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Planet Payment Announces Preliminary Results For The Year Ended December 31, 2013

Stocks in this article: PLPM PPT

LONG BEACH, N.Y., Feb. 25, 2014 (GLOBE NEWSWIRE) -- Planet Payment, Inc. (Nasdaq:PLPM) (LSE:PPT), a leading provider of international payment and transaction processing and multi-currency processing services today announced certain preliminary results for its fiscal year ended December 31, 2013.

The Company is providing the following preliminary ranges of certain of the financial results of the year ended December 31, 2013, which are subject to completion of the preparation and audit of its financial statements.

  • Net revenue of $46.3 million to $46.7 million (2012: $43.6 million)
  • Net (loss) income of $(0.5) million to $0.0 million (2012: net loss ($4.5 million))
  • Adjusted EBITDA $3.7 million to $4.2 million (2012: $2.4 million) (See Table 1 and 2 for reconciliation of preliminary 2013 and actual 2012 net (loss) income to Adjusted EBITDA)
  • Cash balance as of December 31, 2013 was approximately $6.5 million (2012: $6.0 million)

The Company will provide full results for the year ended December 31, 2013 during the investor conference call that it intends to host on March 6, 2014. Further details will be forthcoming.

Conference Call

The Company will host a conference call to discuss these updates today at 5:00 pm New York time. The call will be webcast live from the Company's investor relations website at http://ir.planetpayment.com/. 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 the Company's website or by dialing (877) 870-5176, or for international callers (858) 384-5517, and entering the conference ID 13575868. The replay will be available until the Company's full year and fourth quarter 2013 earnings call on the Company's website or via telephone until Thursday, March 6, 2014. 

Notice Regarding Forward-Looking Statements .

Information contained in this announcement may include 'forward-looking statements'. All statements other than statements of historical facts included herein, including, without limitation, those set forth in "Preliminary Unaudited Results for the Year ended December 31, 2013" and those regarding the financial position, business strategy, plans, trends, and objectives of management for future operations of both Planet Payment and its business partners, financial growth, estimated net revenue, net income (loss) and Adjusted EBITDA are forward-looking statements. Such forward-looking statements are based on a number of assumptions regarding Planet Payment's present and future business strategies, and the environment in which Planet Payment expects to operate in future, which assumptions may or may not be fulfilled in practice. Actual results may vary materially from the results anticipated by these forward-looking statements as a result of a variety of risk factors, including the risk that implementation, adoption and offering of service by processors, acquirers, merchants and others may take longer than anticipated, or may not occur at all, regulatory changes and changes in card association regulations and practices, changes in domestic and international economic conditions and changes in volume of international travel and commerce and others. Additional risks may arise, with respect to commencing operations in new countries and regions, of which Planet Payment is not fully aware at this time. See the Company's last Quarterly Report on Form 10-Q, filed at www.sec.gov for other risk factors which investors should consider. These forward-looking statements speak only as to the date of this announcement and cannot be relied upon as a guide to future performance. Planet Payment expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this announcement to reflect any changes in its expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based.

About Planet Payment

Planet Payment is a leading provider of international payment and transaction processing and multi-currency processing services. We provide our services in 22 countries and territories across the Asia Pacific region, North America, the Middle East, Africa and Europe, primarily through our more than 60 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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