Heartland ‘s GAAP net loss makes up $2.6 million in second quarter

Tuesday, Heartland Payment Systems, leading provider of credit/debit/prepaid card processing, payroll, check management and payment services, published its second quarter results. 

Thus it was unveiled that, Heartland’s GAAP net loss made up $2.6 million or $0.07 per share.

Results for the second quarter are after $19.4 million (pre-tax), or $0.32 per share, of various expenses, accruals and reserves, all of which are attributable to the processing system intrusion.

 Net revenues in the second quarter of 2009 were $106.6 million, reflecting 14.1% growth compared to $93.4 million in the second quarter of 2008.

Highlights for the Second Quarter represented by: 

• SME Transaction processing volume made up $15.2 billion, that is down 0.6% from the previous year

• Net Revenue grew up by 14.1% compared to the same quarter in 2008 

• Same store sales fell by 9.7% for the quarter, the largest such decline in our history 

• New margin reflected decline 17.2% compared to the record quarterly new margin installed for the same quarter in 2008 

• Operating margin on net revenue made up 14.7% against 20.4% for the same quarter in the previous year 

• Stock Compensation expense cut earnings by $811,000, or $0.013 per share, in the quarter, against $371,000, or $0.006 per share in 2008.