PRINCETON, N.J.--(BUSINESS WIRE)--Heartland Payment Systems (NYSE: HPY), the nation's fifth largest payments processor and a leading provider of merchant business solutions, today announced Adjusted Net Loss and Adjusted Loss per share from continuing operations of $15.2 million and $0.42 per share, respectively, for the quarter ended December 31, 2014, compared to Adjusted Net Income and Adjusted Earnings per share from continuing operations of $20.5 million and $0.55, respectively, for the quarter ended December 31, 2013. The 2014 results reflect $41.4 million of pre-tax ($37.6 million after-tax, or $1.02 per share) asset impairment charges recorded in the fourth quarter, primarily related to our investment in Leaf and other Point-of-Sale (“POS”) assets and as more fully described below. For the fourth quarter of fiscal 2014, Heartland’s GAAP net loss was $19.8 million, or $0.55 per share. Adjusted Net Income and Adjusted Earnings per share from continuing operations are non-GAAP measures that are detailed later in this press release in the section “Reconciliation of Non-GAAP Financial Measures.”
Highlights for the fourth quarter of 2014 include:
- Record quarterly Net Revenue of $188.3 million, up 26.2% from the fourth quarter of 2013
- Small and Mid-Sized Enterprise (SME) Visa, MasterCard and Discover processing volume grew 10.1% from the fourth quarter of 2013, continuing the solid sequential quarterly improvements experienced since the beginning of 2014
- Record quarterly new margin installed of $21.4 million, up 11.7% from the fourth quarter of 2013
- Same store sales rose 3.9% and net volume attrition fell to 10.7% in the fourth quarter, the best performance for each metric in over 5 years
- Both GAAP and Adjusted financial results reflect $41.4 million pre-tax, ($37.6 million after-tax) or $1.02 per share, in asset impairment charges as a result of an analysis of the values ascribed to investments at Leaf and in Prosper, our internally-developed POS software, as well as our investment in TabbedOut, a mobile payments provider. The impairment charges are recorded against operating income, excepting only the $4.0 million write down of TabbedOut. All charges are non-cash
- The combination of share-based compensation and acquisition-related amortization reduced earnings by $7.5 million pre-tax, or approximately $0.13 per share, compared with $5.4 million pre-tax, or $0.09 per share in the fourth quarter of 2013
Robert O. Carr, Chairman and CEO, said, “We delivered another year of solid financial performance with accelerating growth across many of our most important key operating metrics, generating strong momentum on which we can build. Our performance reflects strong organic card processing volume and net revenue growth, as well as the continued contribution of strategic acquisitions and our non-card businesses. At the core, our success continues to reflect our fundamental market differentiators, offering small and mid-sized merchants transparent pricing, innovative products and uncompromised security, delivered by our trusted employee relationship managers - who generated record new margin installed for both the quarter and the year.”
In a separate release today, the acquisition of POS companies Dinerware and pcAmerica as well as the formation of Heartland Commerce was announced. These companies, along with existing POS businesses, Xpient Solutions, Liquor POS, Leaf, as well as other Heartland related solutions, constitute Heartland Commerce. Each of Dinerware and pcAmerica are in the process of completing the development of cloud-based POS systems that complement their well-established on-premise solutions. These cloud-based POS systems overlap with what is being developed by Leaf; consequently, Heartland decided that it will stop POS development efforts at Leaf, and write down related POS assets.
Mr. Carr continued: “The demand for robust cloud-based POS solutions is accelerating, and these acquisitions are helping us achieve our goal of becoming a leader in this segment of the market. New mobile, security, NFC and other innovations and requirements are increasing the complexity of the payments environment, while tablets and the cloud are driving down the cost and improving the functionality of point-of-sale solutions. The offering of a comprehensive integrated payments solution is a logical and natural evolution of the products and services we offer our merchants. As payments become more complex, merchants will increasingly turn to a trusted partner that can provide them with a solution that meets their unique needs. With a strong cloud-based POS infrastructure, we now have a leading platform to which we can quickly and efficiently add new applications either organically or through additional acquisitions, while further distinguishing Heartland as the leader in technology that provides the security and functionality increasingly demanded by the mounting complexity of the payments environment.”
FULL YEAR 2014 RESULTS:
For the full year of 2014, net revenue was $672.6 million, up 12.3% from $599.0 million in 2013, and Adjusted Net Income from continuing operations and related earnings was $50.2 million or $1.35 per share, compared to $88.1 million, or $2.32 per share, in the prior year. Fiscal 2014 GAAP net income from continuing operations was $33.9 million, or $0.91 per share. Both full year 2014 GAAP and Adjusted results reflect the $41.4 million of impairment charges recorded in the fourth quarter. Fiscal 2013 GAAP net income from continuing operations was $74.7 million or $1.96 per share. Full year 2014 share-based compensation expense and acquisition-related amortization expense reduced pre-tax earnings by $26.8 million, or $0.44 per share, compared to $22.0 million, or $0.36 per share, in 2013.
FULL YEAR 2015 GUIDANCE:
For full year 2015, we expect Net Revenue to grow 15% to 17% to be between approximately $775 million and $790 million, and adjusted EPS to be in the range of $2.75- $2.85. Guidance assumes after-tax share-based compensation and acquisition-related amortization expenses reduce earnings per share by $0.68 for the year.
BOARD DECLARES QUARTERLY DIVIDEND:
The Company also announced that the Board of Directors declared a quarterly dividend of $0.10 per common share, an increase of over 17% compared to the prior quarterly dividend rate, payable March 13, 2015 to shareholders of record on March 2, 2015.
CONFERENCE CALL:
Heartland Payment Systems, Inc. will host a conference call on February 13, 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, please visit the Investor Relations portion of the Company's website at: www.heartlandpaymentsystems.com. The conference call may also be accessed by calling (888)-317-6003. Please provide the operator with PIN number 1158564. 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), the fifth largest payments processor 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 300,000 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, 2013. 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
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Heartland Payment Systems, Inc. and Subsidiaries |
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| Condensed Consolidated Statements of Operations | ||||||||||||||||
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(In thousands, except per share data) |
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|
(unaudited) |
||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2014 | 2013 | 2014 | 2013 | |||||||||||||
| Total revenues | $ | 604,613 | $ | 530,380 | $ | 2,311,381 | $ | 2,135,372 | ||||||||
| Costs of services: | ||||||||||||||||
| Interchange | 363,653 | 332,448 | 1,422,894 | 1,335,487 | ||||||||||||
| Dues, assessments and fees | 52,644 | 48,757 | 215,862 | 200,903 | ||||||||||||
| Processing and servicing | 80,026 | 59,264 | 285,011 | 237,232 | ||||||||||||
| Customer acquisition costs | 12,070 | 10,555 | 46,977 | 42,109 | ||||||||||||
| Depreciation and amortization | 10,126 | 5,909 | 30,598 | 19,975 | ||||||||||||
| Total costs of services | 518,519 | 456,933 | 2,001,342 | 1,835,706 | ||||||||||||
| General and administrative | 53,313 | 42,326 | 190,554 | 173,568 | ||||||||||||
| Goodwill impairment charge | 18,490 | — | 18,490 | — | ||||||||||||
| Asset impairment charges | 18,875 | — | 18,875 | — | ||||||||||||
| Total expenses | 609,197 | 499,259 | 2,229,261 | 2,009,274 | ||||||||||||
| (Loss) income from operations | (4,584 | ) | 31,121 | 82,120 | 126,098 | |||||||||||
| Other income (expense): | ||||||||||||||||
| Interest income | 30 | 29 | 125 | 124 | ||||||||||||
| Interest expense | (3,607 | ) | (1,683 | ) | (8,057 | ) | (5,429 | ) | ||||||||
| Other, net | (4,313 | ) | (171 | ) | (444 | ) | (241 | ) | ||||||||
| Total other expense | (7,890 | ) | (1,825 | ) | (8,376 | ) | (5,546 | ) | ||||||||
| (Loss) income from continuing operations before income taxes | (12,474 | ) | 29,296 | 73,744 | 120,552 | |||||||||||
| Provision for income taxes | 7,297 | 12,411 | 41,876 | 46,450 | ||||||||||||
| Net (loss) income from continuing operations | (19,771 | ) | 16,885 | 31,868 | 74,102 | |||||||||||
|
Income from discontinued operations, net of income tax of $— , $— ,$— and $2,135 |
— | — | — | 3,970 | ||||||||||||
| Net (loss) income | (19,771 | ) | 16,885 | 31,868 | 78,072 | |||||||||||
|
Less: Net (loss) income attributable to noncontrolling interests |
||||||||||||||||
| Continuing operations | — | (520 | ) | (2,011 | ) | (610 | ) | |||||||||
| Discontinued operations | — | — | — | 56 | ||||||||||||
| Net (loss) income attributable to Heartland | $ | (19,771 | ) | $ | 17,405 | $ | 33,879 | $ | 78,626 | |||||||
| Amounts attributable to Heartland: | ||||||||||||||||
| Net (loss) income from continuing operations | $ | (19,771 | ) | $ | 17,405 | $ | 33,879 | $ | 74,712 | |||||||
|
Income from discontinued operations, net of income tax and noncontrolling interests |
— | — | — | 3,914 | ||||||||||||
|
Net (loss) income attributable to Heartland |
$ | (19,771 | ) | $ | 17,405 | $ | 33,879 | $ | 78,626 | |||||||
| Basic earnings per share: | ||||||||||||||||
| (Loss) income from continuing operations | $ | (0.55 | ) | $ | 0.47 | $ | 0.93 | $ | 2.03 | |||||||
| Income from discontinued operations | — | — | — | 0.11 | ||||||||||||
| Basic (loss) earnings per share | $ | (0.55 | ) | $ | 0.47 | $ | 0.93 | $ | 2.14 | |||||||
| Diluted earnings per share: | ||||||||||||||||
| (Loss) income from continuing operations | $ | (0.55 | ) | $ | 0.46 | $ | 0.91 | $ | 1.96 | |||||||
| Income from discontinued operations | — | — | — | 0.10 | ||||||||||||
| Diluted (loss) earnings per share | $ | (0.55 | ) | $ | 0.46 | $ | 0.91 | $ | 2.06 | |||||||
| Weighted average number of common shares outstanding: | ||||||||||||||||
| Basic | 36,253 | 36,906 | 36,354 | 36,791 | ||||||||||||
| Diluted | 37,000 | 37,972 | 37,187 | 38,053 | ||||||||||||
| Heartland Payment Systems, Inc. and Subsidiaries | ||||||||||||||||
| Condensed Consolidated Statements of Comprehensive Income | ||||||||||||||||
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(In thousands) |
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|
(unaudited) |
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| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2014 | 2013 | 2014 | 2013 | |||||||||||||
| Net (loss) income | $ | (19,771 | ) | $ | 16,885 | $ | 31,868 | $ | 78,072 | |||||||
| Other comprehensive (loss) income: | ||||||||||||||||
|
Reclassification of gains on investments, net of income tax of $—, $—, $108 and $— |
— | — | (170 | ) | — | |||||||||||
|
Unrealized (losses) gains on investments, net of income tax of $(5), $4, $(10) and $8 |
(56 | ) | 8 | (50 | ) | 12 | ||||||||||
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Unrealized gains (losses) on derivative financial instruments, net of tax of $23, $(38), $106 and $153 |
38 | (61 | ) | 178 | 254 | |||||||||||
| Foreign currency translation adjustment | — | — | — | (54 | ) | |||||||||||
| Comprehensive (loss) income | (19,789 | ) | 16,832 | 31,826 | 78,284 | |||||||||||
| Less: Net loss attributable to noncontrolling interests | — | (520 | ) | (2,011 | ) | (570 | ) | |||||||||
| Comprehensive (loss) income attributable to Heartland | $ | (19,789 | ) | $ | 17,352 | $ | 33,837 | $ | 78,854 | |||||||
| Heartland Payment Systems, Inc. and Subsidiaries | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
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(In thousands, except share data) |
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|
(unaudited) |
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| December 31, | ||||||||
| Assets | 2014 | 2013 | ||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 70,793 | $ | 71,932 | ||||
| Funds held for customers | 176,492 | 127,375 | ||||||
| Receivables, net | 234,104 | 200,040 | ||||||
| Investments | 106 | 4,101 | ||||||
| Inventory | 12,048 | 11,087 | ||||||
| Prepaid expenses | 22,658 | 15,284 | ||||||
| Current tax assets | 15,082 | 10,426 | ||||||
| Current deferred tax assets, net | 9,308 | 9,548 | ||||||
| Total current assets | 540,591 | 449,793 | ||||||
| Capitalized customer acquisition costs, net | 73,107 | 61,027 | ||||||
| Property and equipment, net | 154,303 | 147,388 | ||||||
| Goodwill | 425,712 | 190,978 | ||||||
| Intangible assets, net | 192,553 | 49,857 | ||||||
| Deposits and other assets, net | 1,507 | 1,262 | ||||||
| Total assets | $ | 1,387,773 | $ | 900,305 | ||||
| Liabilities and Equity | ||||||||
| Current liabilities: | ||||||||
| Due to sponsor banks | $ | 31,165 | $ | 19,109 | ||||
| Accounts payable | 58,460 | 70,814 | ||||||
| Customer fund deposits | 176,492 | 127,375 | ||||||
| Processing liabilities | 119,398 | 130,871 | ||||||
| Current portion of accrued buyout liability | 15,023 | 13,943 | ||||||
| Current portion of borrowings | 36,792 | — | ||||||
| Current portion of unearned revenue | 46,601 | 18,172 | ||||||
| Accrued expenses and other liabilities | 41,517 | 31,689 | ||||||
| Total current liabilities | 525,448 | 411,973 | ||||||
| Deferred tax liabilities, net | 45,804 | 40,600 | ||||||
| Reserve for unrecognized tax benefits | 7,315 | 5,633 | ||||||
| Long-term borrowings | 523,122 | 150,000 | ||||||
| Long-term portion of accrued buyout liability | 32,970 | 25,436 | ||||||
| Long-term portion of unearned revenue | 2,354 | — | ||||||
| Total liabilities | 1,137,013 | 633,642 | ||||||
| Commitments and contingencies | — | — | ||||||
| Equity | ||||||||
| Common stock, $0.001 par value, 100,000,000 shares authorized, 36,344,921 and 37,485,486 shares issued at December 31, 2014 and December 31, 2013; 36,344,921 and 36,950,886 outstanding at December 31, 2014 and December 31, 2013 | 36 | 37 | ||||||
| Additional paid-in capital | 255,921 | 245,055 | ||||||
| Accumulated other comprehensive loss | (130 | ) | (88 | ) | ||||
| (Accumulated deficit) retained earnings | (5,067 | ) | 35,960 | |||||
| Treasury stock, at cost (534,600 shares at December 31, 2013) | — | (20,489 | ) | |||||
| Total stockholders’ equity | 250,760 | 260,475 | ||||||
| Noncontrolling interests | — | 6,188 | ||||||
| Total equity | 250,760 | 266,663 | ||||||
| Total liabilities and equity | $ | 1,387,773 | $ | 900,305 | ||||
| Heartland Payment Systems, Inc. and Subsidiaries | ||||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||
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(In thousands) |
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|
(unaudited) |
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| Year Ended December 31, | ||||||||
| 2014 | 2013 | |||||||
| Cash flows from operating activities | ||||||||
| Net income | $ | 31,868 | $ | 78,072 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Amortization of capitalized customer acquisition costs | 51,626 | 45,648 | ||||||
| Other depreciation and amortization | 48,270 | 35,389 | ||||||
| Asset impairment charges | 37,365 | — | ||||||
| Addition to loss reserves | 9,650 | 2,787 | ||||||
| Provision for doubtful receivables | 3,279 | 195 | ||||||
| Deferred taxes | 7,515 | 8,403 | ||||||
| Share-based compensation | 13,269 | 12,838 | ||||||
| Gain on sale of assets | (305 | ) | (3,786 | ) | ||||
| Write off of fixed assets and other | 1,996 | 1,034 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Increase in receivables | (18,134 | ) | (19,693 | ) | ||||
| Increase in inventory | (890 | ) | (1,343 | ) | ||||
| Payment of signing bonuses, net | (38,875 | ) | (29,091 | ) | ||||
| Increase in capitalized customer acquisition costs | (24,831 | ) | (21,159 | ) | ||||
| Increase in current tax assets | (11,047 | ) | (3,138 | ) | ||||
| Increase in prepaid expenses, deposits and other assets | (3,153 | ) | (3,782 | ) | ||||
| Excess tax benefits on employee share-based compensation | (7,524 | ) | (11,596 | ) | ||||
| Increase in reserve for unrecognized tax benefits | 1,682 | 2,564 | ||||||
| Increase (decrease) in due to sponsor banks | 12,056 | (18,477 | ) | |||||
| (Decrease) increase in accounts payable | (11,434 | ) | 2,136 | |||||
| Increase in unearned revenue | 1,554 | 5,010 | ||||||
| Increase (decrease) in accrued expenses and other liabilities | 1,569 | (6,615 | ) | |||||
| (Decrease) increase in processing liabilities | (21,123 | ) | 32,761 | |||||
| Payouts of accrued buyout liability | (11,568 | ) | (13,651 | ) | ||||
| Increase in accrued buyout liability | 20,182 | 17,620 | ||||||
| Net cash provided by operating activities | 92,997 | 112,126 | ||||||
| Cash flows from investing activities | ||||||||
| Purchase of investments | (38,962 | ) | (5,262 | ) | ||||
| Sales of investments | 25,247 | — | ||||||
| Maturities of investments | — | 2,000 | ||||||
| (Increase) decrease in funds held for customers | (35,420 | ) | 4,040 | |||||
| Increase (decrease) in customer fund deposits | 49,003 | (4,030 | ) | |||||
| Proceeds from sale of business | — | 19,343 | ||||||
| Acquisitions of businesses, net of cash acquired | (392,142 | ) | (15,182 | ) | ||||
| Capital expenditures | (54,913 | ) | (52,924 | ) | ||||
| Net cash used in investing activities | (447,187 | ) | (52,015 | ) | ||||
| Cash flows from financing activities | ||||||||
| Proceeds from borrowings, net | 460,392 | 156,416 | ||||||
| Principal payments on borrowings | (54,188 | ) | (161,001 | ) | ||||
| Proceeds from exercise of stock options | 6,109 | 14,174 | ||||||
| Excess tax benefits on employee share-based compensation | 7,524 | 11,596 | ||||||
| Repurchases of common stock | (54,455 | ) | (49,625 | ) | ||||
| Dividends paid on common stock | (12,331 | ) | (10,321 | ) | ||||
| Net cash provided by (used in) financing activities | 353,051 | (38,761 | ) | |||||
| Net (decrease) increase in cash | (1,139 | ) | 21,350 | |||||
| Effect of exchange rates on cash | — | 1 | ||||||
| Cash at beginning of year | 71,932 | 50,581 | ||||||
| Cash at end of year | $ | 70,793 | $ | 71,932 | ||||
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. The Company believes that application of these non-GAAP financial measures is appropriate to enhance understanding of its historical performance as well as prospects for its future performance.
This press release contains non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. 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 twelve months ended December 31, 2014 and 2013 follows (in thousands except per share data):
| Acquisition- | |||||||||||||||||
| related | Share-based | Adjusted | |||||||||||||||
| Three Months Ended December 31, 2014 | GAAP | Amortization | Compensation | Non-GAAP | |||||||||||||
| (Loss) income from operations | $ | (4,584 | ) | $ | 5,133 | $ | 2,333 | $ | 2,882 | ||||||||
| Operating margin (a) | (2.4 | )% | 1.5 | % | |||||||||||||
|
Net (loss) income from continuing operations attributable to Heartland |
$ | (19,771 | ) | $ | 3,167 | $ | 1,439 | $ | (15,165 | ) | |||||||
| (Loss) earnings per share from continuing operations | $ | (0.55 | ) | $ | 0.09 | $ | 0.04 | $ | (0.42 | ) | |||||||
|
Shares used in computing (loss) earnings per share from continuing operations |
36,253 | 36,253 | |||||||||||||||
| Acquisition- | |||||||||||||||||
| related | Share-based | Adjusted | |||||||||||||||
| Three Months Ended December 31, 2013 | GAAP | Amortization | Compensation | Non-GAAP | |||||||||||||
| Income from operations | $ | 31,121 | $ | 2,339 | $ | 3,075 | $ | 36,535 | |||||||||
| Operating margin (a) | 20.9 | % | 24.5 | % | |||||||||||||
|
Net income from continuing operations attributable to Heartland |
$ | 17,405 | $ | 1,348 | $ | 1,772 | $ | 20,525 | |||||||||
|
Diluted earnings per share from continuing operations |
$ | 0.46 | $ | 0.04 | $ | 0.05 | $ | 0.55 | |||||||||
|
Diluted shares used in computing earnings per share from continuing operations |
37,972 | 37,972 | |||||||||||||||
| Acquisition- | |||||||||||||||||
| related | Share-based | Adjusted | |||||||||||||||
| Twelve Months Ended December 31, 2014 | GAAP | Amortization | Compensation | Non-GAAP | |||||||||||||
| Income from operations | $ | 82,120 | $ | 13,544 | $ | 13,269 | $ | 108,933 | |||||||||
| Operating margin (a) | 12.2 | % | 16.2 | % | |||||||||||||
|
Net income from continuing operations attributable to Heartland |
$ | 33,879 | $ | 8,262 | $ | 8,094 | $ | 50,235 | |||||||||
| Diluted earnings per share from continuing operations | $ | 0.91 | $ | 0.22 | $ | 0.22 | $ | 1.35 | |||||||||
|
Diluted shares used in computing earnings per share from continuing operations |
37,187 | 37,187 | |||||||||||||||
| Acquisition- | |||||||||||||||||
| related | Share-based | Adjusted | |||||||||||||||
| Twelve Months Ended December 31, 2013 | GAAP | Amortization | Compensation | Non-GAAP | |||||||||||||
| Income from operations | $ | 126,098 | $ | 9,112 | $ | 12,838 | $ | 148,048 | |||||||||
| Operating margin (a) | 21.1 | % | 24.7 | % | |||||||||||||
| Net income from continuing operations attributable to Heartland | $ | 74,712 | $ | 5,577 | $ | 7,857 | $ | 88,146 | |||||||||
| Diluted earnings per share from continuing operations | $ | 1.96 | $ | 0.15 | $ | 0.21 | $ | 2.32 | |||||||||
|
Diluted shares used in computing earnings per share from continuing operations |
38,053 | 38,053 | |||||||||||||||
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| (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. | |
