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Planet Payment Announces First Quarter 2014 Results

Stocks in this article: PLPM PPT

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.

Outlook for Fiscal Year 2014

  • 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.

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

"We are hard at work transforming Planet Payment into an efficient and sales-centric organization with an exciting pipeline that we believe will generate future revenue growth and profitability. With our commitment to the plan and the progress that we have made over the past few months, I am optimistic about our prospects for success as we look to the future."

Conference Call

The Company will host a conference call to discuss first quarter 2014 financial results today at 5:00 pm New York time. Carl Williams, Chief Executive Officer and President, and Robert Cox, Chief Financial Officer and Chief Operating Officer will host the call. The call will be webcast live from the Company's investor relations website at 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 13580989. The replay will be available until our next earnings call on our website or via telephone until Monday, May 19, 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 Quarterly Report on Form 10-Q to be filed at .

About Planet Payment

Planet Payment (Nasdaq:PLPM) (LSE:PPT) is a leading provider of international payment and transaction processing and multi-currency processing services. Planet Payment provides services in 23 countries and territories across the Asia Pacific region, the Americas, the Middle East, Africa and Europe, primarily through our more than 60 acquiring bank and processor customers. The Company's point-of-sale and e-commerce services help merchants sell more goods and services to consumers, and together with ATM services, are integrated within the payment card transaction flow enabling acquiring customers, their merchants and consumers to shop, pay, transact and reconcile payment transactions in multiple currencies, geographies and channels.

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