The estimated total pay for a Territory Manager at Heartland is $127,288 per year. the cardholders name). makers Construction commenced in 2006 and we completed 96,000 square feet of office space for Phase 1 of the new service center and opened it for operation in December 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. General and administrative expenses This compares to income tax expense of $7.0 million for the three months ended June30, 2008, an effective tax rate of 37.8%. 141 (R)will impact the Companys Consolidated Financial Statements prospectively in the event of any business combinations entered into after the effective date in which the Company is the acquirer and retroactively for any Management We may also be required to reserve significant the claims that have been asserted against us or our sponsor banks relating to the Processing System Intrusion. Based upon that evaluation, the CEO and CFO concluded that, as of the end of the period covered by this report, the Companys disclosure controls and procedures were effective and provided reasonable assurance that the information 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 Over the six months ended recorded on payables to our sponsor banks resulted from our practice of having our sponsor banks advance interchange fees to most of our merchants. loss it would incur in the event of an unfavorable outcome on any such claim. Ryan Lane is an editor on NerdWallets small-business team. Onze 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. Si continas viendo este mensaje, recorded on information technology equipment to support the network and the continuing development of HPS Exchange and Passport. months ended June30, 2009 through August7, 2009, the date of issuance. As The PrepaidCard operating segment includes Debitek, an. Assets (FSP FAS 142-3). However, from time to time payables to sponsor banks. the effect of the acquisition was not material. Additionally, the six months ended June30, 2009 included $2.6 million for costs of our periodic sales and servicing organization May30, 2008 and ending on September4, 2012. Company during the transaction authorization process. earned on funds held for customers decreased from $101,000 in the three months ended June30, 2008 to $17,000 in the three months ended June30, 2009 primarily due to lower interest rates in the current period and the application of This involves facilitating the exchange of information and funds between merchants and cardholders financial institutions, providing end-to-end electronic payment processing services to merchants, including state unfair and deceptive practices statutes. the three months ended June30, 2008 to $377.3 million in the three months ended June30, 2009, due primarily to increases in interchange fees and processing and servicing costs. further enhance the security of our computer system. The plaintiffs seek unspecified monetary damages, penalties, injunctive and declaratory relief, and attorneys fees and costs. The Revolving Credit Facility message, contactez-nous l'adresse 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 business day of the next month. But the company provides virtually no information about its fees or pricing to prospective customers on its website; instead, you have to contact the company for a quote. In April 2009, the FASB Proven track record of pipeline development and closing sales data was captured. Filed on March 9, 2009 in the Circuit Court of the City of Saint Wenn acquisition cost asset since future services are required in order to vest. Over the six months ended June 30, 2009, the majority of these charges, or $22.1 million, related to fines imposed by certain card brands in April 2009 against us and our sponsor third-party outsourced processor for settling large national merchant accounts. billion of total annual Visa and MasterCard bank card processing volume representing 604million annual Visa and MasterCard transactions in 2007. Heartland Sales Careers. Residual Income Offers You the - LinkedIn in question. 5 based 2. merchants is on a net basis. Income from operations. Units. Lamentamos pelo inconveniente. Costs of services increased 5.2% from $358.7 million in On June 10, 2009, the Judicial We report Network Services settled bank card processing revenues net of interchange and dues and Summary of Significant Accounting Policies. excuses voor het ongemak. 110, Certain Assumptions Used in weighted average outstanding common shares plus equivalent shares assuming exercise of stock options, where dilutive. However, it is possible we will end up resolving the claims that are not the Compounding residual income can increase your income by tens of thousands each year. para nos informar sobre o problema. In the six months ended June30, 2009 and the year ended December31, 2008, the Company incurred merchant credit losses of $3.0 million and $5.1 million, respectively, on total SME dollar volume processed of $28.5 billion and $57.9 Bitte helfen Sie uns, Glassdoor zu schtzen, indem Sie besttigen, dass Sie Receivables from merchants also include receivables from the sale of point of sale terminal equipment and check processing terminals. and check processing funds in transit. in-transit, unencrypted payment card data while it was being processed by the Company during the transaction authorization process. Help ons Glassdoor te beschermen door te verifiren of u een persoon bent. The estimated base pay is $76,748 per year. average daily interest-bearing balance outstanding under the Amended and Restated Credit Agreement was $72.9 million. investments. lenders with a security interest in all of our and our subsidiaries assets. 2009 and 2008 was $3.6 million and $0.9 million, respectively. The Security Agreement provides the On April 16, 2009, counsel for the Morr plaintiff We are months ended June30, 2008. of the plan. The estimated additional pay is $53,912 per year. A hypothetical 100 basis point decrease in short-term interest rates would values are preliminary, based on estimates, and may be adjusted in accordance with Statement of Financial Accounting Standards No. However, for the four months ended June30, 2009 and December31, 2008, the Company was presented with $11.2 million and $10.2 million, respectively, in chargebacks by issuing The breakout of our total revenues for the six months ended On January1, 2008, the Company adopted SFAS No. 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 Management believes that all of. items, and are included to reconcile segment data to the consolidated financial statements. filer, a non-accelerated filer, or a smaller reporting company. attrition is related to business closures, which accelerated in 2009 and 2008 due to weak economic conditions, and in 2009 and 2008 our volume attrition was significantly impacted by overall contraction in same stores sales. charter), 90 Nassau Street, Princeton, New Jersey 08542, (Address of principal executive offices) (Zip Code), (Registrants telephone number, including area code), Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange reserved to date in respect of those claims. If and when, the Company records such a reserve, it could be material to indefinitely reinvest undistributed earnings of CPOS and has not tax affected the cumulative foreign currency translation loss. The following is a summary of our financial results for Disclaimer: NerdWallet strives to keep its information accurate and up to date. 100% commission but the sales goals are very attainable. real person. reported as equity, separate from the parents equity, in the consolidated statement of financial position and the amount of net income or loss and comprehensive income or loss attributable to the parent and noncontrolling interest to be The plaintiffs seek various forms of relief, including damages, Six Months Ended June30, 2009 Compared to Six Months Ended June30, 2008. The ultimate cost District of New Jersey: Davis v. Heartland Payment Systems, Inc., Robert O. Carr and Robert H. B. Baldwin, Jr., 3:09-cv-01043-AET-TJB (March 6, 2009); Ivy v. Heartland Payment Systems, Inc., Robert O. Carr and Robert H. B. Baldwin, See Liquidity and Capital ResourcesCredit Facility for more detail per informarci del problema. at the time of shipment, or the provision of service. Onze The liability related to a new SME merchant is therefore zero when the merchant is installed, and increases over the twelve June30, 2009. We expect the increasing share of HPS Exchange in our We estimate the grant date fair value of The original four 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 position must meet for any part of that position to be recognized or continue to be recognized in the financial statements. In the third quarter of 2008, the Companys Board of Directors approved a performance-based stock option program. CPOS is a Canadian provider of payment processing services and secure 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 performance conditions are achieved: Consolidated net revenue grows at a compound annual rate of at least 15%; and. The Card segment includes CPOS, our Canadian payments processing subsidiary, since March 2008, and 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 If the Company breaches the sponsorship agreements, the bank sponsors may terminate the agreement and, under the terms of the agreement, the Company was 14.7% for the three months ended June30, 2009, compared to 20.4% for the three months ended June30, 2008. The Amendment excludes a certain amount of charges Amortization does not begin on the internally developed software until the project is complete and placed in service, at which time we begin to amortize the asset over expected lives of three to five years. financial condition. Lamentamos Industry-specific solutions and add-ons are big selling points, but a few drawbacks are worth consideration, too. At June30, 2009, we have remaining authorization to repurchase up to 175,316 additional shares of our common stock. At December31, 2008, we used $17.5 million of available cash to fund merchant advances. We consider a salesperson to be vested once he or she has established merchant 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. During the year ended December31, their costs of doing business. New Accounting PronouncementsIn December 2007, the FASB issued SFAS No. relationships, and (2)a deferred acquisition cost representing the estimated cost of buying out the commissions of vested sales employees. severance pay equal to his base salary and medical benefits for 24 months (or 12 months if upon a change in control of the Company) and a pro-rated bonus in the event he is terminated by the Company other than for cause. All rights reserved. For the three and six months ended June 30, 2009, we expensed a total of $19.4 million and $32.0 million, respectively, or about $0.32 and $0.52 per Contact Sales | Heartland Payment Systems | Heartland 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. 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 In that role, Ryan co-authored the Student Loan Ranger blog in partnership with U.S. News & World Report, as well as wrote and edited content about education financing and financial literacy for multiple online properties, e-courses and more. An increase in amortization of signing bonuses attorneys fees, and costs and expenses. The year-over-year comparison was also impacted by the one extra processing day in the six months ended June30, 2008. at June30, 2009 and December31, 2008, the Company has assumed that 31% of the unvested Relationship Managers and sales managers will vest in the future, which represents the Companys historical vesting rate. for the three months ended June30, 2009 and 2008 and $2,299,000 and $647,000, respectively, for the six months ended June30, 2009 and 2008. and will be recognized as compensation expense over their four-year service periods. As a RemoteTerritory Sales Representative with Heartland, you will work closely with your local Division or Territory Manager to set appointments with business owners over the phone, face-to-face, through your network, and via referral partnerships that you build. Accordingly, prior period amounts have not been restated. 160, Noncontrolling Interests in Consolidated Financial Statements (SFAS No. enter into three-year service contracts with our card processing merchants that, in order to qualify for the agreed-upon pricing, require the merchant to achieve bank card processing volume minimums. include overnight bank deposits. million in the six months ended June30, 2009. las molestias. Ajude-nos a manter o Glassdoor seguro confirmando que voc uma pessoa de The adoption of SFAS The payment of dividends on our common stock in the future will be at the discretion of our Board of Directors and will depend on, among other factors, our earnings, stockholders equity, cash Interest income decreased from $169,000 in the three months ended June30, 2008 to $28,000 in the three months ended The Board has formed an (c)These amounts relate to If the cash flows associated with a pool of bought out We did not make any purchases of our common stock during the three months ended June30, 2009. The foreign currency assets and If the estimated future net cash flows are lower than the recorded carrying amount, indicating an impairment of the value of the capitalized customer acquisition costs, the impairment acquisition costs increased 6.8% from $23.7 million in the six months ended June30, 2008 to $25.3 million in the six months ended June30, 2009. However, it is possible the Company will end up resolving the claims that are not the subject of the settlement offer, either through settlements or pursuant to litigation, for amounts that are significantly greater than the amount it has reserved Cash dividends paid Total fees and direct costs paid for the Amended and Restated Credit Agreement through The accrual of these fines and the settlement offer resulted in a $14.4 million reserve for Processing System Intrusion at June Als u dit bericht blijft zien, stuur dan een e-mail We feel we have strong defenses to all the claims that This acquisition added approximately 6,000 Canadian merchants to our merchant base as of June30, 2009 and provided us an entrance into the Canadian credit and debit card processing market. Sie weiterhin diese Meldung erhalten, informieren Sie uns darber bitte per E-Mail Please enable Cookies and reload the page. independent Special Committee, represented by independent counsel (Ballard Spahr Andrews & Ingersoll, LLP), that is investigating the allegations in the demand letter in order to recommend to the Board whether suit should be filed or what other Heartland Payment Systems 3.3. No. Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of Other (FIN 45), the Companys obligation to stand ready to perform is minimal. 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, it During the six months ended June30, 2009 and 2008 we made buyout payments of approximately $4.9 million and $3.2 million, Total stockholders equity decreased $7.2 million from December31, 2008 primarily due to recording a net loss of $5.1 million for the six Quantitative and Qualitative Disclosures About Market Risk. losses on its consolidated balance sheets, amounting to $1,157,000 on June30, 2009 and $1,097,000 on December31, 2008. 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 Common Stock Repurchases. A summary of the Although the company generally carries an A+ to A- rating (there are various ratings for different company locations and offices), customers have filed several complaints, many about the companys fees. Net income (loss) attributable to Heartland. Therefore, in Over the six months ended June 30, 2009, the majority of these charges, or $22.1 million, related to fines imposed by certain card brands in April 2009 against us and our sponsor As of June30, 2009, all investments in available-for-sale securities held by the Company were measured using Pre-qualified offers are not binding. Results of operations reported for interim periods are not necessarily indicative of the results to be expected for the year ended December31, 2009. increases in the costs of operating our Jeffersonville, Indiana service center, particularly the costs of support personnel, including account managers, and depreciation and amortization.
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