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).
- 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.
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