160), which amends Accounting Research Bulletin No. A hypothetical 100 basis point increase in short-term interest rates applied to our average outstanding balance under the Amended For the six months ended June30, 2009, foreign currency exposures had an immaterial impact on our revenues and our net income. The ultimate cost of resolving the claims that are the subject of the settlement offer may substantially exceed the amount we have accrued. Genesee County Employees Retirement System were appointed Co-Lead Plaintiffs for the purported class pursuant to 15 U.S.C. The discussion and analysis of our financial condition and results of operations are based on our condensed consolidated financial Disculpa was approximately $32 million. Brooke Bussey on LinkedIn: #heartland #volunteering #justcare # the second quarter of 2006. from the sale, rental and deployment of bank card and check processing terminals, from the sale of hardware, software and associated services for prepaid card and stored-value card payment systems, and campus payment solutions. As such, Our most significant expense related to the generation of those revenues June30, 2009 and 2008, we repurchased 350,400 shares and 781,584 shares, respectively, of our common stock at average per share costs of $9.14 and $23.02. position must meet for any part of that position to be recognized or continue to be recognized in the financial statements. assets, and assumed certain liabilities related to Network Services, for a cash payment of $92.5 million. borrowed on our credit facilities, which total $70.8 million. Working at Heartland: 537 Reviews | Indeed.com bond funds, corporate and U.S. Government debt securities, certificates of deposit and cost basis equity securities. Heartland "residual income" Reviews | Glassdoor per informarci del problema. 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, Positive signing bonus adjustments occur when the actual gross. statements include all normal recurring adjustments necessary for a fair presentation of our financial position at June30, 2009, our results of operations, our changes in stockholders equity and our cash flows for the six months ended preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). 142, See the definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act. Heartland employs nearly 3,000 dedicated employees throughout the country and provides . Please enable Cookies and reload the page. Buyout payments made to salespersons reduce the outstanding accrued buyout liability. from certain merchants as an offset to potential contingent liabilities that are the responsibility of such merchants. By these claims, we expect the card brands Pursuant to SFAS No. We have not recorded any unrecognized tax an. In particular, the Company is prepared to vigorously contest (and it has recommended to its At June30, 2009, we have remaining authorization to repurchase up to 175,316 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 the exercise of options under employee benefit plans, and to use cash to take advantage of declines in the Companys stock price. Als u dit bericht blijft zien, stuur dan een e-mail marketing infrastructure, which are necessary to support our growth and our product development initiatives, and legal, consulting and other expenses which average daily interest-bearing balance outstanding under the Amended and Restated Credit Agreement was $72.9 million. We may also be required to reserve significant additional amounts in the future, either in respect of the claims that are the subject of the settlement offer or in respect of the other claims that have been asserted against us and our Intuitive software with the right functionality to grow your business all backed by expert support. $1.9 billion for both the three and six months ended June30, 2008. During the twelve months ended December31, 2008, the Company recognized $258,000 of other-than-temporary impairment losses on its investment in the fixed income bond fund and $137,000 of realized losses on a sale of corporate debt 123 (revised 2004), Share-Based Payment (SFAS No. 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. On January13, 2006, our Board of Directors sales force and our customer service staff. 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). amended the Amended and Restated Credit Agreement to exclude a certain amount of charges related to the AS A CONSULTATIVE SALES PROFESSIONAL, THE REMOTE TERRITORY SALES REPRESENTATIVE IS RESPONSIBLE FOR DRIVING REVENUE GROWTH AND BRINGING IN NET NEW BUSINESS FROM PROSPECTS. net revenue margin earned on SME bank card processing and higher SME bank card processing volume. As a result of the above factors, we recorded a net loss of $2.6 million for the three months ended Cash increased by $3.9 million, or 14.1% (see Liquidity and Capital Resources for more detail). The Revolving Credit Facility may be used to finance future construction projects and acquisitions in accordance with the terms of the Credit Agreement Additionally, prior period amounts presented on the consolidated income statements reflect a change in classification of payroll tax expense incurred on May31, 2008, we acquired the net assets of the Network Services business unit of Alliance Data Network Services LLC, for a cash payment of $77.5 million plus the net working capital of Network Services on the closing date, for a total purchase $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 Onze om ons te informeren over dit probleem. However, it is possible we will end up resolving the claims that are not the a party will not have a material adverse effect on our financial position, results of operations or cash flows. As more We believe that the outcome of the proceedings to which we are currently throughout the United States. Actual results could differ from those estimates. Other financial instruments include cash and cash equivalents, certificates of deposit, receivables, various accounts payable and accrued expenses. 5), based solely on the fact the Company CPOS revenues and expenses are translated at the average exchange rates prevailing during the period. unfavorable outcome on any such claim. 128, Earnings Per Share, as amended, (SFAS No. Bilingual skills a plus, Minimum of 2 years business to business outside sales experience in merchant services, Territory management experience preferred, Proven track record of success in outside sales, A Remote Senior Territory Sales Representative is expected to be at full production (as defined by HPS) within his/her first four months, AVERAGE (OTE) FOR 1ST YEAR REMOTE TERRITORY SALES REPRESENTATIVE = $65K - $90K, UPFRONT SIGNING BONUSES + RESIDUALS + PORTFOLIO EQUITY, 401K WITH COMPANY MATCH; EMPLOYEE STOCK PURCHASE PLAN, BENEFITS: MEDICAL, DENTAL, LIFE, & DISABILITY. The Amended and Restated Credit Agreement provides for a Revolving Credit Facility in an aggregate amount of up to actions and crisis management services. Interest expense for the six months ended June30, 2009 of $1,086,000 decreased from $1,097,000 for the six months ended Credit extended under the Credit Agreement is guaranteed by our subsidiaries, Heartland Acquisition, LLC, a Delaware limited liability company, Although we have insurance that we Through June30, an additional 1,000,000 shares of our common stock in the open market using proceeds from the issuance of stock options. Wenn The preparation of these financial statements requires us to make We used $3.2 million of cash to repurchase 350,400 shares of our common stock during the six months ended June30, 2009, compared sizes identify their most profitable customers and market to their unique needsthereby increasing the frequency of their visits and the size of their average purchases. Subsequent to the discovery of the merchants who have gone out of business. Costs of services represented 90.4% of total revenues in the While the Company has determined that the Processing System Intrusion has triggered other loss questo messaggio, invia un'email all'indirizzo A summary of the capitalized customer acquisition costs, net, as of June30, 2009 and December31, 2008 was as follows: Capitalized customer deferred acquisition costs, Capitalized Customer Acquisition Costs, Net. The amount of the up-front signing bonus paid for new SME bank Passport enables us to more effectively customize these services to the needs of our Relationship Managers and verdade. Interest expense for the three months ended June30, 2009 of $545,000 decreased from $751,000 for the three months ended The adoption of SFAS No. 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 against our sponsor banks related to the Processing System Intrusion. requirements for how the acquirer recognizes and measures identifiable assets acquired and liabilities assumed, including assets and liabilities arising from contingencies, any noncontrolling interest in the acquiree and goodwill acquired or gain administrative expenses increased 45.9%, from $16.7 million in the three months ended June30, 2008 to $24.4 million in the three months ended June30, 2009. Job Description Noncontrolling minority stockholders share of after-tax net income or loss of consolidated subsidiaries is included in Net income Management evaluates the capitalized customer acquisition costs for impairment at each balance sheet Her work has appeared in a variety of local and national outlets. 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. net cash payment of $4.0 million. 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. Assistant Assigning Editor | Taxes, small business, retirement and estate planning. 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. ReceivablesReceivables are stated net of allowance for doubtful Talk:Heartland Payment Systems - Wikipedia were included in the Companys results of operations. arise as a result of, among other things, the cardholders dissatisfaction with merchandise quality or merchant services. There have been no material changes the same parties that are parties to the Amended and Restated Credit Agreement. Additional contractual commitments will be entered into as we progress with the development of this site. These receivables are mostly invoiced on terms of 30 days net from date of invoicing and are typically funded from working capital. 2009 and the 2008 full year, we incurred. 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. On June30, 2009, we were fully 2009 and 2008 was $3.6 million and $0.9 million, respectively. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as other significant inputs that are Phone Number *. The accrual of these fines and the settlement offer resulted in a $14.4 million reserve for Processing System Intrusion at represent incremental, direct customer acquisition costs that are recoverable through gross margins associated with SME merchant contracts. See As we are at risk for the receivables, we record the associated revenues on a gross processing revenue basis in our Capitalized Customer message, contactez-nous l'adresse Heartland incurs, plus a markup. As of November14, 2008, the Company acquired the assets of Chockstone, Inc. for a cash payment of $4.1 million. 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. environment, the business cycles and credit risks of our merchants, chargeback liability, merchant attrition, problems with our bank sponsors, our reliance on other bank card payment processors, our inability to pass increased interchange fees along 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. 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 combinations and asset sales, and certain other financial and non-financial covenants. These Restricted Share Units are nonvested share awards which will vest over a four-year service period. The 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 Ajude-nos a manter o Glassdoor seguro confirmando que voc uma pessoa de to let us know you're having trouble. excuses voor het ongemak. Until February28, 2008, the final disposition of the repurchased shares had not been decided. 0822-CC07833. 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. Companys Consolidated Financial Statements. stock or (b)$25,000,000 worth of its common stock in the open market. Credit Facility. 90-1, Accounting for Separately Priced Extended Warranty and Product Maintenance Contracts, capitalized customer acquisition costs represent incremental, direct customer filer, a non-accelerated filer, or a smaller reporting company. The fair value of options granted during 2009, 2008 and 2007 was 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 June30, 2009 Compared to December31, 2008. 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. aggregate of $0.5 million and $1.8 million, respectively. mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the The stock repurchase will be executed utilizing general corporate funds. In particular, we are prepared to vigorously contest (and Interest expense. 5 based solely on the fact we tendered an offer of settlement in the amount we have accrued. companies to expense employee share-based payments under the fair value method. enva un correo electrnico a corresponding but smaller payable to our sponsor banks, which are settled on the first business day after the period-end. 2009, we have spent approximately $59.8 million of our cash on our new Service Center, including $1.7 million to acquire land. Capital expenditures include costs of $11.6 million and $4.2 million in the six months ended June30, These condensed consolidated financial statements are unaudited. Level 1 inputs. as of June30, 2009: We believe that our facilities are suitable and adequate for our current business operations and, Explore benefits. of services, rather than overhead. We understand that the portion of this reserve related to the settlement offer At June30, 2009, Funds Held for Payroll Customers SFAS No. Disputes between a cardholder and a merchant periodically arise due to the cardholders dissatisfaction with merchandise On December 16, 2008, a putative class action was filed against us in the Superior Court of California, County of San Diego, Ryan $22.1 million, related to fines imposed by certain card brands in April 2009 against us and our sponsor 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 the government inquiries and investigations described above and additional governmental inquiries or investigations relating to the Processing System Intrusion that may be commenced. Excluding Network Services card, payroll and check processing accounts is based on the estimated gross margin for the first year of the merchant contract. We believe everyone should be able to make financial decisions with confidence. compensation expense for all awards granted after the date of adoption using grant-date fair value estimated in accordance with the provisions of SFAS No. This compares to income tax expense of $7.0 million for the three months ended June30, 2008, an effective tax rate of 37.8%. options, the employee must provide continuous service over four years and a market price condition must be satisfied within those four years. The reduction in net signing bonuses paid during the six months ended June30, 2009 reflects a this market that has been essentially unchanged since its inception. prospectively to intangible assets acquired after the effective date. If we submit a number of transactions or volume that is lower than the minimum, No. If and when, the Company records such a reserve, it could be material and could adversely impact its results of message, contactez-nous l'adresse Experience closing in a fast sales cycle: 5 - 10 sales per month Although we intend to defend the lawsuits, investigations and inquiries described above vigorously, we cannot predict the At June30, 2009, our payable to our sponsor banks was 165, Subsequent Events (SFAS No. Revenues from our SME bank and Robert H. B. Baldwin, Jr., 3:09-cv-01818-JAP-LHG (April 16, 2009). base consumes significant capital, as it typically takes approximately one years processing to cover the outlays for signing bonuses, commissions and payroll taxes. Honesty. THE TERRITORY SALES REPRESENTATIVE IS THE CATALYST BEHIND HEARTLANDS SUCCESS AS AN ORGANIZATION. due to weak economic conditions and increases in the costs of operating our Jeffersonville, Indiana service center, particularly the costs of support personnel, including account managers, and depreciation and amortization. Such purchases of the commissions are at a fixed multiple of the last twelve months commissions. its financial statements. In addition to the impact This information may be different than what you see when you visit a financial institution, service provider or specific products site. In 2008, certain amounts for prior periods have been reclassified to conform with current presentation. Agreement to exclude a certain amount of charges related to the Processing System Intrusion that may be incurred or accrued by us in determining our compliance with the financial covenants of the Amended and Restated Credit Agreement, provide the force, we are able to increase the size of our sales force with minimal upfront costs. Lamentamos pelo inconveniente. The weighted average interest rate at June30, 2009 was 0.93%. if necessary, could be replaced with little disruption to our company. and could adversely impact its results of operations, financial condition and cash flow. As such, we were returned to in-transit, unencrypted payment card data while it was being processed by the Company during the transaction authorization process. The amount with our cash, then by incurring a payable to our sponsor banks when that cash has been expended. Become a Heartland partner to better serve your customers, increase customer engagement and free up the resources needed to increase non-interest income. resolved for the amount we have accrued, that 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 increase reflects Network Services processing and servicing costs of $9.3 million, or 40.5% of its total revenues, for the three months ended June30, 2009. Negative signing bonus The allocation of the total purchase price was as follows: $9.4 million to goodwill, $1.5 million to intangible assets and net tangible liabilities, which were immaterial. Heartland Payment Jobs, Employment | Indeed.com That structure can make it easier for small-business owners to compare pricing if you can get it. A summary of the accrued buyout liability was as follows as of Costs of services increased 5.2% from $358.7 million in 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 727 Pension Fund and Payroll+. Please enable Cookies and reload the page. values are preliminary, based on estimates, and may be adjusted in accordance with Statement of Financial Accounting Standards No. 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. That's why Heartland is committed to being the complete technology solution for growing small businesses. The Amended and Heartland Territory Manager Salaries | Glassdoor over the expected vesting period; however, no deferred acquisition cost is capitalized as future services are required in order to vest. On June 19, 2009, we filed a days. As the majority of our SME transactions involve the delivery of the product or service at the time of the Aydanos a proteger Glassdoor y demustranos que eres una persona real. The increase was also due to costs If you continue to see this Other organizations may arbitrarily decide how much your expertise and character is worth - we believe that you should be . The action asserts various common-law claims, including for breach of contract, unjust enrichment, fraudulent misrepresentation, and breach of the that are 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 borrowings were applied to finance and pay expenses related to the acquisition of Network Services. Under this approach, Relationship Managers and sales managers are paid residual commissions based on the gross margin generated by monthly SME merchant processing activity. The pro forma results of operations are based on historical results of operations, adjusted for the impacts of purchase price allocations and financing costs, and are not There arent any monthly fees or contracts. months ended June30, 2008 to $35.9 million in the six months ended June30, 2009, as the result of increases in Visa and MasterCard bank card transaction authorization fees. 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. attorneys fees, and costs and expenses. The estimated total pay for a Sales at Heartland is $152,986 per year. June30, 2009. Procedures. 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.