Quarterly Revenue increased 16%
Second Quarter Net Income $0.3 million and Adjusted EBITDA $1.3 million
LONG BEACH, N.Y., Aug. 13, 2013 (GLOBE NEWSWIRE) -- Planet Payment, Inc. (Nasdaq:PLPM) (LSE:PPT), a leading provider of international payment and transaction processing and multi-currency processing services, announced today its results for the second quarter ended June 30, 2013.Financial Highlights for the Quarter Ended June 30, 2013
- Net revenue for the period increased approximately 16% to $11.8 million compared to $10.1 million in the second quarter of 2012.
- Consolidated gross billings increased 11% to $30.4 million compared to $27.4 million in the second quarter of 2012. (See Table 3 for explanation of this metric).
- Gross foreign currency mark-up increased 8% to $26.1 million compared to $24.1 million in the second quarter of 2012. (See Table 3 for explanation of this metric).
- Processing services revenue increased 32% to $4.3 million compared to $3.3 million in the second quarter of 2012.
- Net income for the period was $0.3 million compared to a net loss of $1.2 million in the second quarter of 2012.
- Adjusted EBITDA for the period was $1.3 million compared to $0.1 million in the second quarter of 2012. (See Table 1 for reconciliation of net income to Adjusted EBITDA).
- Total active merchant locations increased by 30% to approximately 44,000 (See Table 3 for explanation of this metric).
- Total settled dollar volume processed increased 20% to $1.7 billion and total settled transactions processed increased 34% to 14.9 million. (See Table 3 for explanation of these metrics).
- Total acquirer and processor customers increased to 60 based on roll outs in U.S.A., Myanmar and Greater China.
- Launched Pay in Your Currency ® at Billabong locations and additional ATMs with Vantiv and Payment Alliance International across the United States, as well as additional hospitality solutions for customers in Canada and Mexico.