LONG BEACH, N.Y., May 13, 2013 (GLOBE NEWSWIRE) -- Planet Payment, Inc. (Nasdaq:PLPM) (LSE:AIM:PPT), a leading provider of international payment processing and multi-currency processing services, announced today its results for the first quarter ended March 31, 2013.
Financial Highlights for the Quarter Ended March 31, 2013
- Net revenue for the period increased approximately 3% to $12.1 million compared to $11.7 million in the first quarter of 2012.
- Consolidated gross billings increased 8% to $32.5 million compared to $30.2 million in the first quarter of 2012. (See Table 3 for explanation of this metric).
- Gross foreign currency mark-up increased 8% to $28.2 million compared to $26.1 million in the first quarter of 2012. (See Table 3 for explanation of this metric).
- Net income for the period was $0.4 million or $0.01 earnings per diluted share compared to net income of $0.8 million or $0.01 per diluted share in the first quarter of 2012.
- Adjusted EBITDA for the period was $1.4 million compared to $1.7 million in the first quarter of 2012. (See Table 1 for reconciliation of net income to Adjusted EBITDA).
Operational Highlights for the Quarter Ended March 31, 2013
- Total active merchant locations increased by 35% to approximately 42,000 (See Table 3 for explanation of this metric).
- Settled multi-currency dollar volume processed increased 2% to $700 million. (See Table 3 for explanation of this metric).
- Total settled dollar volume processed increased 19% to $1.7 billion and total settled transactions processed increased 28% to 13.2 million. (See Table 3 for explanation of these metrics).
- Launched POS card acceptance in Myanmar and ATM services with additional banks under the strategic processing relationship with Visa.
- Launched a solution to enable eCommerce merchants in the United States and Canada to accept UnionPay cards.
- Launched HomeCurrencyPay, Global Payments' Dynamic Currency Conversion (DCC) solution for merchants throughout the United States.
- Launch of TSYS Pay in Your Currency ® and Shop in Your Currency™ multi-currency solutions.
- Industrial and Commercial Bank of China, ICBC launched Pay in Your Currency services in Macau.
- Implemented additional support for ATMs and our processing platform certified by Visa and MasterCard for EMV acceptance in the United States.
- 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 $0.04 to $0.08 based upon 56.4 million fully diluted common shares outstanding.
- Guidance assumes an effective tax rate of between 12% and 15%.
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