Reaffirms 2013 Annual Guidance
Service Launches in Mexico
LONG BEACH, N.Y., Nov. 12, 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 third quarter ended September 30, 2013.Financial Highlights for the Quarter Ended September 30, 2013
- Net revenue for the period increased approximately 6% to $10.5 million compared to $9.9 million in the third quarter of 2012.
- Consolidated gross billings was $26.6 million compared to $26.3 million in the third quarter of 2012. (See Table 3 for explanation of this metric).
- Gross foreign currency mark-up was $22.7 million compared to $22.9 million in the third quarter of 2012. (See Table 3 for explanation of this metric).
- Processing services revenue increased 16% to $3.9 million compared to $3.4 million in the third quarter of 2012.
- Net loss for the period was $0.8 million compared to a net loss of $4.0 million in the third quarter of 2012. Included in the third quarter of 2012 were $2.6 million of IPO costs which were expensed.
- Adjusted EBITDA for the period was $0.2 million compared to a loss of $0.4 million in the third quarter of 2012. (See Table 1 for reconciliation of net income to Adjusted EBITDA).
- Total active merchant locations increased by 22% to approximately 46,000 (See Table 3 for explanation of this metric).
- Total settled dollar volume processed increased 13% to $1.7 billion and total settled transactions processed increased 28% to 15.2 million. (See Table 3 for explanation of these metrics).
- Launched Visa's service for Grupo Bimbo and Blue Label Telecom in Mexico targeting 150,000 merchant locations for processing of payment card and non-financial transactions on the same terminal.
- Launched Pay in Your Currency Service with Banorte in Mexico
- Signed direct acquiring agreements with Discover and UnionPay International and became a member of UnionPay International.
- Agreed to launch Shop In Your Currency multicurrency e-commerce services with Cardworks Acquiring and ProPay.