Heartland Payment Systems payments processing announced 1Q/10 systems revenues of $411million and GAAP net income of $14.2 million. Net revenues totaled $103.8 million, an increase of 5.4% compared to $98.5 million in year-ago period. Card processing volume for the three months ended March 31, 2010 was $14.4 billion, an increase of 7.2% compared to1Q/09, thanks to contributions from the ramp up in Discover and American Express activity, as well as growth in other SME merchant volume. In the first quarter of 2010, operating income as a percentage of net revenues was 2.5%, reflecting the economyâs impact on net revenue growth. Additionally, small and Mid-Sized merchant (SME) transaction processing volume was $14.4 billion, up 7.2% compared with 1Q/09; Transactions processed for Large National merchants of 685 million, up 6.8% compared with 1Q/09; Quarterly net revenue was $103.8 million, up 5.4% compared with 1Q/09; 94.6% of new merchants installed were on HPS Exchange compared to 91.2% in 1Q/09; and a 370 basis point sequential improvement in same store sales performance (1.5%) relative to the 1Q/09.
HEARTLAND PAYMENT SYSTEMS REVENUES
1Q/09: $372 million
2Q/09: $417 million
3Q/09: $443 million
4Q/09: $420 million
1Q/10: $411 million
Source: CardData (http://www.carddata.com)