Planet Payment Announces Third Quarter 2016 Results

LONG BEACH, N.Y., Nov. 02, 2016 (GLOBE NEWSWIRE) -- Planet Payment, Inc. (NASDAQ:PLPM), a provider of international payment and transaction processing and multi-currency processing services, today announced its results for the third quarter ended September 30, 2016.

Financial Highlights for the Third Quarter Ended September 30, 2016
  • Total revenue for the quarter grew 8% to $13.6 million, compared to $12.6 million for 2015.
  • Net income for the quarter increased to $2.2 million, compared to $0.1 million for 2015.     
  • Adjusted EBITDA and Adjusted EBITDA margins for the quarter nearly doubled to $3.7 million and 28%, respectively, compared to $1.9 million and 15%, respectively, for 2015.

Refer to Table 1 for reconciliation of net income to Adjusted EBITDA (a non-GAAP measure).

Operational Highlights
  • Announced partnership with UATP for the offering of UnionPay to UATP's global network of airlines and travel agents.
  • Launched Pay in Your Currency® with Redeban Multicolor in Colombia.
  • Launched Pay in Your Currency with Ahli United Bank in Bahrain.
  • Announced contract extension with Mashreq Bank for Pay in Your Currency in the United Arab Emirates.
  • Announced contract extension with the Bank of Communications of China, renewing Pay in Your Currency and adding DCC at ATMs.
  • Launched Multi-Currency Pricing with Moneris Solutions Corporation in Canada.

Revised Revenue Outlook for Fiscal Year 2016

Planet Payment revises its revenue guidance, while reaffirming its net income, Adjusted EBITDA and fully-diluted earnings per share guidance for the full year 2016, as follows:
  • Net revenue for the year is estimated to be in the range of $56.0 million and $57.0 million, a change from our prior guidance of $57.0 million and $59.2 million.
  • Net income for the year is estimated to be in the range of $8.6 million and $9.6 million.
  • Adjusted EBITDA for the year is estimated to be in the range of $14.1 million and $15.1 million (see Table 3 for reconciliation of prospective net income to Adjusted EBITDA).
  • Fully-diluted earnings per share is estimated to be in the range of $0.15 and $0.17 based on 51.6 million fully-diluted common shares outstanding.

Stock Repurchase Program

From August 2, 2016 to September 30, 2016, the Company repurchased approximately 1.6 million shares of common stock for an aggregate price of $6.0 million.  As of September 30, 2016, the total amount of common stock repurchased under the program was 6.5 million shares for an aggregate price of $17.5 million.

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