT), the newly public provider of credit and debit card payment processing services, said it expects revenue of $200 million to $210 million for fiscal 2003. The company said its projection excludes "any significant acquisitions" that may occur. Additionally, iPayment predicted an operating margin of 11.5% to 12.5% for the year. iPayment said its long-term goal for annual revenue growth is 20%, with 10% to 15% increases excluding acquisitions. The company's target annual range for its operating margin is 10% to 15%. For the second half of 2003, excluding any acquisitions, the company expects net interest expenses of about $100,000 a quarter, an effective tax rate of 30% or less, and about 17.5 million to 18 million diluted weighted average shares outstanding, including 663,000 share equivalents from outstanding convertible promissory notes. The company
priced its initial public offering of 5 million shares in May at $16. On Thursday, the stock ended Nasdaq trading at $23.65.