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Heartland Payment Systems Reports 26% Increase In Fourth Quarter Adjusted Earnings Per Share

Stocks in this article: HPY

Heartland Payment Systems, Inc. (NYSE: HPY), one of the nation's largest payment processors, today announced GAAP net income of $15.0 million, or $0.38 per share, for the three months ended December 31, 2012. Adjusted Net Income and Adjusted Earnings per Share were $17.2 million and $0.44, respectively, for the quarter ended December 31, 2012, compared to Adjusted Net Income and Adjusted Earnings per Share of $14.2 million and $0.35, respectively, for the quarter ended December 31, 2011. Adjusted Net Income and Adjusted Earnings per Share are non-GAAP measures that are detailed later in this press release in the section “Reconciliation of Non-GAAP Financial Measures.”

Highlights for the fourth quarter of 2012 include:

  • Closed two strategic acquisitions, which provide immediate scale that will leverage operating costs while improving product and distribution capabilities in both the company's payroll and campus businesses
  • Small and Mid-Sized Enterprise (SME) quarterly transaction processing volume of $17.6 billion, up 5.0% from the fourth quarter of 2011
  • Quarterly Net Revenue of $135.7 million, up 8.4% from the fourth quarter of 2011
  • Operating Margin on Net Revenue of 19.3% compared to 16.1% for the same quarter in 2011
  • Same store sales rose 1.5% and volume attrition was 13.3% in the fourth quarter
  • New margin installed of $14.5 million, up 1% from the fourth quarter of 2011

Robert O. Carr, Chairman and CEO, said, “Heartland Payment Systems achieved record earnings in fiscal 2012, with outstanding fourth quarter financial performance leading to a 48% increase in both 2012 adjusted net income and adjusted earnings per share. These results are the product of continued success in the marketplace driving double-digit net revenue growth, and success improving operating efficiencies, resulting in a 460 basis point increase in our operating margin. While we were achieving this significant growth, we also enhanced our ability to sustain our performance over the long haul through the strategic acquisitions of Ovation Payroll and ECSI, which strengthen our Payroll and Campus Solutions businesses, respectively. In addition to the aggressive share repurchases and dividend increases implemented over the past few years, these acquisitions represent another use of our strong cash flow and balance sheet to reward and build value for our shareholders.”

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