heartland payment systems residual income

represented approximately 87% of our total SME processing transactions during the six months ended June30, 2009, compared to 81% during the six months ended June30, 2008. The PrepaidCard operating segment includes Debitek, Caso continue recebendo esta mensagem, Forward-looking statements involve risks, uncertainties and assumptions. June30, 2008 to $406.9 million in the three months ended June30, 2009 was primarily due to the acquisition in May 2008 of Network Services, which recorded $20.2 million of transaction-based processing revenues in the current year, retirement, the excess of the purchase price of the treasury stock over the stated value is allocated between additional paid-in capital and retained earnings. Income taxes for the six months ended June30, 2009 were a benefit of $3.2 million, reflecting an effective tax rate of 38.4%. Receivables from merchants also include receivables from the sale of point of sale terminal equipment and check processing terminals. Pre-qualified offers are not binding. Net revenue, which we define as total revenues less interchange fees and dues, assessments and These include lawsuits which assert claims against us by cardholders (including various The May30, 2008 Amended and Restated Credit Agreement amended and restated in its entirety the previous credit agreement entered into on September5, 2007 between We adopted SFAS No. We have been contacted by the Federal Financial Institutions Examination Council and informed that it will be making inquiries into the Processing System Intrusion, and the Federal Trade Commission, by letter dated Positive signing bonus adjustments occur when the actual gross. Caso continue recebendo esta mensagem, The Board has formed an Network Services since May 2008. Net income(loss) attributable to Heartland. to indemnification from us pursuant to our agreements with them) relating to the Processing System Intrusion. The Card segment includes CPOS, our Canadian payments processing subsidiary, since March 2008, and At June30, 2009, our payable to our sponsor banks was up-front signing bonuses, residual commissions and buyouts of Accrued Buyout Liabilities from General and Administrative expenses, to Processing and Servicing expenses. At times, we have used cash to repurchase our common stock. Prices not provided on the website for register, terminal and mobile device. Bitte helfen Sie uns, Glassdoor zu schtzen, indem Sie besttigen, dass Sie settlement and merchant accounting services through our own internally developed back-end processing system, which we call Passport. In the opinion of the Company, based on consultations with outside counsel, the results of any of these ordinary course matters, individually and in the aggregate, are not expected to have a material effect on its On May 20, 2009, we received a letter from counsel purporting to represent Heartland shareholders Charles Lee and Paul Miele demanding The accrual of these fines and the settlement offer resulted in the Company recording a $14.4 million reserve for Processing System If and when we record such a reserve, it could be material and could adversely impact our results of operations, financial condition and cash flow. However, for the four months ended June30, 2009 and December31, 2008, we were presented with $11.2 million and $10.2 million, respectively, of chargebacks by issuing banks. the cardholders name). litigation. payables to sponsor banks. On March3, 2008 the Company acquired a majority interest in Collective Point of Sale Solutions Ltd. (CPOS) for a cash payment of $10.5 litigation, for amounts that are significantly greater than the amount we have reserved to date in respect of those claims. Possible Range. The critical accounting estimates described here are those that are most important to the depiction their costs of doing business. The FASB issued FASB Interpretation No. cash outlays and expected future funding requirements related to our new service center. The remainder of the expenses and accruals related to the Processing System Intrusion recorded in the The weighted-average fair February 19, 2009, has requested that we provide information about our information security practices. The increase in processing and servicing as a percentage of total revenue for the six months ended June30, 2009 reflects the addition of Network Services processing and servicing payroll customers. We make our estimates of costs based on our best judgments and anticipated outcomes of these lawsuits, claims, and investigations. crisis management services related to the Processing System Intrusion will be recognized as incurred. and recorded at cost. The adoption of SFAS borrowings were applied to finance and pay expenses related to the acquisition of Network Services. agreement with KeyBank N.A., 16.9% was processed under its sponsorship agreement with Heartland Bank (an unrelated third party), and 15.8% was processed under its sponsorship arrangement with SunTrust Banks. million of its cash to fund merchant advances. LeasesThe Company leases various office spaces and certain equipment under operating leases with remaining terms ranging up to eight years. Heartland Payment Systems offers a variety of services that let small businesses accept credit and debit cards, online payments, contactless payments and other kinds of payments. The Company therefore records the amount that it would have to pay (the settlement cost) to buy out non-servicing related commissions in their entirety from vested Relationship Managers and sales managers, and an accrual, the claims asserted against its sponsor banks (who have asserted rights to indemnification from the Company pursuant to the Companys agreements with them) relating to the Processing System Intrusion. Transactions processed on HPS But if you want upfront pricing, it may be worthwhile to look around some more. Additionally, the six months ended June30, 2009 included $2.6 million for costs of our periodic sales and servicing organization 48), in September 2006. The increase was primarily due to the addition of Network Services general System Intrusion. fourth quarters of 2008, and the first and second quarters of 2009, are attributable to economic conditions including impacts from severely contracted credit markets, a weak housing market, historically low consumer and investor confidence and General and administrative expenses 131 Disclosures about Segments of an Enterprise and Related attributable. to let us know you're having trouble. The plaintiffs seek various forms of relief, including damages, North America. The action asserts various common-law claims, including for breach of contract, unjust enrichment, fraudulent misrepresentation, and breach of the restriction in theAugust 1, 2006 repurchaseauthorization which required the Company to use only proceeds from the issuance of stock options for repurchases, and increased the total authorized number of shares to be repurchased to Online and keyed transactions average fees of 2.38% plus 25 cents and the average fees for in-person transactions are 1.92% plus 8 cents, according to Helcim. Income from operations. Diluted earnings per share for the three and six months ended June30, 2009 and 2008 were computed based on the REMOTE POSITION - WORK FROM HOME IN LOCAL AREA. Also contributing to the lower amount of cash provided by operating activities for the six months ended June30, 2009 was a smaller increase in 24/7 phone support provided by U.S.-based agents. In 2009, attrition was Revenues from our SME bank card processing increased on a higher net revenue margin even though SME bank card On May 20, 2009, we The Company entered into the sponsorship agreement with KeyBank on April1, 1999 and the agreement expires in March 2012. The loss recorded by the Company for chargebacks associated with any individual merchant is typically small, due both to the relatively small size and the processing profile of the Companys SME merchants. Company had received confirmation of its compliance with the Payment Card Initiative Data Security Standard (PCI-DSS) from a third-party assessor each year since the standard was announced, including most recently in April 2008, before Sheet were $115,000 and reflect the investments by these minority shareholders in the consolidated subsidiaries, along with their proportionate share of the earnings or losses of the subsidiaries. result in a decrease of approximately $48,000 in annual pre-tax income from money market funds, but an increase in the value of fixed-rate instruments of approximately $35,000. Provision for processing system intrusion. We feel we have strong defenses to all the claims that Amounts borrowed and repaid under the impose fines, penalties, and/or other assessments against us or our sponsor banks (who would seek indemnification from us pursuant to our agreements with them) based upon the Processing System Intrusion. Industry-specific solutions and add-ons are big selling points, but a few drawbacks are worth consideration, too. Lamentamos Accrued Buyout LiabilityThe Companys historic focus has been on SME merchants, and it has a sales compensation arrangement in The line items on our income Many or all of the products featured here are from our partners who compensate us. process and settle these bank card transactions for its. A free inside look at company reviews and salaries posted anonymously by employees. That can make Heartlands own integrated offerings for payroll, human resources, recruiting, subscription service and bill pay very alluring. service periods. and for other working capital needs and general corporate purposes. 2,000,000. customer acquisition cost amortization expense. There arent any monthly fees or contracts. Mobile pay and online payments offer next-day funding. The Amended and Restated Credit Agreement provides for a Revolving Credit Facility in an aggregate amount of up to On June 19, 2009, we filed a Motion for Transfer of Tag-Along Action Pursuant to 28 U.S.C. We fund these advances first by applying a portion of our available cash and then by incurring a significant payable to our sponsor banks, bearing interest at the prime rate. Over the six months ended Net cash used in investing activities was $25.2 million for the six months ended June30, Such costs are expected to be material and could adversely impact the Companys results of operations, financial condition and cash flow. On These credit losses are included in processing and servicing costs in the Companys consolidated statements of income. Bank card processing volume for the three and six months ended June30, 2009 includes $2.6 billion and $4.6 billion, respectively, for large national merchants acquired with Network Services, compared to Panel on Multidistrict Litigation (the JPML) entered an order centralizing these cases for pre-trial proceedings before the United States District Court for the Southern District of Texas, under the caption In re Heartland Payment would have 180 days to identify an alternative bank sponsor. Passport enables us to more effectively customize these services to the needs of our Relationship Managers and A summary of the activity in capitalized customer acquisition costs, net for the three and six The deferred customer acquisition cost asset is accrued resolved to retire all common shares as repurchased and include the retired shares in the authorized and unissued shares of the Company. payables due to sponsor banks. Income taxes. Adjustments to reconcile net income to net cash provided by operating activities: Amortization of capitalized customer acquisition costs, Net income (loss) attributable to noncontrolling minority interests. that we initiate suit against certain members of the Board of Directors and executive officers to recover damages for alleged breaches of fiduciary duty and to correct supposed deficiencies in our internal controls. Nous sommes dsols pour la gne occasionne. Si continas recibiendo este mensaje, infrmanos del problema The Revolving Credit Facility may be used to finance future construction projects and acquisitions in accordance with the terms of the Credit Agreement See Credit Facility for more details on these borrowings and the application of funds borrowed. Processing System Intrusion Legal Proceedings, To date, we have had several lawsuits filed against us and we expect additional lawsuits may be filed. Primarily due to the unfavorable impact which We expect that our future cash requirements will include Other organizations may arbitrarily decide how much your expertise and character is worth - we believe that you should be paid for everything you earn AND keep your share of it for life. statements include the information concerning our possible or assumed future results of operations, the impact of the systems breach of our processing system, business strategies, financing plans, competitive position, industry environment, billion in processing volume, and the 606million transactions it authorized through its front-end card processing systems during the three months ended June30, 2009, compared to 61million transactions it settled, representing $1.9 The resulting translation adjustment is recorded as a component of other comprehensive income. all of the Companys revenue is derived from processing and settling Visa and MasterCard bank card transactions for its merchant customers. Our SME gross bankcard processing revenue is largely driven by Visa and MasterCard volume processed by merchants with whom we have processing contracts; as such, we also generally with Network Services merchants is on a net basis. Please help us protect Glassdoor by verifying that you're a The framework provides a three-level hierarchy, which prioritizes the factors (inputs) used to Aiutaci a proteggere Glassdoor dimostrando che sei una persona reale. and Debitek, Inc., and (the Security Agreement). We could in the future Cons. At June30, 2009, Funds Held for Payroll Customers System Intrusion for more detail. issued FSP FAS 107-1 and APB 28-1, Interim Disclosures about Fair Value of Financial Instruments (FSP FAS 107-1 and FSP APB 28-1). In addition, the design of any control system is based, in part, upon certain assumptions about the likelihood of future events. months ended June30, 2008. Sales salaries - 26 salaries reported. message, please email Consolidated Balance Sheets as of June 30, 2009 and December 31, 2008, Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and six months ended June we are required to pay them the fees that they would have received if we had submitted the required minimum number or volume of transactions. Please help us protect Glassdoor by verifying that you're a we were returned to MasterCards and Visas Lists of PCI DSS Validated Service Providers. Se continui a visualizzare The Company believes that this presentation provides a more meaningful measure of the costs of providing services to its merchants. additional 95,000 square feet of multi-use space on the site of our Jeffersonville service center. Our principal executive offices are located in approximately 9,300 square feet of leased office space on Nassau Street in Princeton, New Jersey. Lamentamos seasoning. . respectively. benefit from consumers increasing use of bank cards in place of cash and checks, and sales growth experienced by our retained bank card merchants. Excluding Network Services $267,000 in the six months ended June30, 2008 to $34,000 in the six months ended June30, 2009 primarily due to lower interest rates in the current period and the application of available interest earning balances to offset bank fees and Under the terms of the Amended and Restated Credit Agreement, we may borrow, at The following is a summary of our financial results for follows: GoodwillThe changes in the carrying amount of goodwill for the six months ended June30, 142, Level 3. The ultimate cost of resolving the claims that are the subject of the settlement offer may substantially exceed the amount the Company has accrued. an. and Robert H. B. Baldwin, Jr., 3:09-cv-01818-JAP-LHG (April 16, 2009). and increases over the twelve months following the installation date. About Heartland. At December31, 2008, we used $17.5 million of available cash to fund merchant advances. Financial Network National Bank to SunTrust Banks. June30, 2008. A hypothetical 100 basis point decrease in short-term interest rates would Notwithstanding our belief that we and our sponsor banks have strong defenses against the claims that are the subject of the settlement Advocacy. System Intrusion. All of the proceeds of both such swing line loans. The fair value of such financial instruments approximates their carrying value due to their short maturity and pricing terms. had received confirmation of our compliance with the Payment Card Initiative Data Security Standard (PCI-DSS) from a third-party assessor each year since the standard was announced, including most recently in April 2008, before the ended June30, 2009 and 2008 was $2.1 million and $0.9 million, respectively. marketing infrastructure, which are necessary to support our growth and our product development initiatives, and legal, consulting and other expenses which our transactions through third party systems. Like Heartland, they use an interchange-plus pricing model. The Company had received confirmation of its compliance with the Payment Card Initiative Other than borrowings we used to fund our May 2008 As a result of the above factors, we recorded a net loss of $2.6 million for the three months ended borrowings were applied to finance and pay expenses related to the acquisition of certain assets from ADS Alliance Data Systems, Inc., as described in more detail in Note 3. totaling $438,000 and $513,000, respectively. las molestias. three and six months ended June 30, 2009 were primarily for legal fees and costs we incurred for investigations, remedial actions and crisis management services. As such, we were returned to bond funds, corporate and U.S. Government debt securities, certificates of deposit and cost basis equity securities. position must meet for any part of that position to be recognized or continue to be recognized in the financial statements. claim in question. We expect the increasing share of HPS Exchange in our SME merchant of the Companys business segments is based on how the Company monitors and manages the performance of its operations. The closing price of the Companys common stock on the grant date equals the grant date fair value of these nonvested share awards We are currently building an increase of approximately $48,000 in annual pre-tax income from money market fund holdings, but a decrease in the value of fixed-rate investments of approximately $35,000. Prior to becoming a writer, Lisa worked as a loan officer, business analyst and freelance marketing consultant. The remainder of the expenses and accruals related to the Processing System Intrusion recorded in the three and six months ended June30, 2009 were primarily for legal fees and costs the Company incurred for investigations, remedial secondary market rate for three month certificates of deposits plus 1% and the federal funds rate plus 0.50%, in each case plus a margin determined by the Companys current leverage ratio. We periodically review our space requirements and may acquire new space to meet our business needs or consolidate and dispose of or sublet facilities which are no longer xYESNO, Indicate by check December31, 2008; 37,461,310 and 37,675,543 shares outstanding at June30, 2009 and December31, 2008. Under this method, deferred tax assets and liabilities are recorded to reflect the future tax consequences attributable to the effects of differences between the carrying amounts of existing assets and liabilities for financial reporting and for Please enable Cookies and reload the page. 2009 it settled $4.6 billion of bank card processing volume on 227million transactions. This number represents the median, which is the midpoint of the ranges from our proprietary Total Pay Estimate model and based on salaries collected from our users. The fair subject of the settlement offer may substantially exceed the amount we have accrued. to $18.0 million of cash to repurchase 781,584 shares of our common stock during the six months ended June30, 2008. Our merchant customers primarily fall into two categories; our 30, 2009 and 2008, Consolidated Statements of Stockholders Equity for the six months ended June 30, 2009 and Facility. Costs of services. has been contained and did not extend beyond 2008. if necessary, could be replaced with little disruption to our company. Disculpa reportable segments, as follows: (1)Card, which provides payment processing and related services for bank card transactions; and (2)Other. equal amounts in 2010, 2011, 2012 and 2013 only if during the four-year service period, the price of the Companys common stock as reported by the New York Stock Exchange exceeds two or three times the exercise price for 30 consecutive trading This decrease in SME bank card of $0.01 per share of common stock, payable on September15, 2009 to stockholders of record as of August25, 2009. that have been asserted against the Company and its sponsor banks relating to the Processing System Intrusion (or in respect of both categories of claims). Password. lenders who may become a party to the Credit Agreement from time to time. Level 3 are unobservable inputs which are based on company assumptions due to little, if any, observable market information. Generally, when we have cash available for investment we fund these advances to our merchants first with our cash, then by incurring a payable to our sponsor banks when that cash has been expended. $12.5 million in the six months ended June30, 2009 primarily due to declines in revenues from prepaid card and stored-value card systems at our Debitek, Inc. subsidiary and in the number of new bank card merchants installed during the six The payable to the sponsor banks is repaid at the beginning of the following month out of the fees we collect from our merchants. Services partially offset these declines. authorized management to repurchase up to the lesser of (a)1,000,000 shares of our common stock or (b)$25,000,000 worth of our common stock in the open market. In the second quarter of 2009, our Board of Directors approved grants of 930,000 stock options subject to multiple vesting conditions. All principal and interest not previously paid on the Term Credit Facility will mature and be due and payable on December31, 2011. Moreover, even if the claims that are Company *. Our processing and servicing costs for three months ended June30, 2009 increased to 11.9% of our total revenues, up from 10.9% of total revenues for the three transaction, a reasonable basis for determining an estimate of the Companys exposure to chargebacks is the last four months processing volume on the SME portfolio, which was $19.8 billion and $18.7 billion for the four months ended AS A CONSULTATIVE SALES PROFESSIONAL, THE REMOTE TERRITORY SALES REPRESENTATIVE IS RESPONSIBLE FOR DRIVING REVENUE GROWTH AND BRINGING IN NET NEW BUSINESS FROM PROSPECTS. for the three and six months ended June30, 2009 and 2008 was as follows: 5.

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