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Planet Payment Announces First Quarter 2013 Results

Stocks in this article: PLPM PPT

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.

Outlook for Fiscal Year 2013

  • 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%.

Commenting on the results, Philip Beck, Chairman and CEO of Planet Payment, Inc., said:

"We are pleased with our results in the first quarter in particular with the return to profitability . While economic uncertainty persists, our focus remains on executing our strategy. We are building on the strong relationships we have with our acquiring bank and processor customers around the world. Further growth will be driven through a continued focus on existing customers, adding new customers in existing and new markets, and by providing our customers and their merchants with new products and services."

"We remain excited by the opportunities in emerging markets such as Brazil, Mexico and Indonesia and expect to be able to report further developments in these markets, as well as those in which we already have an established presence, as the year progresses."

Conference Call

The Company will host a conference call to discuss first quarter 2013 financial results today at 5:00 pm New York time. Philip Beck, Chairman and Chief Executive Officer, and Robert Cox, Chief Financial Officer will host the call. The call will be webcast live from the Company's investor relations website at . The conference call can also be accessed live over the phone by dialing (877) 705-6003, or for international callers (201) 493-6725. A replay will be available approximately two hours after the call concludes and can be accessed on our website or by dialing (877) 870-5176, or for international callers (858) 384-5517, and entering the conference ID 413496. The replay will be available until our next earnings call on our website or via telephone until Monday, May 20, 2013.

Additional analysis of the Company's performance can be found in the "Management's Discussion and Analysis of Financial Condition and Results of Operations," included in the Quarterly Report on Form 10-Q to be filed at .

About Planet Payment

Planet Payment is a leading provider of international payment processing and multi-currency processing services. We provide our services in more than 20 countries and territories across the Asia Pacific region, North America, the Middle East, Africa and Europe, primarily through our more than 50 acquiring bank and processor customers. Our point-of-sale and e-commerce services help merchants sell more goods and services to consumers, and together with our ATM services are integrated within the payment card transaction flow enabling our acquiring customers, their merchants and consumers to shop, pay, transact and reconcile payment transactions in multiple currencies, geographies and channels.

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