This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Planet Payment Announces 2013 Results

Stocks in this article: PLPM PPT

LONG BEACH, N.Y., March 6, 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 its results for the fourth quarter and fiscal year ended December 31, 2013.

Financial Highlights for the Fourth Quarter Ended December 31, 2013

  • Net revenue for the quarterly period was $12.2 million compared to $11.9 million in the fourth quarter of 2012.
  • Gross foreign currency mark-up for the quarterly period was $30.0 million compared to $30.1 million in the fourth quarter of 2012. (See Table 2 for explanation of this metric).
  • Net income for the quarterly period was $0.2 million compared to net loss of $(0.1) million in the fourth quarter of 2012.
  • Adjusted EBITDA for the quarterly period was $1.3 million compared to Adjusted EBITDA of $0.9 million in the fourth quarter of 2012. (See Table 1 for reconciliation of net income (loss) to Adjusted EBITDA).

Financial Highlights for the Year Ended December 31, 2013

  • Net revenue for the year was $46.6 million compared to $43.6 million for fiscal year 2012.
  • Gross foreign currency mark-up for the year was $107.0 million compared to $103.2 million for fiscal year 2012. (See Table 2 for explanation of this metric).
  • Net income was $22,006 or $0.00 per diluted share compared to net loss of $(4.5) million or $(0.09) per diluted share for fiscal year 2012.
  • Adjusted EBITDA for the year was $4.2 million compared to $2.4 million for fiscal year 2012. (See Table 1 for reconciliation of net income (loss) to Adjusted EBITDA).

Operational Highlights for the Year Ended December 31, 2013

  • Total active merchant locations increased to approximately 61,000 (2012: approx. 41,000) (See Table 2 for explanation of this metric).
  • Settled multi-currency dollar volume processed was $2.6 billion (2012: $2.6 billion). (See Table 2 for explanation of this metric).
  • Total settled dollar volume processed increased to $7.1 billion (2012: $6.1 billion) and total settled transactions processed increased to 64.4 million (2012: 46.0 million). (See Table 2 for explanation of these metrics).
  • Entered into a number of new contracts, notably a number of processing agreements with Visa building on our strategic partnership for emerging markets and an extension of our multi-currency processing agreements with Network International. We also signed an agreement with BCA for our PYC service in Indonesia which was launched in December.
  • Became an acquiring member of UnionPay International and signed a direct acquiring agreement with Discover.
  • Launched services with ICBC in Macau; in the U.S. we launched Billabong with Vantiv and additional ATMs with Payment Alliance International and integrated hospitality solutions were launched with MICROS in Canada and Mexico.
  • Integrated the Commercial Services Platform and its enabling technology, which allows us to provide commercial services at the point-of-sale.
  • Continued to enhance our processing platform including launching support UnionPay online and at the point-of-sale, to help merchants access the Chinese market.
  • Launched solutions with Visa for POS and ATM services for banks in Myanmar and Grupo Bimbo in Mexico.

Commenting on the results, Carl Williams, CEO of Planet Payment, Inc., said:

"I believe our achievements in 2013, that are in various stages of implementation and roll-out, will validate that Planet Payment is on the right path. I am enthusiastic to be leading Planet Payment at this stage of the Company's evolution."

Conference Call

The Company will host a conference call to discuss fourth quarter 2013 financial results today at 5:00 pm New York time. Carl Williams, Chief Executive Officer, and Robert Cox, Chief Financial Officer will host the call. 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 our website or by dialing (877) 870-5176, or for international callers (858) 384-5517, and entering the conference ID 13574809. The replay will be available until our next earnings call on our website or via telephone until Friday, March 14, 2014.

Additional analysis of the Company's performance can be found in the "Management's Discussion and Analysis of Financial Condition and Results of Operations," included in the Annual Report on Form 10-K to be filed at www.sec.gov and posted on the Company's investor relations website.

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.

1 of 8

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,900.32 +95.52 0.54%
S&P 500 2,071.46 +0.81 0.04%
NASDAQ 4,771.4890 +6.1090 0.13%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs