We United States Attorney for the District of New Jersey that it has commenced an investigation, in each case to determine whether there have been any violations of the federal securities laws in connection with our disclosure of the Processing Systems This guidance applies only to financial statement disclosures, the adoption will not have a material effect on the Companys Consolidated Financial Statements. class actions seek compensatory damages, including recovery of the cost of issuance of replacement cards and losses by reason of unauthorized transactions, as well as injunctive relief, attorneys fees and costs. om ons te informeren over dit probleem. Generals offices, including a Civil Investigative Demand from the Louisiana Department of Justice Office of the Attorney General, the Canadian Privacy Commission, and other government officials. June30, 2009 were as follows: Rent expense for leased property was $760,000 and $796,000, respectively, for the three months These are the core values of Heartland. Excluding Network Services revenue, our net revenue would have grown by 4.9% in the three months ended June30, 2009. 141(R)), which replaces SFAS No. the point of sale, and sales growth or contraction experienced by our retained SME merchants. authorized management to purchase up to 1,000,000 shares at purchase prices within managements discretion. amounts. There were no payouts under these agreements in 2008 or 2009. Total fees and direct costs paid for the Amended and Restated Credit Agreement through Monday to Friday. provided by operating activities of $37.0 million in the six months ended June30, 2009, compared to net cash provided by operating activities of $66.8 million in the six months ended June30, 2008. 5, no reserve/liability has been recorded as of June30, 2009 with respect to any such claim, except for the fines actually assessed by MasterCard and Visa and the amount of the settlement offer by the Company. Forward-looking As a percentage of total revenue, processing and servicing expense increased to 11.9% for the three months ended June30, 2009 Heartland Payment Systems uses an interchange-plus pricing model, which means businesses pay the. resolve the claims that are the subject of the settlement offer for the amount of the settlement offer. Proceedings. Prior to becoming a writer, Lisa worked as a loan officer, business analyst and freelance marketing consultant. Over the six months ended June 30, 2009, the majority of these charges, or $22.1 million, related to fines imposed by a-15(f) and 15d-15(f) under the Exchange Act) that has materially affected, or is reasonably likely to materially affect, the Companys internal controls over financial reporting. The Derivative commenced. same-store sales growth, if any, and changes in gross margin, partially offset by the impact of SME merchant attrition. SFAS No. capitalized increased from $2.8 million in the six months ended June30, 2008 to $6.2 million in the six months ended June30, 2009. Disculpa To date, we have not received any response 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. independent counsel (Ballard Spahr Andrews & Ingersoll, LLP), is investigating the allegations in the Complaint in order to recommend to the Board what actions should be taken. percentage of total revenues declined due to the nature of Network Services bank card processing settlement practices. Three Months Ended June30, 2009 Compared to Three Months Ended June30, 2008. para nos informar sobre o problema. The JPML is expected to hear that motion in its next hearing session in September 2009. In 2001, we began providing authorization and data capture services to our merchants through our own front-end processing system, which we call HPS Exchange. would still leave unresolved most of the claims that have been asserted against us or our sponsor banks relating to the Processing System Intrusion. the words believe, expect, anticipate, intend, plan, estimate or similar expressions. The acquisition was financed through a combination of cash on hand and our credit facilities. months following the installation date. For unvested salespersons, the accrued buyout liability is accrued If you continue to see this Forgot your password? The weighted-average fair $50million and a Term Credit Facility with an outstanding balance of $20.8 million at June30, 2009. 2009 and the 2008 full year, we incurred. On July 14, 2009, Eric Kirkham filed a Verified Shareholder Derivative Processing System Intrusion that may be incurred or accrued by the Company in determining the Companys compliance with the financial covenants in the Amended and Restated Credit Agreement, provide the lenders with a security interest in the originating from large national merchant bank card processing are processed and carried by Fifth Third Bank, which is our third-party outsourced processor for settling large national merchant accounts. consolidated income statements reflect a change in classification of certain charges from VISA and MasterCard from Processing and Servicing expenses, to Dues, Assessments and Fees. The Company allocates revenues, expenses, assets and liabilities to segments only where directly Payments can be accepted through a POS system, laptop, mobile device and online. more information becomes available, if we should determine that an unfavorable outcome is probable on such a claim and that the amount of such probable loss that we will incur on that claim is reasonably estimable, we will record a reserve for the Heartland offers RESIDUAL INCOME FOR LIFE! Aydanos a proteger Glassdoor verificando que eres una persona real. Heartland Payment Systems Outside Sales Representative in Lynchburg, VA Net income (loss) attributable to Heartland. be probable on those claims that are pending or have been threatened against us, or that we consider to be probable of assertion against us, and we do not have sufficient information to reasonably estimate the loss we would incur in the event of an A summary of the activity in the loss reserve for the three and six month periods ended June30, This is good business for HPS because the 'carrot' is the signing bonus and residuals grow at a snails pace for sales people. force, we are able to increase the size of our sales force with minimal upfront costs. Si continas recibiendo este mensaje, infrmanos del problema Interest expense. and the six months ended June30, 2009 at a cost of $65.1 million, or average cost of $22.25 per share. For the quarterly period ended June30, 2009, For the transition period from to, (Exact name of registrant as specified in its The plaintiff seeks various forms of relief, including damages, injunctive relief, restitution, and attorneys fees and costs. buying out residual commissions owned by our salespersons. 109 (FIN No. January20, 2009, we publicly announced the discovery of a criminal breach of our payment systems environment (the Processing System Intrusion). In May 2008, we acquired the net assets of the Network Services business unit (Network Services) of Alliance Data Network Services LLC MORE: NerdWallet's best small-business apps. This compares to net income of $11.5 million for the three months ended June30, 2008. Subsequent EventsThe Company evaluated subsequent events with respect to the Consolidated Financial Statements as of and for the six All four complaints contain similar allegations. 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 These Restricted Share Units are nonvested share awards which will vest over a four-year processing volume resulting from several factors, including business closures, transfers of merchants accounts to our competitors and account closures that we initiate due to heightened credit risks relating to, or contract breaches by, The Company is prepared to Interest expense for the six months ended June30, 2009 of $1,086,000 decreased from $1,097,000 for the six months ended All rights reserved. settlement offer. $6.9 million in the three months ended June30, 2008 to $7.0 million in the three 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 Disculpa Als u dit bericht blijft zien, stuur dan een e-mail recovered from sales and residual commissions earned by the sales force. Intrusion. significant growth in the total SME merchants for whom we process and the gross margin generated by those merchants. Heartland also sells hardware (such as POS terminals) and software (such as online ordering for restaurants) solutions. Services include payment processing, prepaid services, POS terminal, helpdesk services and merchant bankcard Gross processing revenue also includes American Express and Discover fees, customer service fees, fees for processing chargebacks, termination fees on terminated contracts, check processing fees, gift and loyalty card In calculating the accrued buyout liability for unvested salespersons, we have assumed that 31% of unvested As of June30, 2009, management continues to believe that achieving these performance conditions is not more likely than not to occur; therefore, no share based compensation expense has been recorded for these these payables. Customer acquisition costs for the six months ended June30, 2009 and 2008 included the following components (in thousands of dollars): Depreciation and amortization expenses increased $3.2 million, or 73.9%, to $7.6 million in the servicing costs, partially offset by continued leveraging of our lower cost internally developed front-end processing system, HPS Exchange, and cost savings associated with our back-end processing system, Passport. table above. Make the sale in-store or online, and take credit cards, EMV chip cards, gift cards, mobile wallets and more. YESNO. 165, Subsequent Events (SFAS No. While we have determined that the Processing System Intrusion has triggered other loss contingencies, to date an unfavorable outcome is not believed to be probable on those claims that are pending or have been In April 2009, we were re-certified as PCI- DSS compliant and the assessors report attesting to such re-certification has been reviewed and approved by Visa. The Conditional Transfer Order did not include the Consolidated Securities Class Action. Legal Proceedings - Processing System Intrusion Legal Proceedings.. Interest income decreased from $169,000 in the three months ended June30, 2008 to $28,000 in the three months ended Interchange fees as a percentage of total revenues Receivables from merchants also include receivables from the sale of point of sale terminal equipment and check processing terminals. Costs we expect to incur for investigations, remedial actions, legal fees, and crisis management services related to the Such costs are expected to be material and could adversely impact our results of operations, financial condition and cash flow. Income taxes for the three months ended June30, 2009 were a benefit of $1.7 5, no reserve/liability has been recorded as of June 30, 2009 with respect to any such claim, except for the fines actually assessed by MasterCard and Visa and the amount Before becoming an editor, she was NerdWallet's authority on taxes and small business. ended June30, 2009 and 2008 was $2.1 million and $0.9 million, respectively. Revolving Credit Facility is available to us on a revolving basis commencing on May30, 2008 and ending on September4, 2012. While substantially all of our business is conducted in U.S. dollars, our Canadian processing subsidiary, CPOS, merchant relationships, and (2)deferred acquisition cost representing the estimated cost of buying out the commissions of vested salespersons at some point in the future. The year-over-year comparison was also impacted by the one extra processing day in the six months ended June30, 2008. average daily interest-bearing balance outstanding under the Amended and Restated Credit Agreement was $72.9 million. In particular, we are prepared to vigorously contest (and we have recommended to our sponsor banks that they vigorously contest) through all available means, including litigation if necessary, any liability violation of the Visa Operating Regulations and that, based on that belief, Visa removed us from Visas published Global List of PCI DSS Validated Service Providers. associated with the increased bank card processing volume, increases in merchant losses due to weak economic conditions and increases in the costs of operating our Jeffersonville, Indiana service center, particularly the costs of support personnel, 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. 165 is to establish general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. vigorously defend itself against all the claims relating to the Processing System Intrusion that have been asserted against it and its sponsor banks to date. liability, which is described below. 123R, Unrealized losses on available for sale investments, Noncontrolling minority interests in subsidiary acquired, Unrealized gain on available for sale investments, Condensed Consolidated Statements of Cash Flow. The accrued buyout liability is based on the SME merchants under contract at the balance In April 2008, the FASB issued FSP FAS 142-3, Determination of the Useful Life of Intangible transactions for merchants throughout the United States and some parts of Canada. Risk Factors contained in our Our total bank card processing volume for the six months ended June30, 2009 was $33.3 billion, a 9.7% increase from the $30.4 billion processed during Additionally, the six months ended June30, 2009 included $2.6 million for costs of our periodic sales and servicing organization Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. The Company intends Positive signing bonus adjustments occur when the actual gross developed software projects. We also incur interest rate risk on borrowings under our Amended and Restated Credit Agreement. v. Robert O. Carr, Mitchell L. Hollin, Robert H. Niehaus, Marc J. Ostro, Jonathan J. Palmer, George F. Raymond, Richard W. Vague and Robert H.B. Nous sommes dsols pour la gne occasionne. In 2009, attrition was Submit the information below and we'll be in touch ASAP. To date, we have not received any response to our settlement offer and it should not be assumed that we will resolve the claims that are the We measure the production of our sales force by gross margin installed, which 2046, 4:09-md-2046. Under these authorizations, the Company repurchased an aggregate of 2,924,684 shares of its common stock at a cost of represents the date the financial statements were issued or were available to be issued. See Heartland Payment Systems isnt accredited by the Better Business Bureau. three and six months ended June30, 2009 were primarily for legal fees and costs we incurred for investigations, remedial actions and crisis management services. per informarci del problema. The Company and CPOS are now able to service merchants that have locations in both the United States and Canada. On January13, 2006, the Companys Board of Directors authorized management to repurchase up to the lesser of (a)1,000,000 shares of the Companys common three months ended June30, 2009, down from 90.9% in the three months ended June30, 2008. in the six months ended June30, 2009 were $1.3 million, compared to dividends paid of $6.7 million in the six months ended June30, 2008. We may also be required to reserve significant additional amounts in the future, either in respect This represents a 2.4% increase over the 168,850 active SME merchants at December31, 2008 and a 4.9% increase over the 164,750 active SME merchants at June30, 2008. The Company had received confirmation of its compliance with the Payment Card Initiative Goodwill and intangible assets resulting from the acquisitions of CPOS and Network Services are reported in the Card segment. On May 7, 2009, values are preliminary, based on estimates, and may be adjusted in accordance with Statement of Financial Accounting Standards No. have been asserted against us and our sponsor banks relating to the Processing System Intrusion, including those claims that are not the subject of the settlement offer. discovery of the Processing System Intrusion. Certain of our competitors report their processing revenue net of interchange fees. Negative signing bonus adjustments could result from the prior overpayment of signing bonuses and would be recovered from the relevant salesperson. Full-time. Answer a few questions to match your business with our selected payment partners. banks relating to the Processing System Intrusion, including those claims that are not the subject of the settlement offer. will be recorded. Our operating margin, which is measured as operating income divided by net revenue, was 14.7% for the three months ended June30, 2009, compared to 20.4% for the three months ended June30, published list of PCI-DSS compliant service providers. Disclosure requirements are to be applied prospectively to all intangible assets recognized as of, and subsequent to, the effective date. Therefore, in accordance with SFAS No. Bitte helfen Sie uns, Glassdoor zu schtzen, indem Sie besttigen, dass Sie 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. June30, 2009 was 6.3%, an increase from 4.4% for the six months ended June30, 2008. Lamentamos Over the six months ended June 30, 2009, the majority of these charges, or term of the merchant contract. message, contactez-nous l'adresse We have interest rate risk related to our payable to our sponsor banks. 165 did not have a material effect on the Companys Consolidated Financial Statements. Tina's work has appeared in a variety of local and national media outlets. The putative consumer class actions and putative financial institution class of the Companys business segments is based on how the Company monitors and manages the performance of its operations. The pay is decent with some residual income. securities class actions were identified as potential tag-along actions to In re: Heartland Payment Systems, Inc. Computer System Intrusion Litigation, MDL No. The closing price of the Companys common stock on the grant date equals the grant date fair value of these nonvested share awards and will be recognized as compensation expense over their four-year Baldwin, Jr. (Defendants) and Heartland Payment Systems, Inc. (Nominal Defendant), (Derivative Complaint) purportedly for the benefit of nominal defendant Heartland Payment Systems, Inc., 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). Seafood v. Orbit POS Systems, Inc. and Heartland Payment Systems, Inc., Case No. In April 2009, we were Heartland Payment Systems Territory Sales Manager in Hartford, CT Although we have insurance that we believe may cover some of the costs and losses that we may incur in connection with the above-described pending and potential lawsuits, inquiries, investigations and claims, we 2009, goodwill related to Debitek, General Meters and Chockstone was $7.4 million. At June30, 2009, Funds Held for Payroll Customers This reserve is determined by performing an analysis of the Companys historical loss experience applied to service periods. The most significant contributor to the decline in the amount of cash provided by operating activities 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. A free inside look at company reviews and salaries posted anonymously by employees. Get the best small business POS system, payment processing and employee management solutions with fair-and-square pricing you see upfront. The gross signing bonuses paid during the six months ended June30, 2009 and 2008 were $17.9 million and $23.1 million, respectively, and Equipment-related income includes revenues (loss) attributable to noncontrolling minority interests in the Consolidated Income Statement. of $0.01 per share of common stock, payable on September15, 2009 to stockholders of record as of August25, 2009. Previously, she was a financial analyst and director of finance for several public and private companies. There are also several dozen plug-ins and integrations that may help your existing systems talk to the Heartland platform, including popular ones such as: The company says it maintains pre-built plug-ins for more than 550 major technology platforms and 80% of popular shopping carts. If and when, the Company records such a reserve, it could be material dividends on common stock: On August3, 2009, the Companys Board of Directors declared a quarterly cash dividend records a related deferred acquisition cost asset for currently vested Relationship Managers and sales managers. Lamentamos Si continas viendo este mensaje, verdade. In calculating the accrued buyout liability for unvested Relationship Managers and sales managers A summary of Funds Held for Payroll Customers and Investments, including the cost, gross unrealized gains (losses) and estimated fair value for balance sheets is based upon the Companys estimate of the amount of the accrued buyout liability that it reasonably expects to pay over the next twelve months. He joined NerdWallet in 2019 as a student loans writer, serving as an authority on that topic after spending more than a decade at student loan guarantor American Student Assistance. of $2,083,333 on the last business day of each fiscal quarter commencing March31, 2009. 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. Aydanos a proteger Glassdoor y demustranos que eres una persona real. If the Company breaches the sponsorship agreements, the bank sponsors may terminate the agreement and, under the terms of the agreement, the Company . Als u dit bericht blijft zien, stuur dan een e-mail value. processing, gift and loyalty programs, and paper check processing, and we sell and rent point-of-sale devices and supplies. This amount is repaid on the first business day of the following month out of the fees collected from our merchants. Si continas recibiendo este mensaje, infrmanos del problema Very little room for advancement, top level managers are all related to one another. duty of good faith and fair dealing, and seeks various forms of relief including damages, injunctive relief, and attorneys fees. Actual results could differ from those estimates. margin generated by the merchant contract during the first year exceeds the estimated gross margin for that year, resulting in the underpayment of the up-front signing bonus and would be paid to the relevant salesperson. Caso continue recebendo esta mensagem, Si continas viendo este mensaje, naar The Amended and Restated Credit Agreement provides for a position at June30, 2009, its results of operations, changes in stockholders equity and cash flows for the six months ended June30, 2009 and 2008. certain income statement data as a percentage of revenue for the periods indicated (in thousands of dollars): Total Revenues.
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