LONG BEACH, N.Y., May 12, 2014 (GLOBE NEWSWIRE) -- Planet Payment, Inc. (Nasdaq:PLPM) (LSE:PPT), a leading provider of international payment processing and multi-currency processing services, announced today its results for the first quarter ended March 31, 2014 and provided guidance for its annual results for 2014.
Financial Highlights for the Quarter Ended March 31, 2014
- Net revenue for the period was $11.2 million compared to $12.1 million in the first quarter of 2013.
- Gross foreign currency mark-up was $28.1 million compared to $28.2 million in the first quarter of 2013. (See Table 3 for explanation of this metric).
- Net loss for the period was $(0.8) million or $(0.01) per diluted share compared to net income of $0.4 million or $0.01 per diluted share in the first quarter of 2013. The net loss for the first quarter of 2014 includes a restructuring charge of $0.6 million.
- Adjusted EBITDA for the period was $0.9 million compared to $1.4 million in the first quarter of 2013. (See Table 1 for reconciliation of net (loss) income to Adjusted EBITDA).
Operational Highlights for the Quarter Ended March 31, 2014
- Total active merchant locations increased to approximately 67,000 (2013: approximately 42,000) (See Table 3 for explanation of this metric).
- Settled multi-currency dollar volume processed totaled approximately $681 million (2013: $698 million). (See Table 3 for explanation of this metric).
- Total settled dollar volume processed increased to $2.0 billion (2013: $1.7 Billion) and total settled transactions processed increased to 24.0 million (2013: 13.2 million). (See Table 3 for explanation of these metrics).
- Began roll out of Pay in Your Currency ® service with Cielo, S.A. in Brazil
- Continued roll out of Pay in Your Currency with PT Bank of Central Asia in Indonesia and with Vantiv in the United States, implementing a national retailer with 1,800 locations.
- Launched integrated hospitality merchant solution with MICROS in the United States.
- Continued roll out of processing solution for Visa initiative in Mexico.
- Launched Shop in Your Currency™ e-commerce solution with Cardworks Acquiring in the United States.
- Entered into agreement for UnionPay processing with an acquirer in Macau, and continued rollout of UPOP e-commerce solution with new accounts in the United States.
- Net revenue estimated to be in the range of $52.1 million to $55.1 million.
- Net income estimated to be in the range of $4.1 million to $6.4 million.
- Adjusted EBITDA estimated to be in the range of $10.0 million to $12.3 million. (See Table 2 for reconciliation of prospective net income to Adjusted EBITDA).
- Fully diluted earnings per share estimated to be in the range of $0.06 to $0.10 based upon an estimated 56.0 million fully diluted common shares outstanding.
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