LONG BEACH, N.Y., March 18, 2013 (GLOBE NEWSWIRE) -- Planet Payment, Inc. (Nasdaq:PLPM) (LSE:AIM:PPT), a leading provider of international payment processing and multi-currency processing services, today announced its results for the fourth quarter and fiscal year ended December 31, 2012.
Financial Highlights for the Fourth Quarter Ended December 31, 2012
- Net revenue for the period decreased approximately 4% to $11.9 million compared to $12.3 million in the fourth quarter of 2011.
- Consolidated gross billings increased 8% to $34.0 million compared to $31.5 million in the fourth quarter of 2011. (See Table 3 for explanation of this metric).
- Gross foreign currency mark-up increased 11% to $30.1 million compared to $27.2 million in the fourth quarter of 2011. (See Table 3 for explanation of this metric).
- Net loss for the period was $(0.1) million or $0.00 earnings per diluted share compared to net income of $1.8 million or $0.03 per diluted share in the fourth quarter of 2011.
- Adjusted EBITDA for the period was $0.9 million compared to $2.7 million in the fourth quarter of 2011. (See Table 1 for reconciliation of net (loss) income to Adjusted EBITDA).
Financial Highlights for the Year Ended December 31, 2012
- Net revenue increased approximately 4% to $43.6 million compared to $41.9 million for fiscal year 2011.
- Consolidated gross billings increased 15% to $117.9 million compared $102.4 million for fiscal year 2011. (See Table 3 for explanation of this metric).
- Gross foreign currency mark-up increased 17% to $103.2 million compared to $87.8 million for fiscal year 2011. (See Table 3 for explanation of this metric).
- Net loss was $(4.5) million or $(0.09) loss per diluted share compared to net income of $2.4 million or $0.04 per diluted share for fiscal year 2011, in part due to the expensing of deferred IPO costs of $2.6 million in 2012 and additional costs incurred arising out of the acquisition and operations of Branded Payment Solutions Ltd ("BPS") totaling $1.4 million during the year.
- Adjusted EBITDA was $2.4 million compared to $5.9 million for fiscal year 2011. (See Table 1 for reconciliation of net (loss) income to Adjusted EBITDA).
- Total active merchant locations increased by 47% to approximately 41,000 (See Table 3 for explanation of this metric).
- Settled multi-currency dollar volume processed increased 12% to $2.6 billion. (See Table 3 for explanation of this metric).
- Total settled dollar volume processed increased 27% to $6.1 billion and total settled transactions processed increased 48% to 46.0 million. (See Table 3 for explanation of these metrics).
- Entered into a number of new contracts, notably multi-currency processing agreements with Taishin Bank in Taiwan, Mashreq in UAE, and with Payment Alliance International for ATMs in the USA.
- Entered into a processing agreement and UPOP participation agreement with UnionPay to enable online UnionPay acceptance in the USA and Canada.
- Launched services with Global Payments Canada, Vantiv ATMs in the USA, Mashreq UAE, Citibank Philippines, Citibank Hong Kong and Macau, Taishin Bank in Taiwan and our hospitality solution with Banorte in Mexico.
- Acquired BPS commercial services platform and its enabling technology, which allows us to put value-added applications on the point-of-sale.
- Continued to enhance our processing platform including implementing support for ATMs and UnionPay online and at the point-of-sale, to help merchants access the Chinese market.
- Entered into a strategic processing relationship with Visa and launched ATM services with two banks in Myanmar.
- Net revenue estimated to be in the range of $52.2 million to $55.0 million.
- Net income estimated to be in the range of $2.6 million to $4.8 million.
- Adjusted EBITDA estimated to be in the range of $8.3 million to $10.6 million. (See Table 2 for reconciliation of prospective net income to Adjusted EBITDA).
- Fully diluted earnings per share estimated to be in the range of $0.05 to $0.09 based upon 56.4 million fully diluted common shares outstanding.
- Our guidance assumes an effective tax rate of between 12% and 15%.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV