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Planet Payment Announces Third Quarter 2013 Results

Stocks in this article: PLPM PPT

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).

Operational Highlights for the Quarter Ended September 30, 2013

  • 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.

"Our results this Quarter reflect the trends that we highlighted earlier in the year," said Philip Beck, Chairman and CEO of Planet Payment. "We are seeing positive secular trends including the shift from cash to electronic payments – particularly in emerging markets which remain a strategic focus of the Company. In particular, we are pleased that Visa has broadened our previously announced strategic relationship for emerging markets to assist them in expanding electronic payments in Mexico. Our processing services are enabling merchants to accept financial and non-financial transactions such as pre-paid airtime for mobile phones from a single device. Additionally, new customers and initiatives in the United States, Mexico and Indonesia should result in further adoption of our Pay in Your Currency and Shop in Your Currency solutions and drive increased multi-currency processing volumes. These efforts, and other initiatives, including Brazil, represent a solid pipeline of new merchant and ATM locations offering our services which positions Planet Payment for growth in 2014."

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