Heartland Payment Systems announced first quarter revenue of $467 million and an Adjusted Net Income of $8.0 million, compared to a GAAP net income of $14.2 million. Recorded quarterly net revenue was $112.7 million, up 8.5% from 1Q/10 thanks greatly to SME card processing volumes of $15.4 billion, an increase of 7.1% compared to the three months ended March 31, 2010, thanks to increased Network Services and CPOS net revenue, and continued strong growth in non-card operations such as a double-digit increase in payroll revenue.
This was all the culmination of Small and Mid-Sized merchant (SME) transaction processing volume clocking $15.4 billion, up 7.1% from the year ago period, while the total number of transactions processed for Network Services Merchants amounted to 747 million, up 9.0% year-over-year. Also, same store sales were up 3.2%, but the Company incurred approximately $303,000 in costs attributable to the processing system intrusion. Subsequent to these figures, Heartland Payment Systems expects net revenue to increase between 8% and 10% for 2011, guidance which does not include any of the ongoing costs related to the processing system intrusion.