LONG BEACH, N.Y., March 6, 2014 — 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.”
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.
Planet Payment is headquartered in New York and has offices in Atlanta, Beijing, Bermuda, Delaware, Dubai, Dublin, London, Hong Kong, Mexico City, Shanghai and Singapore. Visit www.planetpayment.com for more information about the Company and its services. For up-to-date information follow Planet Payment on Twitter at @PlanetPayment or join Planet Payment’s Facebook page.
Notice Regarding Forward-Looking Statements.
Information contained in this announcement may include ‘forward-looking statements’. All statements other than statements of historical facts included herein, including, without limitation, those regarding the financial position, business strategy, plans and objectives of management for future operations of both Planet Payment and its business partners, net revenue, net income (loss), Adjusted EBITDA, diluted earnings per share, future service launches with customers and new initiatives and customer pipeline are forward-looking statements. Such forward-looking statements are based on a number of assumptions regarding Planet Payment’s present and future business strategies, and the environment in which Planet Payment expects to operate in future, which assumptions may or may not be fulfilled in practice. Implementation of some or all of the new services referred to is subject to regulatory or other third party approvals. Actual results may vary materially from the results anticipated by these forward-looking statements as a result of a variety of risk factors, including the risk that implementation, adoption and offering of the service by processors, acquirers, merchants and others may take longer than anticipated, or may not occur at all, regulatory changes and changes in card association regulations and practices, changes in domestic and international economic conditions and changes in volume of international travel and commerce and others. Additional risks may arise, with respect to commencing operations in new countries and regions, of which Planet Payment is not fully aware at this time. See the Company’s Annual Report Form 10-K, filed at www.sec.gov for other risk factors which investors should consider. These forward-looking statements speak only as to the date of this announcement and cannot be relied upon as a guide to future performance. Planet Payment expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this announcement to reflect any changes in its expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based.
Planet Payment, Inc.
Robert Cox (CFO and COO)
Tel: + 1 516 670 3200
Canaccord Genuity Ltd (UK) (Nomad for Planet Payment)
Simon Bridges / Cameron Duncan
Tel: +44 20 7523 8000