[July 31, 2015] |
|
Heartland Payment Systems Reports Record Second Quarter 2015 Adjusted Earnings Per Share of $0.72
Heartland Payment Systems, Inc. (NYSE: HPY), one of the nation's largest
payment processors, today announced record second quarter
Adjusted Net Income and Adjusted Earnings per Share of $27.1 million and
$0.72, respectively, for the quarter ended June 30, 2015. Adjusted Net
Income and Adjusted Earnings per Share were $21.0 million and $0.58,
respectively, for the quarter ended June 30, 2014. For the second
quarter of 2015, Heartland reported GAAP Net Income of $20.9 million, or
$0.56 per share. 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 second quarter of 2015 include:
-
Small and Mid-Sized Enterprise (SME) transaction processing volume was
a quarterly record $23.8 billion, up 16.5% from the second quarter of
2014, the fourth consecutive quarter of double-digit acceleration
-
Quarterly Net Revenue was a record $203.9 million, up 27.9% from the
second quarter of 2014, with organic net revenue growth of 12.5% for
the quarter
-
New margin installed was an all-time record $23.9 million, a 14.6%
increase from the second quarter of 2014, and a sequential
acceleration from the 9.6% growth rate achieved in the first quarter
of 2015
-
Same store sales were up 3.4%. Net volume attrition was 9.8% for the
second quarter, down from 12.6% in the second quarter of 2014 and up
only marginally from the first quarter of 2015
Operating results for the second quarter of 2015
include:
-
A $1.2 million operating loss (equivalent to $0.02 per share) for
Leaf, which concludes losses related to this investment
-
Stock compensation expense of $5.1 million and acquisition-related
intangible amortization of $5.1 million, increases of $1.4 million and
$2.5 million, respectively, compared to the second quarter of 2014
-
Excluding acquisition-related intangible amortization, all other
depreciation and amortization expense was $10.4 million, an increase
of $2.0 million over the second quarter of 2014
-
Increases in sales compensation and general incentive compensation in
the second quarter of 2015, both due to improved financial performance
Robert O. Carr, Chairman and CEO, said, "This was the most profitable
quarter in Heartland's history, with major improvements in a number of
our key operating metrics. The addition of productive new relationship
managers contributed to another quarter of record new margin installed,
and we not only accelerated the growth rate in installs, but in June
also surpassed the $8 million mark for the first time ever. Combined
with single-digit net volume attrition, we achieved double-digit card
processing net revenue growth. Non-card revenues grew even faster, with
acquisitions significantly enhancing the strong organic growth achieved
in the quarter. We continued to heavily invest in strengthening security
and ramping up marketing spend to drive future growth. With our momentum
building, we are well-positioned to capitalize on the dynamic changes in
our markets and create value for our shareholders."
SME card transaction processing volume growth for the quarter was 16.5%
compared to the second quarter of 2014, the fifth consecutive quarter in
which the rate of SME transaction processing volume growth accelerated,
driven by new margin installs and improved net volume attrition. Core
Visa and MasterCard volume processed in the quarter was up 12.0%
compared to the second quarter of 2014, also sequentially accelerating
growth from the first quarter of 2015.
Total non-card revenue growth was 75% for the quarter, of which over 20%
was organic growth with the balance attributable to recent acquisitions.
The Adjusted Operating Margin for the second quarter of 2015 was 23.9%,
up from the prior year second quarter, despite the continuing
investments in Heartland Commerce, out-of-scope solutions, marketing,
and security initiatives, and the year-over-year increase in sales and
incentive compensation, as well as a final quarterly loss from Leaf.
Comparatively, the prior year second quarter operating margin was also
impacted by Leaf's operating loss and the correction of a billing error
at Heartland School Solutions as previously reported.
Mr. Carr continued, "We continued our investment in new growth
initiatives and critical strategic areas. Heartland Commerce is at the
heart of our strategy to help small-to-mid-size merchants use integrated
point-of-sale technology to enhance their business operations. Over the
past several months, we have achieved meaningful progress in our plans
to integrate our point-of-sale technologies and organizations. With our
ability to offer SMEs the same, if not better, functionality, security
and EMV compliance currently only available to their larger rivals,
Heartland Commerce is at the forefront of an emerging trend that is
already beginning to shape the future of the payments industry."
FULL YEAR 2015 GUIDANCE:
For full year 2015, we expect Net Revenue to grow 18% to 20%, to between
approximately $795 million and $805 million, and adjusted EPS to be in
the range of $2.82 - $2.87. Guidance assumes after-tax share-based
compensation and acquisition-related amortization expenses reduce
earnings per share by $0.66 for the year and an approximate 39% tax rate.
BOARD DECLARES QUARTERLY DIVIDEND
The Company also announced that the Board of Directors declared a
quarterly dividend of $0.10 per common share payable September 15, 2015
to shareholders of record on August 25, 2015.
CONFERENCE CALL
Heartland Payment Systems, Inc. will host a conference call on July 31,
2015 at 8:30 a.m. Eastern Time to discuss financial results and business
highlights. Heartland Payment Systems invites all interested parties to
listen to its conference call, broadcast through a webcast on the
Company's website. To access the call, along with the related
presentation slides, please visit the Investor Relations portion of the
Company's website at: www.heartlandpaymentsystems.com/about/investor-relations.
The conference call may be accessed by calling (888)-317-6003. Please
provide the operator with PIN number 5336613. The webcast will be
archived on the Company's website within two hours of the live call.
ABOUT HEARTLAND
Heartland
Payment Systems, Inc. (NYSE: HPY), one of the largest payment
processors in the United States, delivers credit/debit/prepaid card
processing and security technology through Heartland Secure™ and its
comprehensive Heartland breach warranty. Heartland also offers point of
sale, mobile commerce, e-Commerce, marketing solutions, payroll
solutions, and related business solutions and services to more than
400,000 business and educational locations nationwide.
A FORTUNE 1000 company, Heartland is the founding supporter of the Merchant
Bill of Rights, a public advocacy initiative that educates merchants
about fair credit and debit card processing practices. Heartland also
established the Sales
Professional Bill of Rights to advocate for the rights of sales
professionals everywhere.
Forward-looking Statements
This press release contains statements of a forward-looking nature
which represent our management's beliefs and assumptions concerning
future events. Forward-looking statements involve risks, uncertainties
and assumptions and are based on information currently available to us.
Actual results may differ materially from those expressed in the
forward-looking statements due to many factors, including risks and
additional factors that are described in the Company's Securities and
Exchange Commission filings, including but not limited to the Company's
annual report on Form 10-K for the year ended December 31, 2014. We
undertake no obligation to update any forward-looking statements to
reflect events or circumstances that may arise after the date of this
release.
TABLES FOLLOW:
|
|
|
|
|
Heartland Payment Systems, Inc. and Subsidiaries
|
Condensed Consolidated Statements of Income
|
(In thousands, except per share data)
|
(unaudited)
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Total revenues
|
|
$
|
675,692
|
|
|
$
|
582,859
|
|
|
$
|
1,278,151
|
|
|
$
|
1,106,142
|
|
Costs of services:
|
|
|
|
|
|
|
|
|
Interchange
|
|
|
409,549
|
|
|
|
367,773
|
|
|
|
768,889
|
|
|
|
685,869
|
|
Dues, assessments and fees
|
|
|
62,267
|
|
|
|
55,686
|
|
|
|
115,042
|
|
|
|
105,354
|
|
Processing and servicing
|
|
|
82,673
|
|
|
|
67,048
|
|
|
|
160,410
|
|
|
|
135,657
|
|
Customer acquisition costs
|
|
|
14,735
|
|
|
|
12,368
|
|
|
|
28,783
|
|
|
|
22,618
|
|
Depreciation and amortization
|
|
|
11,168
|
|
|
|
6,679
|
|
|
|
21,841
|
|
|
|
12,491
|
|
Total costs of services
|
|
|
580,392
|
|
|
|
509,554
|
|
|
|
1,094,965
|
|
|
|
961,989
|
|
General and administrative
|
|
|
56,872
|
|
|
|
43,374
|
|
|
|
114,996
|
|
|
|
87,860
|
|
Total expenses
|
|
|
637,264
|
|
|
|
552,928
|
|
|
|
1,209,961
|
|
|
|
1,049,849
|
|
Income from operations
|
|
|
38,428
|
|
|
|
29,931
|
|
|
|
68,190
|
|
|
|
56,293
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
28
|
|
|
|
30
|
|
|
|
53
|
|
|
|
62
|
|
Interest expense
|
|
|
(3,884
|
)
|
|
|
(1,258
|
)
|
|
|
(7,531
|
)
|
|
|
(2,308
|
)
|
Other, net
|
|
|
(326
|
)
|
|
|
420
|
|
|
|
(300
|
)
|
|
|
288
|
|
Total other expense
|
|
|
(4,182
|
)
|
|
|
(808
|
)
|
|
|
(7,778
|
)
|
|
|
(1,958
|
)
|
Income before income taxes
|
|
|
34,246
|
|
|
|
29,123
|
|
|
|
60,412
|
|
|
|
54,335
|
|
Provision for income taxes
|
|
|
13,340
|
|
|
|
12,552
|
|
|
|
22,268
|
|
|
|
22,852
|
|
Net income
|
|
|
20,906
|
|
|
|
16,571
|
|
|
|
38,144
|
|
|
|
31,483
|
|
Less: Net loss attributable to noncontrolling interests
|
|
|
-
|
|
|
|
(881
|
)
|
|
|
-
|
|
|
|
(1,709
|
)
|
Net income attributable to Heartland
|
|
$
|
20,906
|
|
|
$
|
17,452
|
|
|
$
|
38,144
|
|
|
$
|
33,192
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.57
|
|
|
$
|
0.49
|
|
|
$
|
1.04
|
|
|
$
|
0.91
|
|
Diluted
|
|
$
|
0.56
|
|
|
$
|
0.48
|
|
|
$
|
1.03
|
|
|
$
|
0.89
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
36,620
|
|
|
|
35,936
|
|
|
|
36,527
|
|
|
|
36,350
|
|
Diluted
|
|
|
37,164
|
|
|
|
36,734
|
|
|
|
37,138
|
|
|
|
37,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heartland Payment Systems, Inc. and Subsidiaries
|
Condensed Consolidated Statements of Comprehensive Income
|
(In thousands)
|
(unaudited)
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Net income
|
|
$
|
20,906
|
|
|
$
|
16,571
|
|
|
$
|
38,144
|
|
$
|
31,483
|
|
Other comprehensive income:
|
|
|
|
|
|
|
|
|
Reclassification of gains on investments, net of income tax of $-,
$103, $- and $103
|
|
|
-
|
|
|
|
(164
|
)
|
|
|
-
|
|
|
(164
|
)
|
Unrealized (losses) gains on investments, net of income tax of
$(7), $1, $6 and $10
|
|
|
(17
|
)
|
|
|
2
|
|
|
|
15
|
|
|
14
|
|
Unrealized gains on derivative financial instruments, net of
income tax of $15, $27, $34 and $55
|
|
|
24
|
|
|
|
48
|
|
|
|
56
|
|
|
95
|
|
Comprehensive income
|
|
|
20,913
|
|
|
|
16,457
|
|
|
|
38,215
|
|
|
31,428
|
|
Less: Comprehensive loss attributable to noncontrolling interests
|
|
|
-
|
|
|
|
(881
|
)
|
|
|
-
|
|
|
(1,709
|
)
|
Comprehensive income attributable to Heartland
|
|
$
|
20,913
|
|
|
$
|
17,338
|
|
|
$
|
38,215
|
|
$
|
33,137
|
|
|
|
|
|
|
|
|
|
|
|
Heartland Payment Systems, Inc. and Subsidiaries
|
Condensed Consolidated Balance Sheets
|
(In thousands, except share data)
|
(unaudited)
|
|
|
|
|
|
|
|
June 30,
|
|
December 31,
|
|
|
2015
|
|
2014
|
Assets
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
50,566
|
|
|
$
|
70,793
|
|
Funds held for customers
|
|
171,631
|
|
|
176,492
|
|
Receivables, net
|
|
271,288
|
|
|
234,104
|
|
Investments
|
|
110
|
|
|
106
|
|
Inventory
|
|
10,972
|
|
|
12,048
|
|
Prepaid expenses
|
|
22,790
|
|
|
22,658
|
|
Current tax assets
|
|
3,101
|
|
|
15,082
|
|
Current deferred tax assets, net
|
|
9,754
|
|
|
9,308
|
|
Total current assets
|
|
540,212
|
|
|
540,591
|
|
Capitalized customer acquisition costs, net
|
|
78,640
|
|
|
73,107
|
|
Property and equipment, net
|
|
166,645
|
|
|
154,303
|
|
Goodwill
|
|
474,147
|
|
|
425,712
|
|
Intangible assets, net
|
|
202,053
|
|
|
192,553
|
|
Deposits and other assets, net
|
|
1,735
|
|
|
1,507
|
|
Total assets
|
|
$
|
1,463,432
|
|
|
$
|
1,387,773
|
|
|
|
|
|
|
Liabilities and Equity
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Due to sponsor banks
|
|
$
|
55,848
|
|
|
$
|
31,165
|
|
Accounts payable
|
|
58,674
|
|
|
58,460
|
|
Customer fund deposits
|
|
171,631
|
|
|
176,492
|
|
Processing liabilities
|
|
120,516
|
|
|
119,398
|
|
Current portion of accrued buyout liability
|
|
16,386
|
|
|
15,023
|
|
Current portion of borrowings
|
|
36,779
|
|
|
36,792
|
|
Current portion of unearned revenue
|
|
50,692
|
|
|
46,601
|
|
Accrued expenses and other liabilities
|
|
44,164
|
|
|
41,517
|
|
Total current liabilities
|
|
554,690
|
|
|
525,448
|
|
Deferred tax liabilities, net
|
|
54,868
|
|
|
45,804
|
|
Reserve for unrecognized tax benefits
|
|
8,160
|
|
|
7,315
|
|
Long-term borrowings
|
|
515,760
|
|
|
523,122
|
|
Long-term portion of accrued buyout liability
|
|
34,754
|
|
|
32,970
|
|
Long-term portion of unearned revenue
|
|
3,136
|
|
|
2,354
|
|
Total liabilities
|
|
1,171,368
|
|
|
1,137,013
|
|
Commitments and contingencies
|
|
-
|
|
|
-
|
|
|
|
|
|
|
Equity
|
|
|
|
|
Common stock, $0.001 par value, 100,000,000 shares authorized,
36,704,141 and 36,344,921 shares issued and outstanding at June 30,
2015 and December 31, 2014
|
|
37
|
|
|
36
|
|
Additional paid-in capital
|
|
266,329
|
|
|
255,921
|
|
Accumulated other comprehensive loss
|
|
(59
|
)
|
|
(130
|
)
|
Retained earnings (accumulated deficit)
|
|
25,757
|
|
|
(5,067
|
)
|
Total equity
|
|
292,064
|
|
|
250,760
|
|
Total liabilities and equity
|
|
$
|
1,463,432
|
|
|
$
|
1,387,773
|
|
|
|
|
|
|
|
|
|
|
|
Heartland Payment Systems, Inc. and Subsidiaries
|
Condensed Consolidated Statements of Cash Flows
|
(In thousands)
|
(unaudited)
|
|
|
|
|
|
Six Months Ended June 30,
|
|
|
2015
|
|
2014
|
Cash flows from operating activities
|
|
|
|
|
Net income
|
|
$
|
38,144
|
|
|
$
|
31,483
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
Amortization of capitalized customer acquisition costs
|
|
28,983
|
|
|
24,930
|
|
Other depreciation and amortization
|
|
30,197
|
|
|
20,854
|
|
Addition to loss reserves
|
|
1,769
|
|
|
2,057
|
|
Provision for doubtful receivables
|
|
2,706
|
|
|
2,003
|
|
Deferred taxes
|
|
2,758
|
|
|
7,260
|
|
Share-based compensation
|
|
9,711
|
|
|
7,542
|
|
Write off of fixed assets and other
|
|
1,047
|
|
|
220
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
Increase in receivables
|
|
(38,228
|
)
|
|
(14,197
|
)
|
Decrease in inventory
|
|
1,202
|
|
|
740
|
|
Payment of signing bonuses, net
|
|
(21,387
|
)
|
|
(18,179
|
)
|
Increase in capitalized customer acquisition costs
|
|
(13,129
|
)
|
|
(12,157
|
)
|
Decrease (increase) in current tax assets
|
|
16,945
|
|
|
(3,969
|
)
|
Increase in prepaid expenses, deposits and other assets
|
|
(25
|
)
|
|
(2,488
|
)
|
Excess tax benefits on employee share-based compensation
|
|
(5,006
|
)
|
|
(3,394
|
)
|
Increase in reserve for unrecognized tax benefits
|
|
845
|
|
|
1,106
|
|
Increase in due to sponsor banks
|
|
24,683
|
|
|
39,665
|
|
Decrease in accounts payable
|
|
(1,344
|
)
|
|
(51
|
)
|
Increase (decrease) in unearned revenue
|
|
2,299
|
|
|
(13,785
|
)
|
Decrease in accrued expenses and other liabilities
|
|
(7,299
|
)
|
|
(11,486
|
)
|
Decrease in processing liabilities
|
|
(686
|
)
|
|
(25,821
|
)
|
Payouts of accrued buyout liability
|
|
(9,782
|
)
|
|
(7,956
|
)
|
Increase in accrued buyout liability
|
|
12,929
|
|
|
9,845
|
|
Net cash provided by operating activities
|
|
77,332
|
|
|
34,222
|
|
|
|
|
|
|
Cash flows from investing activities
|
|
|
|
|
Purchase of investments
|
|
-
|
|
|
(16,017
|
)
|
Sales of investments
|
|
-
|
|
|
2,215
|
|
Decrease in funds held for customers
|
|
51,135
|
|
|
9,736
|
|
(Decrease) increase in customer fund deposits
|
|
(51,135
|
)
|
|
4,073
|
|
Acquisitions of businesses, net of cash acquired
|
|
(60,969
|
)
|
|
(20,493
|
)
|
Capital expenditures
|
|
(29,157
|
)
|
|
(25,952
|
)
|
Net cash used in investing activities
|
|
(90,126
|
)
|
|
(46,438
|
)
|
|
|
|
|
|
Cash flows from financing activities
|
|
|
|
|
Proceeds from borrowings
|
|
131,000
|
|
|
60,000
|
|
Principal payments on borrowings
|
|
(138,375
|
)
|
|
(10,000
|
)
|
Proceeds from exercise of stock options
|
|
2,256
|
|
|
1,337
|
|
Excess tax benefits on employee share-based compensation
|
|
5,006
|
|
|
3,394
|
|
Repurchases of common stock
|
|
-
|
|
|
(54,455
|
)
|
Dividends paid on common stock
|
|
(7,320
|
)
|
|
(6,153
|
)
|
Net cash used in financing activities
|
|
(7,433
|
)
|
|
(5,877
|
)
|
|
|
|
|
|
Net decrease in cash
|
|
(20,227
|
)
|
|
(18,093
|
)
|
Cash at beginning of year
|
|
70,793
|
|
|
71,932
|
|
Cash at end of period
|
|
$
|
50,566
|
|
|
$
|
53,839
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP Financial Measures and Regulation G
Disclosure
|
To supplement its consolidated financial statements presented in
accordance with accounting principles generally accepted in the
United States ("GAAP"), the Company provides additional measures of
its operating results on a continuing operations basis, namely
income from operations, operating margin, net income and earnings
per share, which exclude acquisition-related amortization expense
and share-based compensation expense. These measures meet the
definition of a non-GAAP financial measure within the meaning of
Regulation G promulgated by the Securities and Exchange Commission.
The Company believes that application of these non-GAAP financial
measures is appropriate to enhance understanding of its historical
performance, its performance relative to its competitors, as well as
prospects for its future performance.
|
|
This press release contains non-GAAP financial measures. Pursuant to
Regulation G, a reconciliation of these non-GAAP financial measures
with the comparable financial measures calculated in accordance with
GAAP for the three and six months ended June 30, 2015 and 2014
follows (in thousands except per share data):
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2015
|
|
GAAP
|
|
Acquisition- related Amortization
|
|
Share-based Compensation
|
|
Adjusted Non-GAAP
|
Income from operations
|
|
$
|
38,428
|
|
|
$
|
5,135
|
|
|
$
|
5,062
|
|
|
$
|
48,625
|
|
Operating margin (a)
|
|
18.8
|
%
|
|
|
|
|
|
23.9
|
%
|
Net income attributable to Heartland
|
|
$
|
20,906
|
|
|
$
|
3,126
|
|
|
$
|
3,082
|
|
|
$
|
27,114
|
|
Diluted earnings per share
|
|
$
|
0.56
|
|
|
$
|
0.08
|
|
|
$
|
0.08
|
|
|
$
|
0.72
|
|
Diluted shares used in computing earnings per share
|
|
37,164
|
|
|
|
|
|
|
37,164
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2014
|
|
GAAP
|
|
Acquisition- related Amortization
|
|
Share-based Compensation
|
|
Adjusted Non-GAAP
|
Income from operations
|
|
$
|
29,931
|
|
|
$
|
2,600
|
|
|
$
|
3,704
|
|
|
$
|
36,235
|
|
Operating margin (a)
|
|
18.8
|
%
|
|
|
|
|
|
22.7
|
%
|
Net income attributable to Heartland
|
|
$
|
17,452
|
|
|
$
|
1,479
|
|
|
$
|
2,108
|
|
|
$
|
21,039
|
|
Diluted earnings per share
|
|
$
|
0.48
|
|
|
$
|
0.04
|
|
|
$
|
0.06
|
|
|
$
|
0.58
|
|
Diluted shares used in computing earnings per share
|
|
36,734
|
|
|
|
|
|
|
36,734
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2015
|
|
GAAP
|
|
Acquisition- related Amortization
|
|
Share-based Compensation
|
|
Adjusted Non-GAAP
|
Income from operations
|
|
$
|
68,190
|
|
|
$
|
10,097
|
|
|
$
|
9,711
|
|
|
$
|
87,998
|
|
Operating margin (a)
|
|
17.3
|
%
|
|
|
|
|
|
22.3
|
%
|
Net income attributable to Heartland
|
|
$
|
38,144
|
|
|
$
|
6,158
|
|
|
$
|
5,922
|
|
|
$
|
50,224
|
|
Diluted earnings per share
|
|
$
|
1.03
|
|
|
$
|
0.17
|
|
|
$
|
0.16
|
|
|
$
|
1.36
|
|
Diluted shares used in computing earnings per share
|
|
37,138
|
|
|
|
|
|
|
37,138
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2014
|
|
GAAP
|
|
Acquisition- related Amortization
|
|
Share-based Compensation
|
|
Adjusted Non-GAAP
|
Income from operations
|
|
$
|
56,293
|
|
|
$
|
4,910
|
|
|
$
|
7,542
|
|
|
$
|
68,745
|
|
Operating margin (a)
|
|
17.9
|
%
|
|
|
|
|
|
21.8
|
%
|
Net income attributable to Heartland
|
|
$
|
33,192
|
|
|
$
|
3,005
|
|
|
$
|
4,378
|
|
|
$
|
40,575
|
|
Diluted earnings per share
|
|
$
|
0.89
|
|
|
$
|
0.08
|
|
|
$
|
0.12
|
|
|
$
|
1.09
|
|
Diluted shares used in computing earnings per share
|
|
37,250
|
|
|
|
|
|
|
37,250
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Operating margin is measured as Income from operations divided
by Net revenue. Net revenue is defined as total revenues less
interchange fees and dues, assessments and fees.
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20150731005152/en/
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