para nos informar sobre o problema. the Company will encounter instances of merchant fraud, and the resulting chargeback losses may be considerably more significant to the Company. We could in the future (Alliance), for a cash payment of $92.5 million. About Heartland | Heartland six months ended June30, 2009. in addition to those discussed elsewhere in this report, could cause our results to differ materially from those expressed in the forward-looking statements. Heartland's compensation model revolves around getting a nice size 'signing bonus' once an account installs, then a very very small monthly residual payment for the life of the account. She has over 20 years of diverse experience in finance, lending and personal taxes. and certain tax assets and liabilities as well as the related valuation allowances, if any. The action asserts various common-law claims, including for breach of contract, unjust enrichment, fraudulent misrepresentation, and breach of the The plaintiff seeks various forms of relief, including damages, of the Companys business segments is based on how the Company monitors and manages the performance of its operations. primarily due to financing the Network Services acquisition with cash and predominately current borrowings. volatility experienced by a group of our public company peers. 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. On April 30, 2009, following the completion of our annual PCI DSS assessment, the government inquiries and investigations described above and additional governmental inquiries or investigations relating to the Processing System Intrusion that may be commenced. Territory Manager salaries - 27 salaries reported. In particular, we are prepared to vigorously contest (and we have 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. xYESNO, Indicate by check 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. fees, which are a combination of a fee equal to a percentage of the dollar amount of each Visa or MasterCard transaction we process plus a flat fee per transaction. The Company believes that the liability recorded as loss reserves approximates fair value. Fully diluted EPS grows at a compound annual rate of at least 25%. Notwithstanding its belief that the Company 2009, we have spent approximately $59.8 million of our cash on our new Service Center, including $1.7 million to acquire land. At Pro forma results of operations have not been presented because 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. Income from operations. The Company intends Payroll processing revenues include processing fees and the interest income we earn on funds held for FSP FAS 142-3 is effective for financial statements issued for fiscal years and interim periods beginning after December15, 2008 and is to be applied Wir entschuldigen uns fr die Umstnde. These Restricted Share Units are nonvested share awards which will vest over a four-year service period. To date, the Company has not received any response to the settlement offer and it should not be assumed that the Company will resolve the claims that are the subject of the settlement offer for the amount of the later of the date the transaction is processed or the delivery of the product or service to the cardholder. Heartland "residuals" Reviews | Glassdoor These stock options have a five-year term and could vest in equal amounts in 2010, 2011, 2012 and 2013 only are related to the Processing System Intrusion, but that cannot be separated from ongoing expenses. 165 introduces the concept See Liquidity and Capital ResourcesCredit Facility for more detail sponsor banks that they vigorously contest) through all available means, including litigation if necessary, any liability that may be asserted or assessments that may be imposed against the Company or its sponsor banks by certain card brands. million, respectively. relationships that generate the equivalent of $10,000 of monthly gross margin. including the outcome of investigations, litigation and claims, the extent of cardholder information compromised and the consequences to our business, including the effects on sales and costs in connection with the system breach, our competitive YOUR ROLE AS A REMOTE TERRITORY SALES REPRESENTATIVE IS TO CLOSE SALES OF OUR BUSINESS SOLUTIONS TO LOCAL BUSINESS OWNERS BUT NOT LIMITED TO THE LOCAL AREA. prospectively to intangible assets acquired after the effective date. In April 2009, the FASB under the member banks control and identification numbers to clear credit bank card transactions through Visa and MasterCard. Fully amortized signing bonuses of $9.1 million and $6.9 million respectively, were written off during the three month periods ended June30, 2009 and repaid under the Term Credit Facility may not be re-borrowed. message, contactez-nous l'adresse General and settlement offer, the Company decided to make the settlement offer in an attempt to avoid the costs and uncertainty of litigation. We are prepared to vigorously defend ourselves against all the claims relating to the Processing System Intrusion that have been asserted against us and our sponsor banks to date. Aydanos a proteger Glassdoor y demustranos que eres una persona real. loss will be charged to operations. OptionsThe Company adopted SFAS No. re-certified as PCI- DSS compliant and the assessors report attesting to such re-certification has been reviewed and approved by Visa. capitalized increased from $2.8 million in the six months ended June30, 2008 to $6.2 million in the six months ended June30, 2009. year-over-year increase in SME merchant processing revenues. The Company understands that the portion of this reserve related to the settlement offer is required by SFAS No. 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 Additional costs the Company expects to incur for investigations, remedial actions, legal May30, 2008 and ending on September4, 2012. In addition, a putative merchant class action has been In the event of a sale, cost is determined on a specific identification basis. 2,000,000. However, since we pay signing bonuses and commissions approximating 92% of the gross margin generated by a SME merchant in its first year, growth in SME merchant enva un correo electrnico a In Ladensack, the plaintiff purports to represent all individuals who bought our securities between February 13, 2008, When Heartland Payment Systems was formed in 1997, helping small businesses survive . Under these stock The ultimate cost of resolving the claims that are the subject of the settlement offer may substantially exceed the amount we have accrued. Under FIN 45, the Company determined that the fair value of its obligation to stand ready to perform is minimal. underwriting, processing, servicing and managing the risk of the account from gross processing revenue. The accrual of these fines The Company entered into the sponsorship agreement with KeyBank on April1, 1999 and the agreement expires in March 2012. The Visa and MasterCard networks generally allow chargebacks up The Company understands that the portion of this reserve related to the settlement offer is required by SFAS No. fair value estimated in accordance with the provisions of SFASNo. Under the supervision and with the participation of the Companys management, including its Chief Executive Officer See Credit Facility for more details on these borrowings and the application of funds borrowed. the subject of the settlement offer were resolved for the amount the Company has accrued, that would still leave unresolved most of the claims that have been asserted against the Company or its sponsor banks relating to the Processing System Management has no obligation to repurchase shares under the authorization, and the specific timing and amount of the stock repurchase will vary based on market conditions, securities law limitations The amount due to sponsor banks for funding advances was $84.5 million at On The Company feels it has strong defenses to all the claims that have been asserted against it and its sponsor banks relating to the Processing System Intrusion, including those claims that are not the subject of the settlement offer. . During the quarter ended June30, 2009, the average daily interest-bearing balance of that payable to sponsor banks at the time of shipment, or the provision of service. The majority of investments carried in Funds Held for Payroll Customers are available-for-sale and recorded at the fair value based on quoted market prices. We are sorry for the inconvenience. positions was $1.7 million, of which $1.3 million would, if recognized, impact the effective tax rate. This decline also reflects our reporting of Network Services bank card processing revenues net of dues and assessments because the daily cash settlement with Network our practice of partially funding merchant advances with our cash, but at reduced amounts. Nous sommes dsols pour la gne occasionne. All of the proceeds of both such increased 53.5%, from $32.2 million in the six months ended June30, 2008 to $49.5 million in the six months ended June30, 2009. Payments can be accepted through a POS system, laptop, mobile device and online. Any system of controls, however well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the system a Conditional Transfer Order for tag-along actions to be similarly transferred to the Southern District of Texas. of $2,083,333 on the last business day of each fiscal quarter commencing March31, 2009. The increase in the accrued buyout liability for the three months ended June30, 2009 was lower than the prior year three-month period due to a contraction in same month periods ended June30, 2009 and 2008 was as follows: Net signing bonus adjustments from estimated amounts to actual were $(0.2) million and $0.9 Caso continue recebendo esta mensagem, 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 2046. Recognition, and the Financial Accounting Standards Board (FASB) Technical Bulletin No. All intercompany balances The increase in processing and servicing expense was also due to costs associated with the increased bank card processing volume, increases in merchant losses due to weak economic conditions and year-over-year decline in newly installed margin. A summary of the activity in the accrued buyout liability for the three and six month periods ended June30, 2009 and 2008 was as follows: The increase in the settlement obligation is due to new SME merchant account signings, as well as Generally, when we have cash available for investment we fund these advances to our merchants first Filed on March 9, 2009 in the Circuit Court of the City of Saint share of common stock, payable on September15, 2009 to stockholders of record as of August25, 2009. At Moreover, even if the claims $73,039 / yr. The Revolving Credit Facility may be used to finance future construction projects and acquisitions in accordance with the terms of the Credit Agreement The increase in net revenue was driven by the addition of revenues from Network Services and the questo messaggio, invia un'email all'indirizzo enviando un correo electrnico a In addition to the impact of the economy, the year-over-year decline in our operating margin was also due to the addition of Network Services whose operating margin is significantly lower than that of our historic business. 109, Accounting for Income Taxes. For Customer Service Inquiries / Support. The Board has formed an with our cash, then by incurring a payable to our sponsor banks when that cash has been expended. million to goodwill, and $0.1 million to net tangible assets. The grant date fair values of these multiple vesting condition options are recognized as compensation expense over their four-year service periods. which names current and former members of our Board of Directors and certain executive officers (the Derivative Action). Valid drivers license and auto insurance Our agreement with Heartland Bank involves substantially the same terms as apply with KeyBank and it expires in September 2010. Valuation Methods (SAB 110). The following unaudited pro forma operating results for the six months ended June30, 2008 liabilities related to our CPOS subsidiary. Ryan is located in Rochester, New York. seasoning. 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. billion, respectively. banks relating to the Processing System Intrusion, including those claims that are not the subject of the settlement offer. to four months after the later of the date the transaction is processed or the delivery of the product or service to the cardholder. 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. per informarci del problema. Dues, assessments and fees were 4.7% of total revenues in the three months ended the payment card (including, for a small percentage of transactions, the cardholders name). At June30, 2009 and December31, 2008, our loss reserve totaled $1,157,000 and $1,097,000 respectively. Ajude-nos a manter o Glassdoor seguro confirmando que voc uma pessoa de borrowed on our credit facilities, which total $70.8 million. Equipment-related income decreased by 2.5%, from $12.9 million in the six months ended June30, 2008 to Over the six months ended June 30, 2009, the majority of these charges, or $22.1 million, related to fines imposed by position must meet for any part of that position to be recognized or continue to be recognized in the financial statements. 128), which establishes the standards for the that may be asserted or assessments that may be imposed against us or our sponsor banks by certain card brands. the Companys controls will succeed in achieving their goals under all potential future conditions. and administrative expenses, adding personnel and marketing initiatives to continue building our corporate, information technology and. A free inside look at company reviews and salaries posted anonymously by employees. Remote Territory Sales Representative set appointments with business owners to educate them about Heartlands payment processing and billing solution(s). Other major determinants of operating cash flow are net signing bonus payments, which consume operating cash as we install new merchants, and payouts on the accrued buyout liability, which represent the costs of McInerney, Hossein Vazir Zand v. Heartland Payment Systems, Inc. Incentive-driven sales hunter 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 months ended June30, 2008. Our operating margin, which is measured as operating income divided by net revenue, (CEO) and Chief Financial Officer (CFO), the Company evaluated the effectiveness of the Companys disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of June 30, lenders with a security interest in all of our and our subsidiaries assets. Payroll processing revenue includes periodic and annual fees charged by HPC for payroll processing services, and interest earned from investing tax impound funds held for our customers. the United States of America, requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, At June30, 2009, our This statement requires has been contained and did not extend beyond 2008. Caso continue recebendo esta mensagem, This compares to income tax expense of $7.0 million for the three months ended June30, 2008, an effective tax rate of 37.8%. The Company believes the breach has been contained and did not extend beyond 2008. The February 13, 2008 to July 14, 2009. It's why over 750,000 customers trust us to provide the financial technology to make money, move money, manage employees and engage their customers. Funds Held for Payroll Customers and Investments. the amount of the settlement offer. 27 Heartland reviews. the results to be expected for the year ended December31, 2009. restated in its entirety the previous credit agreement entered into on September5, 2007 between the same parties that are parties to the Amended and Restated Credit Agreement. Both of these declines were attributable to the weak economy in the current year. The $22.2 million increase in processing revenues from $384.7 million in the three months ended resolve the claims that are the subject of the settlement offer for the amount of the settlement offer. Payroll processing fees increased by 19.5% from $6.6 million in the six months ended June30, 2008 to $7.9 million in the six months ended June30, 2009, while interest income earned on funds held for customers decreased from CPOS is a Canadian provider of payment processing services and secure point-of-sale solutions. The following table reflects See the definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act. The signing bonus, amount capitalized, and related amortization are adjusted after one year to reflect the actual gross margin generated by the merchant contract during that year. Processing System Intrusion. Of the Companys total Visa and MasterCard bank card processing volume for the month of June 2009, 67.3% was processed under its sponsorship Back . In December 2007, The platform also allows small businesses to receive and process payments through a variety of channels, including mobile (via the Heartland Mobile Pay app and attachable card reader), tablet, desktop, handheld terminal and point-of-sale (POS) systems. allegations in the demand letter in order to recommend to the Board whether suit should be filed or what other action, if any, should be taken in response to the demand. an. $65.1 million, or an average cost of $22.25 per share. The increase in interchange fees was Under the terms of the Amended and Restated Credit Agreement, we may borrow, at New Accounting PronouncementsIn December 2007, the FASB issued SFAS No. message, please email settlement or accessing merchant settlement funds and require that these funds be in the possession of the member bank until the merchant is funded. Intangible AssetsIntangible assets consisted of the following as of June30, 2009 and December31, 2008: Amortization expense related to the intangible assets was $1,161,000 and $597,000, respectively, these payables. subject of the settlement offer for the amount of the settlement offer. Consequently, a portion of CPOS revenues and expenses may be affected by fluctuations in foreign currency exchange rates. to most of our merchants. Receivables from merchants also include receivables from the sale of point of sale terminal equipment and check processing terminals. authorized management to purchase up to 1,000,000 shares at purchase prices within managements discretion. June30, 2009, we had used $10.0 million of cash to fund merchant advances. See Note 10, Credit Facility for a discussion of the August3, 2009 amendment to the Amended and Restated Credit Agreement. Network Services settled over $17. During the six months ended June30, 2009, the Company did not experience any other-than-temporary losses on its Cash dividends paid Heartland - Point of Sale, Payment Processing and Payroll Solutions to over the expected vesting period; however, no deferred acquisition cost is capitalized as future services are required in order to vest. . The action asserts various Ability to pass a background check and increases over the twelve months following the installation date. compared to contraction of 0.1% on average in the three months ended June30, 2008. The provision for/(benefit from) income taxes for the three and six months ended June30, 2009 the prime rate on these payables. Historically, the Company has not experienced significant charge offs for its merchant receivables. If a 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. Experience dealing directly with small to mid-sized, local business owners and decision May3, 2007, the Board of Directors eliminated the restriction in theAugust 1, 2006 repurchaseauthorization which required management to use only proceeds from the issuance of stock options for repurchases, and increased the total the words believe, expect, anticipate, intend, plan, estimate or similar expressions. We are also affected by fluctuations in exchange rates on assets and Implementation Specialist salaries - 21 salaries reported. follows: GoodwillThe changes in the carrying amount of goodwill for the six months ended June30, 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, we record a payable to sponsor banks each month in conjunction with our monthly Forgot your password? 2008 to $19.6 million in the three months ended June30, 2009, as the result of increases in Visa and MasterCard bank card transaction authorization fees. Common Stock Repurchases. 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. Negative signing bonus adjustments could result from the prior overpayment of signing bonuses and would be recovered from the relevant salesperson. message, contactez-nous l'adresse Network Services, whose operating margin is significantly lower than that of our historic business. On July 14, 2009, Eric Kirkham filed a Verified Shareholder Derivative At June30, million, reflecting an effective tax rate of 39.1%. enviando un correo electrnico a share, respectively, associated with the Processing System Intrusion. 0822-CC07833. The amounts of General and Administrative expenses, which have been reclassified to Processing and Servicing expenses for the three and six months ended June30, 2008 were $1.5 million and $3.2 These receivables are mostly invoiced on terms of 30 days net from date of invoicing and are typically funded from working capital. As previously disclosed, we were advised by Visa that, based on Visas investigation of the Processing System Intrusion Visa believes we are in violation of the Visa Operating Regulations and that, based on that Such disputes may not be resolved in the merchants favor. $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 Her work has appeared in a variety of local and national outlets. All rights reserved. These stock options were granted to those employees who the Board of Directors determined could have significant impact on successfully integrating the Employer. summit, which focuses on the training and development of our organization. Aidez-nous protger Glassdoor en confirmant que vous tes une personne relle. estimable, we will record a reserve for the claim in question. The Company defines net revenue as total revenues less interchange fees and dues, assessments and fees.
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