Gemplus International S.A. reported results for the third quarter ended
September 30, 2001.

Revenue for the third quarter was 226 million Euros, which is down 27% from
same quarter a year ago, and down 10% compared to the second quarter 2001.
Telecommunications declined 37% from year ago levels and accounted for 64% of
group revenues. Network Systems grew 22% and accounted for 24% of group
revenues. Excluding the SkiData business, which was divested during the
quarter, Network Systems grew 44% over the third quarter of last year. Other
revenue, which consists of Plastic Magnetic Striped Cards, Contactless Cards
and TAG declined.

Operating loss was 55.3 million Euros, compared with an operating profit of 32
million Euros for the same quarter a year ago. Excluding the 18.1 million Euro
charge for the Humetrix lawsuit, the operating loss was 37.2 million Euros.
Net income for the third quarter was 6.6 million Euros, or 0.01 Euro per fully
diluted share. Net income includes a combined after tax capital gain of 58.4
million Euros from the divestitures of SkiData and the TAGs business as
well as
an 18.1 million Euro charge for the Humetrix lawsuit. Net loss for the
excluding these exceptional items, was 29.7 million Euros, or a 0.05 Euro loss
per diluted share.

According to the company, the third quarter results reflect three key themes:
the unfavorable impact of the continuing weak SIM market, a substantial
reduction in the level of operating expenses, and encouraging mid-to-long term
prospects strengthened by recent developments in both its Telecommunications
and Financial Services businesses.

“Early signs that the SIM card market may be stabilizing encourage us,” said
Antonio Perez, President and CEO. “This is an extremely important segment for
Gemplus. We are also pleased with the continued progress of our Financial
Services business, although we are watching the US economy very closely.
Furthermore, the recent heightened interest in Security and National ID cards
could be a major growth engine for us over the intermediate and longer term.”
He noted, however, “Business conditions in our specific markets and the added
uncertainty in the world economic environment make it too difficult to provide
meaningful guidance for the fourth quarter or for 2002.”

Stabilizing GSM SIM card business, continued progress of Financial
Services, strong performance of the Americas.

The company noted that it is seeing early indications of stabilization in the
GSM SIM market. The company also expects operator inventory levels to be in
balance with end user demand at the end of the year. While this is unlikely to
cause a dramatic increase in GSM SIM card orders this fourth quarter, this can
be viewed as a positive development for 2002.

Regional growth rates were down across all geographies with the exception of
the Americas region, where the 32% increase in revenue was fueled by progress
in the Financial Services multi-application (MAP) card business.

Despite the delay of some shipments into the fourth quarter, as we anticipated
in our September 27 announcement, the Financial Services multi-application
(MAP) business still grew 44%. Although the weakening US economy could further
impact growth rates, Gemplus continues to believe that it is gaining market
share in the very important U.S. market.

Substantial improvement in operating expenses and asset

The actions taken this year to improve financial competitiveness and enhance
strategic corporate focus enabled the company to reduce operating expenses by
15% from the second quarter. This is the lowest level of expenses since Q3 of
last year. Perez stressed, “In addition to the divestiture of the SkiData and
TAG businesses, earlier this year, the continuing implementation of the
restructuring program is well on its way to achieving our 40 million Euros in
annual cost savings objective.”

Furthermore, inventory levels declined 21% during the quarter, as shipments
exceeded receipt of material and as a result of the SkiData divestiture.
Accounts Receivable Days Sales Outstanding (DSO) also declined. The company
finished the third quarter with a 503 million Euro cash balance. Perez noted,
“A full-fledged competitive advantage in itself, our strong cash position
provides enormous flexibility during challenging market environments such as

Encouraging mid-to-long term prospects strengthened by recent
developments in both the Telecommunications and Financial

Perez cited plans by two major US mobile operators to offer GSM and GPRS
service in the U.S. “These developments combined with recent indications that
GPRS service will be available in several regions of the world by mid-2002
signal a potential return to much healthier SIM card sales growth rates next
year. Furthermore, our MAP business continues to grow, particularly in the

In closing, Perez stated, “With this as a backdrop, we have been able to
our level of operating expenses, improve our asset performance and enhance our
strategic focus. These combined actions should help us speed our return to
profitability as the market improves.”

GEMPLUS: the world’s number one provider of solutions empowered by Smart Cards
(Gartner Dataquest 2001).
Gemplus helps its clients offer an exceptional range of portable, personalized
solutions that bring security and convenience to people’s lives. These include
mobile Internet access, inter-operable banking facilities, e-commerce and a
wealth of other applications.

Gemplus is the only completely dedicated, truly global player in the Smart
industry, with the largest R&D team, unrivalled experience, and an outstanding
track record of technological innovation.

Gemplus trades its shares on Euronext Paris S.A. First Market and on the
Stock Market(R) as GEMP in the form of ADSs. Its revenue in 2000 was 1.205
billion Euros. It employs 7800 people in 37 countries throughout the world.

Gemplus: Your Passport to the Digital Age


TRM 3Q/01

OR-based TRM Corporation reported third quarter revenue of $19.8 million up 3% from the third quarter of 2000. The net income loss for 3Q/01 was $1,090,000 compared to $1,067,00 for 3Q/00. The TRM e-commerce unit generated a pre-tax loss of $0.8 million for the quarter. As of Sept. 30th, the company has installed 1,939 ATMs in the U.S. and the U.K. and 31,566 CopyCenters in North America and Europe. TRM has completed an agreement to restructure its French operations by selling all of the assets of its French subsidiary to a new company formed by the local management. For complete details on TRM’s 3Q/01 results visit CardData ([][1]).



Clear Blue Discover

Riding the wave of translucent credit cards, Discover launched this month a clear, blue ‘Platinum’ card. The card, promoted as “Very Now” and “Very Cool”, is clearly playing off of the American Express smart ‘Blue Card’ and the Providian’s clear ‘smart VISA’ cards. Discover has yet to launch a smart card, but this year has adopted the motto: “For the Slightly Smarter Consumer”, according to CardWatch ([][1]). Like other current offers, the Discover clear blue ‘Platinum’ card is offering a 0% APR for new purchases and balance transfers. The 0% rate is applicable until next June. Capital One is currently offering a 0% APR through July, while Citibank has also extended its 0% interest rate on balance transfers through next July. According to CardWatch, the most aggressive offer in the marketplace from a major issuer comes from Chase, which is offering a 12-month 0% APR on balance transfers.



InteliData 4.0

InteliData Technologies Corporation announced the launch of its 4th generation online credit card management solution.

InteliData Card Solutions Version 4.0 builds powerful new features onto its already robust solution.

With InteliData’s Card Solutions 4.0, card issuers can take full advantage of new features, which substantially enhance their cardholder’s experience while reducing customer service costs and increasing revenue. Cardholders manage their accounts online avoiding time-consuming phone calls to customer service representatives.

The cardholder is empowered to perform a wide variety of account activities 24×7, across multiple channels. By substantially improving the service and delivering value, Card Solutions continues to create card issuer benefits; increased brand loyalty and an overall reduction in transaction costs. Cardholders have easy access to current and past statement activity (including balances), can easily sort transactions, pay bills online, establish cardholder defined account e-alerts, transfer a balance, request a credit line increase or cash advance, among others.

“The new InteliData Card Solutions 4.0 accentuates products and services that are already the most flexible and customizable in the marketplace,” said Charles A. White, Vice-Chairman of InteliData. “We continually expand our offerings to allow card issuers to give their customers easy to use customer services while saving the card issuers operational costs.”

About InteliData

With a client list that includes 21 of the top 50 banks, InteliData offers Spectrum certified EBPP products to banks, credit unions and financial institution processors. InteliData’s products offer a complete end-to-end solution for distributing e-bills and e-payments through multiple delivery channels, delivering e-bills to consumers, and enabling payment of bills through multiple payment processors. InteliData’s Internet banking and card products provide large financial institutions with unsurpassed scalability, flexibility and security in supplying real-time, Internet based banking and card services to their customers. Headquartered in Reston, Virginia, USA, InteliData is publicly traded (NASDAQ:INTD) and its business partners include Spectrum EBP, ALLTEL, FDR and other industry leaders. For more information, visit the company’s web site at [][1].



Active P-Card Control

Starting in mid-December, the PNC Bank ‘VISA Purchasing Card’ will give companies the ability to require online approval of card purchases before they are made. PNC has become the first company to offer the Works ‘Procisa Active Card Control’ enhancement to its P-card program. The new feature also will help PNC Bank clients automate and streamline back-office processes related to reconciling purchasing card transactions. These processes will include invoice reconciliation, itemization of card purchases into appropriate general ledger codes and the ability to export card spending data into back-office financial applications. The solution was developed by Austin, TX-based Works Operating Company.



IndusInd Bank and cellular service provider, Fascel Ltd, have renewed an
agreement to provide mobile banking. Customers using Fascel’s ‘CelForce’ phone
service in the western Gujarat state will continue to be able to access
bank services using SMS. More than 250,000 customers can make contact from
than 124 towns in the Gujarat area.


September Card Debt

Americans tacked a mere $1.4 billion onto revolving credit during September compared to $4.2 billion last September. Since the first of this year, total revolving credit, mostly credit card debt, has grown by $31.2 billion compared to $44.3 billion for the same period last year. However, more than 90% of the growth this year occurred between January and May. Since June revolving credit has grown only $1.2 billion, according to preliminary figures released Wednesday afternoon by the Federal Reserve. This confirms that consumers hit the brakes with credit card debt in June. The rapid rise in home equity loans may also be a factor as consumers migrate higher priced credit card debt to second mortgages which are hovering at interest rates around 7%. The effect of the September 11th events undoubtedly played a role in the soft September figures as credit card volume collapsed by 20% in the week following the terrorist attacks. According to the Federal Reserve, revolving debt stood at $701.5 billion during September. At the end of September, American consumers were $1.597 trillion in debt, exclusive of home mortgages.


Sep01 Aug01 Jul01 Jun01 May01 Apr01 Mar01
%GRWTH: 2.5% 3.3 -3.7 2.1 4.5 14.2 11.9
$OWED: $701.5 700.1 698.1 700.3 699.0 697.6 688.2

Feb01 Jan01 Dec00 Nov00 Oct00 Sep00 Aug00
%GRWTH: 20.8% 11.6 5.0 10.9 4.7 7.8 12.6
$OWED: $681.4 670.3 663.4 660.6 654.8 649.3 645.1

Source: Federal Reserve; revised figures as of 11/07/01;
For complete historical data visit


Gift Certificates Preferred

A recent national survey commissioned by found more than 70 percent of adults like receiving gift certificates.

In addition, more than 72 percent of adults reported they would prefer to receive gift certificates from employers or business associates instead of having a holiday gift selected for them.

Given their popularity, it’s no surprise shoppers can now purchase gift certificates and gift cards everywhere, for everything — from gas stations to fine retailers. In fact, according to the survey, 61 percent of adults are likely to purchase gift certificates as holiday gifts this year. “Everyone appreciates a gift certificate,” said Michael Ahern, chief executive officer of “A gift certificate allows the recipient to select something they really want or need. Gift givers also benefit because they can get their holiday shopping done quickly and know they are purchasing a gift that will be used and appreciated.”

Many companies have taken the convenience of gift certificates and gift cards one step further by creating universal gift certificates. offers customers the SuperCertificate(TM), which is a gift certificate to that can be redeemed online or by phone for original gift certificates from hundreds of popular retailers and service providers, including, Barnes & Noble, Olive Garden, J.Crew, Restoration Hardware, and many more.

The Internet also provides a refuge for shoppers tired of fighting crowds in malls and at the post office. Holiday shopping can be done online in a matter of minutes without leaving the home or office. SuperCertificates and gift certificates can be delivered with a personal message by standard or express mail. For last-minute shoppers, SuperCertificates and select merchant gift certificates can also be emailed.

People trying to find gifts for relatives they rarely see, or shop for bosses and co-workers, may consider joining the millions of others who turn to gift certificates as a solution. For more information, visit [][1].

About is the leading provider of gift certificates and related services for corporate clients and consumers. The company’s best-selling product, the SuperCertificate(TM), is a gift certificate that can be redeemed at for original gift certificates to hundreds of participating merchants. For more information, visit [][2]. and SuperCertificate are trademarks of, Inc.




SureFire Commerce Inc. announced its financial results for the second
quarter of fiscal year 2002.
The company recorded its second consecutive quarter of net profit in excess of
$1 million and its eighth consecutive quarter of operating profit.

“At our last shareholders’ meeting, SureFire announced it would
strengthen its leadership position in online payments while culling
unprofitable merchants from its customer base and maintaining a strict
dedication to net profitability. This is exactly what we have achieved in the
second quarter,” said Rory Olson, President and CEO of SureFire Commerce Inc.
“We have signed significant marketing partnership agreements, maintained our
market leadership position in processing for the licensed online gaming
sector, delivered our multi-currency capability, introduced a loyalty rewards
program and generated more than $1 million in net profit. SureFire is one of
the few e-commerce companies that remains on track and profitable during these
difficult times.”

For the three-month period ended September 30, 2001, revenues totalled
$19.3 million compared to $17.4 million for the three-month period ended
September 30, 2000. For the first six months of fiscal 2002, revenues totalled
$45.1 million compared to $31.0 million for the year earlier period. Cash and
cash equivalents at the end of the quarter totalled $92 million, including
$71.9 million in customer deposits as well as $20.1 million in free cash.

SureFire also recorded its second consecutive quarter of net profit of $1
million, or $0.01 per share, compared to a net loss of $9.7 million, or
$(0.09) per share, for the three-month period ended September 30, 2000.
SureFire has been debt free and cash flow positive since inception.

Business Outlook

The company has seen a short term impact to its revenue growth primarily
due to two events: 1.) the company’s decision to focus on net profitability in
line with today’s paradigm for evaluating market capitalization. Consequently,
SureFire Commerce chose to terminate its relationship with approximately 65
customers who generated revenue for SureFire at too high a cost due to a
significant risk of credit card chargebacks. 2.) SureFire’s revenue growth was
impacted by the September 11 attacks in the United States, which resulted in
lower revenue for customers who rely on SureFire’s online payments technology.

SureFire is continually pursuing its marketing partnership strategy and
reinforcing its online payments technology in order to diversify its client
base and maintain its revenue growth. SureFire remains committed to net
profitability and has carried out required cost cutting and rationalization
projects, including the transfer of the merchant enabling business from Boston
to the Montreal office.

“At SureFire, we are willing to accept lower short-term revenue growth in
order to remain on a stable trajectory of profitability, while building the
foundation for long-term revenue growth,” said Rory Olson, President and CEO
of SureFire Commerce Inc. “We have a track record of closing significant
marketing deals and we will continue to find innovative ways to strengthen our
solutions and diversify our revenue base.”

Second Quarter Highlights

During the second quarter, SureFire pursued its key objectives for fiscal
2002, which include proliferating online payment solutions on a large scale,
entering into several marketing partnership agreements and marketing its
FirePay Personal Account solution, which enables consumers to pay for products
and services on the Web without having to divulge sensitive credit card
information. SureFire has opened in excess of 80,000 FirePay accounts for
consumers since its launch 11 months ago, at a pace of approximately 5,000 new
accounts per week, and has increased the number of accounts with users of the
QuickBooks Credit Card Service by 30% in the second quarter alone.

Other significant highlights for the second quarter include:

– the extension of its private-label agreement with Intuit Canada through
the creation of the Quicken Home and Business Credit Card Service,
enabling small businesses to accept credit card payments online and
send invoices by e-mail;

– the delivery of multi-currency capability, allowing SureFire to process
more currencies (30) than any payment processor in the world and
facilitating its expansion into Europe;

– a partnership agreement with RedBrigade, a European-based systems
integrator, that will integrate SureFire’s Bill Presentment and Payment
solution into its financial processing system and market it to
corporate clients with high volume billing needs;

– recognition as Turnaround Company of the Year at the prestigious
Branham 2001 Awards ceremony;

– a strategic alliance agreement with Network Commerce Inc., a technology
infrastructure and services company, whose subsidiary
has a customer base of 250,000 merchants – the second largest online
merchant base in the world;

– the transfer of merchant enabling activities in Boston to the Montreal

– the launch of a royalty rewards program for its FirePay Personal
Account solution in partnership with, which will make
Firepoints exchangeable with other leading loyalty programs, such as
AADVANTAGE from American Airlines, Aeroplan from Air Canada,, and others;

– and a strategic alliance agreement with Wysdom Inc. in order to offer
mobile operators a hybrid version of SureFire’s online payment solution
and enable small businesses to perform payment transactions with mobile
devices such as smart phones, personal digital assistants and pagers.

SureFire would also like to announce that Mr. Mark Krakower, whose duties
have expanded considerably due to the company’s rapid growth over the last two
years, will now devote his energies to his role as Senior Vice-President,
Corporate Affairs and Secretary. Mr. Joel Leonoff, Executive Vice-President
and Chief Operating Officer, will now assume the additional duties of Chief
Financial Officer.

SureFire Commerce is recognized as a world leader in managed risk and
high risk Internet payment transactions. The Company possesses a number of
tools to protect itself and its partners against Internet fraud, including
information on billions of credit card transactions, fraud protection
algorithms, real-time processing capabilities and the use of a 128-bit SSL
data encryption standard.

About SureFire Commerce Inc.

SureFire Commerce Inc. is a global provider of online payment solutions
and e-commerce support, processing over $1.2 billion of online transactions
annually. The company offers a diverse range of payment solutions to both
online and offline merchants with a leading market share in the online gaming
industry. The company has many strategic marketing agreements with companies
such as AOL Canada, Canadian Imperial Bank of Commerce (CIBC), Infopia, Intuit
Canada, InQuent, Network Commerce, National Bank of Canada,,
RedBrigade, Webraska and Wysdom. SureFire Commerce is headquartered in
Montreal (Quebec) with offices in Hull (Quebec) and London (England).


PostX Joins VISA Payroll Card

PostX Corporation, a leading provider of secure electronic communication solutions, announced an agreement with Visa to be the electronic pay stub technology provider for the Visa Payroll card. PostX, utilizing their secure PostX Envelope, offers employees the ability to receive their pay stubs securely via e-mail or through their corporate Web site.

Visa’s Payroll card is an innovative new offering from the leader in payment card technologies, enabling employers to provide employees with a simple to use bank-issued prepaid Visa card. This program is designed to ease payroll administration, logistics and eliminate the process of issuing and replacing paper checks. Participating employees get a convenient means of accessing their pay, avoiding check cashing fees and the security of using a Visa payment card.

“I couldn’t be more delighted about this agreement,” said Mike Seashols, CEO of PostX Corporation. “It’s a Win-Win for PostX and Visa and our combined solution offers tremendous convenience and financial advantages for their customers and employees.”

“The PostX Envelope gives us the reliability and security we need to support the rollout of Visa’s Payroll card program,” said Todd Brockman, Vice President of Prepaid Products for Visa USA. “This approach allows Visa Payroll Card Issuers to deliver a total solution to their customers, providing an overall reduction in administration, logistics, and cost of paper based payroll programs.”

PostX Solutions

PostX solutions combine patented software and methodology with consulting services for organizations that require secure electronic communications across existing processes. PostX enables these organizations to communicate with their customers, partners and employees securely in a variety of convenient delivery modes (including email to the desktop, and through secure websites). PostX provides the software, tools and expertise required to integrate backend systems, deliver communications efficiently and securely, and manage the complete life cycle of the communications produced (e.g., delivery verification, tamper detection, archival and retrieval, and response management).

PostX’s Secure Electronic Communications Delivers Key Features:

— Push or Pull Delivery — Direct “push” delivery to all popular desktop platforms via secure e-mail (Outlook, Lotus, AOL, Yahoo, and Hotmail) or indirect “pull” delivery from a Web site.

— USPS Electronic Post Mark — PostX is the sole licensee for the US Postal Service “Electronic Post Mark” (EPM) which includes tamper detection, time/date stamping, and offers the identical Federal protection as paper and stamp based documents.

— Document Personalization — Delivery is packaged in the patented PostX Envelope that contains an encrypted and secure set of electronic documents designed specifically for the recipient.

— Mail Management — PostX automatically handles bounced or undeliverable emails according to rules the organization/sender establishes. The PostX engine integrates with existing IT and printing processes to resend unopened and bounced messages using traditional paper/postage mail.

— Security — PostX supports all industry standard encryption and security technologies.

PostX Secure Electronic Communications Delivers Outstanding Value:

— Significant Cost Savings — Electronic document production and delivery costs reduce the traditional paper and postage expense by up to 90%.

— Increased Touch points — Most organizations can benefit from an increase in effective communications to their employees, partners, and customers by utilizing efficient “desired” electronic communications delivered directly to the recipient’s desktop. These communications can then link to the valuable cross-content of Web sites, offering the opportunity to receive value from improved information sharing, more efficient support services interaction, and compelling new cross marketing opportunities.

— Improved Loyalty — By utilizing convenient electronic communication versus paper and postage, organizations can create more dependency and loyalty between the sender and the recipient by delivering enhanced functions like direct connect support services, personalization and updating of previously sent electronic documents, and integration with the recipient’s desktop environment via Microsoft Money or Intuit’s Quicken.

About Visa U.S.A.

Visa is the world’s leading payment brand and largest consumer payment system, enabling banks to provide their consumer and merchant customers with the best way to pay and be paid. More than 14,000 U.S. financial institutions rely on Visa’s processing system, VisaNet, to facilitate over $810 billion in annual transaction volume — including more than half of all Internet payments — with virtually 100 percent reliability. U.S. consumers carry more than 353 million Visa-branded smart, credit, commercial, stored value and check cards, accepted at approximately 22 million locations worldwide. Visa has long led the industry in developing payment security standards, and has been named the most trusted payment brand online. Visa’s people, partnerships, brand and payment technology are helping to create universal commerce — the ability to safely conduct transactions anytime, anywhere and by any device.

About PostX Corporation

PostX Corporation is a leader in integrating electronic communications. PostX solutions combine the best characteristics of postal mail — privacy, personalization and branding — and courier services — return receipt and tracking — with the advantages of the Internet and email — low cost, high volume, rapid delivery, universal access and ease of use. The PostX platform is designed to communicate electronic information in a secure and personalized format, via the recipient’s delivery mode choice. PostX is the only company licensed to sell the USPS Electronic Postmark. PostX solutions deliver value in three distinct areas: compelling economic benefits, unprecedented new market opportunities and deep customer loyalty. PostX partners include leading companies such as Charles Schwab, the United States Postal Service, Cable & Wireless and Moore Communications. PostX has raised $42 million from investors such as Mayfield and Alloy Ventures.