Heartland Reports Third Quarter Loss of $13.6 millionHeartland 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.