Heartland Reports Third Quarter Loss of $13.6 million

Heartland Payment Systems wrote off $35.6 million, or 59 cents a share, in the third quarter for various costs related to what is believed to be the largest credit and debit card breach ever, including settlement offers and significant legal fees. On Jan. 20, Heartland reported a breach estimated at 130 million credit and debit cards being stolen from the company's network.

Heartland posted a third-quarter net loss of $13.6 million, or 36 cents a share, the Princeton, N.J., payment processor reported this week. Earnings for the company include Small and Mid-Sized Merchant (SME) transaction processing volume of $15.8 billion that was up slightly (1.1%) from a year ago. Heartland's quarterly net revenue was $110 million, which is down marginally from the record quarterly revenues of a year ago, due in part the company says to declines in equipment-related revenues.

About the Author

Linda McGlasson

Linda McGlasson

Managing Editor

Linda McGlasson is a seasoned writer and editor with 20 years of experience in writing for corporations, business publications and newspapers. She has worked in the Financial Services industry for more than 12 years. Most recently Linda headed information security awareness and training and the Computer Incident Response Team for Securities Industry Automation Corporation (SIAC), a subsidiary of the NYSE Group (NYX). As part of her role she developed infosec policy, developed new awareness testing and led the company's incident response team. In the last two years she's been involved with the Financial Services Information Sharing Analysis Center (FS-ISAC), editing its quarterly member newsletter and identifying speakers for member meetings.

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