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Planet Payment Announces Second Quarter 2013 Results

Stocks in this article: PLPM PPT

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).

Operational Highlights for the Quarter Ended June 30, 2013

  • 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.

"The second quarter showed increased revenue growth and profitability and we are pleased with the results," said Philip Beck, Chairman and CEO of Planet Payment, Inc. "Although we have seen some weakness in certain areas, we have seen positive trends this quarter in particular in the increase in payment processing revenue, which we believe will continue to grow in the second half of 2013 and beyond. We are focused on growing our revenue from existing products and customers. In addition, we continue to work with our customers on multi-currency processing implementations in new markets such as Indonesia, Mexico, and Brazil, and we expect to be able to report further developments in those markets as the year progresses."

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