iPayment Sees 2003 Revenue of at Least $200 Million - TheStreet

iPayment Sees 2003 Revenue of at Least $200 Million

The company also projects an operating margin of 11.5% to 12.5%.
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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.