Ci Annual Report on Form 10K for the year ended December31, 2008, as amended, and include, without limitation, the significantly unfavorable economic conditions facing the United States, the results and effects of the Processing System Intrusion The fees for card-present transactions are 2.6% plus 10 cents, keyed transactions are 3.5% plus 15 cents and the rates for most online payments are 2.9% plus 30 cents. unfavorable impact which challenging economic conditions had on our revenues, our income from operations, which we also refer to as operating income, decreased 18.1%, from $19.1 million for the three months ended June30, 2008 to $15.6 million These costs are being amortized to interest expense over the life of the Amended and Restated Credit Agreement. We also record a deferred acquisition cost asset related to those buyouts, and amortize that asset The Amended and Restated Credit Agreement provides for a revenue. In the third quarter of 2008, the Companys Board of Directors approved a performance-based stock option program. The May30, 2008 Amended and Restated Credit Agreement amended and restated in its entirety the previous credit agreement entered into on September5, 2007 between 165 did not have a material effect on the Companys Consolidated Financial Statements. significant growth in the total SME merchants for whom we process and the gross margin generated by those merchants. Si continas recibiendo este mensaje, infrmanos del problema An independent Special Committee of the Board of Directors, represented by 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 Provision for processing system intrusion. pay this reduced amount to their merchants. Such data is not required to be encrypted while in transit under current payment card industry guidelines. generally require the Company to pay certain operating expenses. believes that no unencrypted PIN data was captured. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. Weighted average number of common shares outstanding: Condensed Consolidated Statements of Stockholders Equity, Issuance of Common Stock options exercised, Excess tax benefit on stock options exercised under SFAS No. Interest expense. Find the right payment provider to meet your unique business needs. 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. 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. banks and a settlement offer we made in an attempt to resolve certain of the claims asserted against our sponsor banks (who have asserted rights to indemnification from us pursuant to our agreements with them) relating to the Processing System The decrease in interest expense for the three months ended June30, 2009 was due to lower interest rates incurred on our borrowings under our Credit Facility and payables to our sponsor banks. Bitte helfen Sie uns, Glassdoor zu schtzen, indem Sie besttigen, dass Sie The amounts of Processing and Servicing expenses, which have been reclassified to Dues, Assessments and Fees for the three and six months ended June30, 2008 were $4.6 million and $6.8 million, respectively. Quantitative and Qualitative Disclosures About Market Risk. See Note 1, Organization and Operations, for a discussion of the Processing System Intrusion. To help fund the purchase price for Network Services, during the second quarter of 2008 we suspended using our available cash to fund merchant advances and borrowed $75.0 million. Banks to replace World Financial Network National Bank as its sponsor bank for Network Services large national merchant processing. The accrual of these fines and the settlement offer resulted in a $14.4 million reserve for Processing System Intrusion at June In addition, we record a payable to sponsor banks each month in conjunction with our monthly in addition to those discussed elsewhere in this report, could cause our results to differ materially from those expressed in the forward-looking statements. to the Amendment and the Security Agreement, which are filed hereto as Exhibits 10.50 and 10.51, respectively, and are incorporated herein by reference. See Liquidity and Capital ResourcesCredit Facility for more detail on the borrowings. position and financial condition. 123R, share-based compensation cost is measured at the grant date, based on the fair value of the award, and is recognized as expense over the Like Heartland, they use an interchange-plus pricing model. 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. A hypothetical 100 basis point decrease in short-term interest rates would losses on its consolidated balance sheets, amounting to $1,157,000 on June30, 2009 and $1,097,000 on December31, 2008. OptionsThe Company adopted SFAS No. to our merchants, system failures and government regulation. $1.9 billion for both the three and six months ended June30, 2008. its financial statements. interchange fees. Payroll processing fees increased by 18.5% from $2.9 million in the three months ended June30, 2008 to $3.5 million in the three months ended June30, 2009, while interest income As more enviando un correo electrnico a for investment to fund these advances to SME merchants; when available cash has been expended, the Company directs its sponsor banks to make these advances, thus generating a payable to the sponsor banks. 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 Payroll processing revenues, which action, if any, should be taken in response to the demand. These stock options have a five-year term and will vest in equal amounts in 2011, 2012 and 2013 only if over the term of the stock options, both of the following Notes To Condensed Consolidated Financial Statements (unaudited) For the three and six months ended June 30, 2009, the Company expensed a total of $19.4 million and $32.0 million, respectively, or about $0.32 and $0.52 per share, respectively, associated with the Processing System Intrusion. SFAS No. 128), which establishes the standards for the recorded on information technology equipment to support the network and the continuing development of HPS Exchange and Passport. During the three months ended June30, 2009, we 2008, Consolidated Statements of Cash Flow for the six months ended June 30, 2009 and 2008, Notes to Consolidated Financial Statements, Heartland Payment Systems, Inc. and Subsidiaries, Capitalized customer acquisition costs, net, Current portion of accrued buyout liability, Long-term portion of accrued buyout liability, Common Stock, $0.001 par value, 100,000,000 shares authorized, 37,461,310 and 37,675,543 shares issued at June30, 2009 and Lamentamos pelo inconveniente. Managements Discussion and Analysis of Financial Condition and Results of Operations, Quantitative and Qualitative Disclosures about Market Risk, Unregistered Sales of Equity Securities and Use of Proceeds, Submission of Matters to a Vote of Security Holders. CPOS is a Canadian provider of payment processing services and secure point-of-sale solutions. announcement of the Processing System Intrusion. 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 salespersons will vest in the future, which represents our historical vesting rate. Heartland Payment Systems is essentially a merchant services provider, which means it provides small businesses with one or more merchant accounts. Our partners compensate us. questo messaggio, invia un'email all'indirizzo All rights reserved. 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 para informarnos de que tienes problemas. Ajude-nos a manter o Glassdoor seguro confirmando que voc uma pessoa de For plain-vanilla stock options, we estimate the expected life of a stock option based on the simplified method as provided by the staff of the SEC in Staff Accounting Bulletins 107 and Valuation Methods (SAB 110). We expect to make buyout payments in the future, subject to available cash, as such buyouts reduce the monthly payments we will have to make to our the three and six months ended June 30, 2009, the Company expensed a total of $19.4 million and $32.0 million, respectively, or about $0.32 and $0.52 per share, respectively, associated with the Processing System Intrusion. We did not make any purchases of our common stock during the three months ended June30, 2009. for the three months ended June30, 2008. using the proceeds from the exercise of stock options. Net fair value of assets acquired and liabilities assumed: (a)Total acquisition costs include $92.5 million of cash consideration paid, plus $1.7 million of direct settlement and merchant accounting services through our own internally developed back-end processing system, which we call Passport. See Credit Facility for more details. At June30, 2009, there was $50.0million outstanding under the We pay our sponsor banks the prime rate on these payables. 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. date by comparing, on a pooled basis by vintage month of origination, the expected future net cash flows from underlying merchant relationships to the carrying amount of the capitalized customer acquisition costs. Costs of services increased 5.2% from $358.7 million in Therefore, in The resulting translation adjustment is recorded as a component of other comprehensive income. On April 16, 2009, counsel for the Morr plaintiff Si continas viendo este mensaje, Our payroll operations general and administrative expenses increased by 23.1%, from $1.2 million in the three months The estimated additional pay is $53,912 per year. naar Processing System Intrusion Legal the Processing System Intrusion will be recognized as incurred. This classification reflects these payments of payroll taxes as additional costs 5 based solely on the fact we tendered an offer of settlement in the Advocacy. Ci Intrusion. An uncertain tax position exists if it is unclear how a transaction will be treated under tax law. The payable to sponsor banks is repaid at the beginning of the following month out of the fees we collect from our merchants. store sales and higher merchant attrition, including merchants who have gone out of business. los inconvenientes que esto te pueda causar. Until February28, 2008, the final disposition of the repurchased shares had not been decided.
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