Question-and-Answer Session
Operator
(Operator Instructions). Your first question comes from Tim Willi.
Timothy Willi - Avondale Partners
Hi guys, good morning.
Bob Carr
Good morning.
Timothy Willi - Avondale Partners
I just had a quick question here on the American Express and Discover on the gross margin install line. Are you guys including in that in the gross margin install currently or you guys include that once the processing is actually available for the merchants?
Bob Carr
Yes Tim, we are not including that now and as we get more our experienced with predicting the volumes we will begin adding that, but we have no plans to begin adding that in our installment this year?
Timothy Willi - Avondale Partners
Yes, that’s very helpful. And then on NWS is the revenue number this quarter a good run rate or can you just kind of review the seasonality there?
Bob Carr
Well certainly the pattern is not earned like the legacy Heartland’s business. We have the second and third quarter or just as they are big enough in hospitality and legal activities also they can broaden. So second and third quarters of the year are the strongest pattern, the fourth quarter is weaker and then the slowest quarter is the first quarter of the year. So, I think within that it represented a good run rate. We did have some revenues in the third quarter that were the result of de-conversion and so we are no longer with us.
Timothy Willi - Avondale Partners
And just a housekeeping question. Can you give the quarterly net revenue numbers, just given the dues and assessment repayment?
Bob Baldwin
The quarterly net revenue, for the four quarters of 2008 were $79.8 million, $93.4 million, $110.4 million and then $100.1 million in the fourth quarter.
Timothy Willi - Avondale Partners
Okay, thank you.
Operator
And your next question comes from Julio Quinteros.
Julio Quinteros - Goldman Sachs
Hey guys. Real quickly on, can you just recap what you, the calls that you made and what you said about volumes trends through January and February. I just wanted to make sure that what encountered there, just to get a sense on the volume numbers.
Bob Carr
Well I think you are referring to same-store sales.
Julio Quinteros - Goldman Sachs
Very much, right. Yes.
Bob Carr
Yes, January was really in line with November, December and those numbers bounce around a little bit, month-to-month and so you don’t want to declare a trend. I think November was very weak and December was a little better and January was back up a little bit. February is more an interpretation of what our actual volumes that we are seeing and a little guess work on my part. But it's really no signs of an improvement from that lower level. If you recall, our last call we mentioned that the September has been a much weaker month and then October followed that. Well and it was very consistent with September and we stepped out another 3 or 4 percentage points worst same-stores sales in that November-December period and based on everything I see that’s continuing through today.
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