LONG BEACH, N.Y., March 22, 2011 (GLOBE NEWSWIRE) -- Planet Payment, Inc. (OTCQX:PLPM) (LSE:PPT) (LSE:PPTR), a leading international payment and data processor, today announced its results for the year ended December 31, 2010 and quarterly results for the three month period ended December 31, 2010. During both periods, the Company again delivered solid results, showing strong growth:
2010 Financial Highlights
- Total revenue increased 37% to $64.7m (2009: $47.3m).
- Gross Profit increased 26% to $20.5m (2009: $16.3m).
- Multicurrency Revenue increased 56% to $52.1m (2009: $33.3m).
- Adjusted EBITDA of $1.8m, a substantial improvement over $0.5m in 2009. See Table 1 in Exhibit 1 for reconciliation of net loss to Adjusted EBITDA.
- Net loss improved 18% to ($3.3m) (2009 loss: $4.0m).
- Cash flow from operations of $0.3m a 133% improvement (2009: ($0.9m)).
Fourth Quarter 2010 Financial Highlights
- Total revenue increased 50% to $21.4m (Q4 2009: $14.2m).
- Multicurrency Revenue increased 67% to $18.0m (Q4 2009: $10.8m).
- Gross Profit grew 44% to $6.8m (Q4 2009: $4.7m).
- Adjusted EBITDA improved 286% to $1.8m (Q4 2009: $0.5m). See Table 1 in Exhibit 1 for reconciliation of net loss to Adjusted EBITDA.
- Net loss improved to $0.6m (Q4 2009 loss: $0.9m).
- Cash flow from operations of $1.5m, a 400% increase (Q4 2009: 0.3 m).
- Broadened international reach:
- Launched multicurrency processing services in Singapore, Sri Lanka, the Maldives, Brunei, the Philippines, the United Arab Emirates and South Africa.
- Canada—commenced domestic and multicurrency processing services in support of a new multi-card acquirer.
- Active merchant locations grew 66% to approximately 16,760.
- Expanded relationships, entering into agreements with:
- Bank of Communications, China to provide multicurrency solutions in China.
- Global Payments Asia Pacific for Pay In Your Currency® services in four countries in the region.
- Global Payments North America, for multicurrency POS and e-commerce solutions in the United States and Canada.
- Renewed multicurrency processing services agreements with Fifth Third Processing Solutions and TSYS Acquiring.
- Total settled transaction volume increased 33% to $2.9 billion (2009: $2.2 billion).
- Total revenue projected to increase approximately 60% to over $21.0m (Q1 2010: $13.2m).
- Multicurrency Revenue projected to increase approximately 80% to $18.0m (Q1 2010: $10.0m).
- Agreement for Pay in Your Currency at ATMs with Fifth Third Processing Solutions.