MasterCard Files 10-K for 2004

MasterCard has filed its 10-K report with the SEC for 2004. For the year MasterCard reported $2.6 billion in revenue (up 14% over 2003) and operating income of $346.7 million. About 12% of MasterCard's 2004 revenue came from one customer, JP Morgan Chase.

"MasterCard's strong global business model is delivering excellent results that reflect our unwavering focus on our customers and the value of a key strategic asset, our brand," said Robert W. Selander, president and chief executive officer.

"MasterCard's far-reaching global footprint is supported by unsurpassed worldwide merchant acceptance and an ever-increasing array of payment programs that consumers and businesses worldwide rely on daily. With these assets and our solid financial discipline, MasterCard has benefited from recent improvements in the global economy and remains well positioned to take advantage of future growth opportunities."

Among the exhibits filed with the 10-K are an addendum to the employment agreement with MasterCard CEO Robert W. Selander in which is it disclosed that a retention payment of $10,000,000 will be payable to Selander under certain conditions and the text of MasterCard's 12/31/04 agreement with Citibank (with details redacted),