Reaffirms 2013 Annual
Guidance
Service Launches in Mexico
Planet Payment, Inc. (Nasdaq:PLPM) (LSE:PPT), a leading provider of
international payment and transaction processing and multi-currency
processing services, announced today its results for the third
quarter ended September 30, 2013.
Financial Highlights for the Quarter Ended September 30,
2013
- Net revenue for the period increased approximately 6% to $10.5
million compared to $9.9 million in the third quarter of 2012.
- Consolidated gross billings was $26.6 million compared to $26.3
million in the third quarter of 2012. (See Table 3 for explanation
of this metric).
- Gross foreign currency mark-up was $22.7 million compared to
$22.9 million in the third quarter of 2012. (See Table 3 for
explanation of this metric).
- Processing services revenue increased 16% to $3.9 million
compared to $3.4 million in the third quarter of 2012.
- Net loss for the period was $0.8 million compared to a net loss
of $4.0 million in the third quarter of 2012. Included in the third
quarter of 2012 were $2.6 million of IPO costs which were
expensed.
- Adjusted EBITDA for the period was $0.2 million compared to a
loss of $0.4 million in the third quarter of 2012. (See Table 1 for
reconciliation of net income to Adjusted EBITDA).
Operational Highlights for the Quarter Ended September
30, 2013
- Total active merchant locations increased by 22% to
approximately 46,000 (See Table 3 for explanation of this
metric).
- Total settled dollar volume processed increased 13% to $1.7
billion and total settled transactions processed increased 28% to
15.2 million. (See Table 3 for explanation of these metrics).
- Launched Visa's service for Grupo Bimbo and Blue Label Telecom
in Mexico targeting 150,000 merchant locations for processing of
payment card and non-financial transactions on the same
terminal.
- Launched Pay in Your Currency Service with Banorte in
Mexico
- Signed direct acquiring agreements with Discover and UnionPay
International and became a member of UnionPay International.
- Agreed to launch Shop In Your Currency multicurrency e-commerce
services with Cardworks Acquiring and ProPay.
"Our results this Quarter reflect the trends that we highlighted
earlier in the year," said Philip Beck, Chairman and CEO of Planet
Payment. "We are seeing positive secular trends including the shift
from cash to electronic payments – particularly in emerging markets
which remain a strategic focus of the Company. In particular, we
are pleased that Visa has broadened our previously announced
strategic relationship for emerging markets to assist them in
expanding electronic payments in Mexico. Our processing services
are enabling merchants to accept financial and non-financial
transactions such as pre-paid airtime for mobile phones from a
single device. Additionally, new customers and initiatives in the
United States, Mexico and Indonesia should result in further
adoption of our Pay in Your Currency and Shop in Your Currency
solutions and drive increased multi-currency processing volumes.
These efforts, and other initiatives, including Brazil, represent a
solid pipeline of new merchant and ATM locations offering our
services which positions Planet Payment for growth in 2014."
Outlook for Fiscal Year 2013
The Company continues to expect the following for fiscal year
2013:
- Net revenue estimated to be in the range of $48.0 million to
$50.0 million.
- Net income estimated to be in the range of $1.0 million to $2.9
million.
- Adjusted EBITDA estimated to be in the range of $5.4 million to
$7.4 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 $0.02 to $0.05 based upon 56.0 million fully diluted common
shares outstanding.
Conference Call
The Company will host a conference call to discuss third quarter
2013 financial results today at 5:00 pm New York time. Philip Beck,
Chairman and 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 10000267. The replay will be available until our next
earnings call on our website or via telephone until Tuesday,
November 19, 2013.
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 www.sec.gov and posted on the Company's
investor relations website.
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 set forth in "Outlook for Fiscal Year 2013" and those
regarding the financial position, business strategy, plans, trends,
and objectives of management for future operations of both Planet
Payment and its business partners, financial growth, estimated net
revenue, net income, Adjusted EBITDA, diluted earnings per share,
estimated fully diluted common shares outstanding, future service
launches with customers in existing and new markets 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
Quarterly Report on Form 10-Q, 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.
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.
Non-GAAP Financial Information
The Company provides certain non-GAAP financial measures in this
announcement. Management believes that Adjusted EBITDA, when viewed
with our results under GAAP and the accompanying reconciliations,
provides useful information about our period-over-period results.
Adjusted EBITDA is presented because management believes it
provides additional information with respect to the performance of
our fundamental business activities and is also frequently used by
securities analysts, investors and other interested parties in the
evaluation of comparable companies. We also rely on Adjusted EBITDA
as a primary measure to review and assess the operating performance
of our company and our management team in connection with our
executive compensation. These non-GAAP key business
indicators, which include Adjusted EBITDA, should not be considered
replacements for and should be read in conjunction with the GAAP
financial measures.
We define Adjusted EBITDA as GAAP net income (loss) adjusted to
exclude: (1) interest expense, (2) interest income,
(3) provision (benefit) for income taxes,
(4) depreciation and amortization, (5) stock‑based
expense from options and warrants and (6) certain other items
management believes affect the comparability of operating results.
Please see "Adjusted EBITDA" below for more information and for a
reconciliation of Adjusted EBITDA to net income, the most directly
comparable financial measure calculated and presented in accordance
with GAAP.
| |
|
|
| Table 1. Reconciliation of
Historical Net Loss to Adjusted EBITDA |
|
|
| |
|
|
| |
Three months ended |
Nine months ended |
| |
September 30, |
September 30, |
| |
2013 |
2012 |
2013 |
2012 |
| ADJUSTED EBITDA: |
|
|
|
|
| Net loss |
$ (808,554) |
$ (3,961,815) |
$ (131,947) |
$ (4,333,290) |
| Interest expense |
21,394 |
14,163 |
50,305 |
42,738 |
| Interest income |
(278) |
(513) |
(802) |
(926) |
| (Benefit) provision for income taxes |
(33,617) |
(17,076) |
34,950 |
213,622 |
| Depreciation and amortization |
718,116 |
744,602 |
2,123,152 |
2,052,063 |
| Expensing of deferred IPO costs |
— |
2,578,770 |
— |
2,578,770 |
| Stock-based expense |
315,968 |
284,071 |
864,924 |
824,468 |
| Acquisition deal costs |
— |
323 |
— |
122,078 |
| Adjusted EBITDA (non-GAAP) |
$ 213,029 |
$ (357,475) |
$ 2,940,582 |
$ 1,499,523 |
| |
| Table 2. Reconciliation
of Prospective Net Income to Adjusted EBITDA |
| |
|
|
| For the year ending
December 31, 2013 |
| |
|
|
| |
Range |
| ADJUSTED EBITDA: |
Millions |
| |
|
|
| Net income |
$1.0 |
$2.9 |
| Interest expense |
0.1 |
0.1 |
| Interest income |
0.0 |
0.0 |
| Provision for income taxes |
0.1 |
0.2 |
| Depreciation and amortization |
3.0 |
3.0 |
| Stock‑based expense |
1.2 |
1.2 |
| Adjusted EBITDA (non-GAAP) |
$5.4 |
$7.4 |
| |
|
|
|
|
| Table 3. Explanation of
Key Metrics |
|
|
|
|
| |
|
|
|
|
| The following is a table
consisting of non-GAAP financial measures and certain other
business statistics that management monitors: |
|
|
|
|
| |
|
|
| |
Three months ended |
Nine months ended |
| |
September 30, |
September 30, |
| |
2013 |
2012 |
2013 |
2012 |
| KEY METRICS: |
|
|
|
|
| Consolidated gross billings(1) |
$ 26,598,328 |
$ 26,252,591 |
$ 89,507,161 |
$ 83,908,056 |
| Total settled dollar volume processed(2) |
$ 1,693,086,504 |
$ 1,496,207,922 |
$ 5,124,389,640 |
$ 4,366,239,448 |
| Adjusted EBITDA (non-GAAP)(3) |
$ 213,029 |
$ (357,475) |
$ 2,940,582 |
$ 1,499,523 |
| Capitalized expenditures |
$ 526,480 |
$ 453,325 |
$ 2,605,697 |
$ 1,387,970 |
| Total active merchant locations (at period
end)(4) |
46,272 |
37,806 |
46,272 |
37,806 |
| Total settled transactions processed(5) |
$ 15,154,838 |
$ 11,826,465 |
$ 43,215,992 |
$ 33,259,175 |
| Multi-currency processing services
key metrics: |
|
|
|
|
| Active merchant locations (at period
end)(4) |
24,106 |
20,451 |
24,106 |
20,451 |
| Settled transactions processed(6) |
2,983,102 |
2,838,374 |
9,042,446 |
8,659,071 |
| Gross foreign currency mark-up(7) |
$ 22,684,621 |
$ 22,879,097 |
$ 77,020,644 |
$ 73,099,273 |
| Settled dollar volume processed(8) |
$ 560,228,417 |
$ 571,880,110 |
$ 1,895,901,344 |
$ 1,881,188,121 |
| Average net mark-up percentage on settled
dollar volume processed(9) |
1.17% |
1.15% |
1.15% |
1.11% |
| Payment processing services key
metrics: |
|
|
|
|
| Active merchant locations (at period
end)(4) |
22,189 |
17,369 |
22,189 |
17,369 |
| Payment processing services
revenue(10) |
$ 3,913,707 |
$ 3,373,494 |
$ 12,486,517 |
$ 10,808,783 |
| Settled transactions processed(11) |
12,171,736 |
8,988,091 |
34,173,546 |
24,600,104 |
| Settled dollar volume processed(12) |
$ 1,132,858,087 |
$ 924,327,812 |
$ 3,228,488,296 |
$ 2,485,051,327 |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| (1) Represents gross foreign
currency mark-up (see footnote 7) plus payment processing
services revenue (see footnote 10). |
| |
|
|
|
|
| (2) Represents total settled
dollar volume processed through both our multi-currency and payment
processing services. |
| |
|
|
|
|
| (3) We define Adjusted EBITDA as
GAAP net income (loss) adjusted to exclude (1) interest
expense, (2) interest income, (3) provision (benefit) for
income taxes, (4) depreciation and amortization,
(5) stock-based expense from options and warrants and
(6) certain other items management believes affect the
comparability of operating results. Please see "—Adjusted EBITDA"
below for more information and for a reconciliation of Adjusted
EBITDA to net income, the most directly comparable financial
measure calculated and presented in accordance with GAAP. |
| |
|
|
|
|
| (4) We consider a merchant
location to be active as of a date if the merchant completed at
least one revenue-generating transaction at the location during the
90-day period ending on such date. The total number of active
merchant locations exceeds the total number of merchants, as
merchants may have multiple locations. As of September 30,
2013 and 2012, there were 23 and 14 active merchant locations,
respectively, included in both multi-currency and payment
processing active merchant locations but are not included in total
active merchant locations, in order to eliminate counting these
locations twice. |
| |
|
|
|
|
| (5) Represents total settled
transactions (excluding other transaction types such as
authorizations, rate look-ups and non-financial transactions). |
| |
|
|
|
|
| (6) Represents settled
transactions processed using our multi-currency processing services
(excluding other transaction types such as authorizations, rate
look-ups and non-financial transactions). |
| |
|
|
|
|
| (7) Represents the gross foreign
currency mark-up amount on settled dollar volume processed using
our multi-currency processing services. Gross foreign currency
mark-up represents multi-currency processing services net revenue
plus amounts paid to acquiring banks and their merchants associated
with such multi-currency processing transactions. Management
believes this metric is relevant because it provides the reader an
indication of the gross mark-up derived from multi-currency
transactions processed through our platform during a given
period. |
| |
|
|
|
|
| (8) Represents the total settled
dollar volume processed using our multi-currency processing
services. |
| |
|
|
|
|
| (9) Represents the average net
foreign currency mark-up percentage earned on settled dollar volume
processed using our multi-currency processing services. The average
net mark-up percentage on settled dollar volume processed is
calculated by taking the reported total multi-currency processing
services net revenue ($6.6 million for the three months ended
both September 30, 2013 and 2012, and $21.8 million and $20.9
million for the nine months ended September 30, 2013 and 2012,
respectively) and dividing by settled dollar volume processed (see
footnote 8). |
| |
|
|
|
|
| (10) Represents revenue earned
and reported on payment processing services. |
| |
|
|
|
|
| (11) Represents settled
transactions processed using our payment processing services
(excluding other transaction types such as authorizations and rate
look-ups). |
| |
|
|
|
|
| (12) Represents the total settled
dollar volume processed using our payment processing services. |
| |
|
|
|
|
| |
| Planet Payment, Inc.
Condensed Consolidated Balance Sheets |
| |
|
|
| |
As of September 30, |
As of December 31, |
| |
2013 |
2012 |
| |
(unaudited) |
|
| Current assets: |
|
|
| Cash and cash equivalents |
$ 4,715,206 |
$ 6,002,457 |
| Restricted cash |
2,773,485 |
2,517,616 |
| Accounts receivable, net of allowances of
$0.2 million as of September 30, 2013
and $1.5 million as of December 31, 2012 |
6,419,717 |
5,585,815 |
| Prepaid expenses and other
assets |
1,975,654 |
2,395,137 |
| Total current assets |
15,884,062 |
16,501,025 |
| Other assets: |
|
|
| Restricted cash |
429,360 |
669,406 |
| Property and equipment, net |
2,124,950 |
1,396,154 |
| Software development costs,
net |
5,026,711 |
4,776,320 |
| Intangible assets, net |
2,890,315 |
3,289,590 |
| Goodwill |
355,673 |
347,599 |
| Security deposits and other
assets |
1,207,737 |
338,408 |
| Total other assets |
12,034,746 |
10,817,477 |
| Total assets |
$ 27,918,808 |
$ 27,318,502 |
| Liabilities and stockholders'
equity |
|
|
| Current liabilities: |
|
|
| Accounts payable |
$ 1,215,656 |
$ 889,118 |
| Accrued expenses |
3,314,284 |
5,298,789 |
| Due to merchants |
2,351,156 |
2,546,140 |
| Current portion of capital leases
liability |
442,657 |
337,588 |
| Total current liabilities |
7,323,753 |
9,071,635 |
| Long-term liabilities: |
|
|
| Long-term portion of capital leases
liability and deferred income |
1,407,690 |
364,010 |
| Total long-term liabilities |
1,407,690 |
364,010 |
| Total liabilities |
8,731,443 |
9,435,645 |
| Commitments and
contingencies |
|
|
| Stockholders' equity: |
|
|
| Convertible preferred stock— 10,000,000
shares authorized as of September 30, 2013 and
December 31, 2012, $0.01 par value: Series A— 2,243,750
issued and outstanding as of September 30, 2013 and
December 31, 2012; $8,975,000 aggregate liquidation
preference |
22,438 |
22,438 |
| Common stock—250,000,000 shares authorized as
of September 30, 2013 and December 31, 2012, $0.01 par
value, and 54,570,679 and 53,658,857 issued and outstanding as of
September 30, 2013 and December 31, 2012,
respectively |
545,707 |
536,589 |
| Additional paid-in capital |
100,578,442 |
99,199,149 |
| Accumulated other comprehensive
gain |
85,969 |
37,925 |
| Accumulated deficit |
(82,045,191) |
(81,913,244) |
| Total stockholders' equity |
19,187,365 |
17,882,857 |
| Total liabilities and stockholders'
equity |
$ 27,918,808 |
$ 27,318,502 |
| |
|
|
| The accompanying notes are an
integral part of these financial statements |
| |
| Planet Payment, Inc.
Condensed Consolidated Statements of Operations
(unaudited) |
| |
|
|
|
|
| |
Three months ended |
Nine months ended |
| |
September 30, |
September 30, |
| |
2013 |
2012 |
2013 |
2012 |
| Revenue: |
|
|
|
|
| Net revenue |
$ 10,472,912 |
$ 9,925,137 |
$ 34,323,638 |
$ 31,723,111 |
| Operating expenses: |
|
|
|
|
| Cost of revenue: |
|
|
|
|
| Payment processing services
fees |
2,742,520 |
2,724,030 |
8,293,744 |
7,941,869 |
| Processing and service costs |
3,230,876 |
2,936,471 |
9,585,178 |
8,309,890 |
| Total cost of revenue |
5,973,396 |
5,660,501 |
17,878,922 |
16,251,759 |
| Selling, general and administrative
expenses |
5,320,571 |
8,229,877 |
16,492,210 |
19,549,208 |
| Total operating expenses |
11,293,967 |
13,890,378 |
34,371,132 |
35,800,967 |
| Loss from operations |
(821,055) |
(3,965,241) |
(47,494) |
(4,077,856) |
| Other (expense) income: |
|
|
|
|
| Interest expense |
(21,394) |
(14,163) |
(50,305) |
(42,738) |
| Interest income |
278 |
513 |
802 |
926 |
| Total other expense, net |
(21,116) |
(13,650) |
(49,503) |
(41,812) |
| Loss before benefit (provision) for
income taxes |
(842,171) |
(3,978,891) |
(96,997) |
(4,119,668) |
| Benefit (provision) for income
taxes |
33,617 |
17,076 |
(34,950 |
(213,622) |
| Net loss |
$ (808,554) |
$ (3,961,815) |
$ (131,947) |
$ (4,333,290) |
| Basic net loss per share applicable to
common stockholders |
$ (0.02) |
$ (0.08) |
$ (0.00) |
$ (0.08) |
| Diluted net loss per share applicable to
common stockholders |
$ (0.02) |
$ (0.08) |
$ (0.00) |
$ (0.08) |
| Weighted average common stock outstanding
(basic) |
53,051,626 |
52,366,739 |
52,888,734 |
52,062,429 |
| Weighted average common stock outstanding
(diluted) |
53,051,626 |
52,366,739 |
52,888,734 |
52,062,429 |
| |
|
|
|
|
| The accompanying notes are an
integral part of these financial statements |
| |
| Planet Payment, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited) |
| |
|
|
| |
Nine months ended |
| |
September 30, |
| |
2013 |
2012 |
| Cash flows from operating
activities: |
|
|
| Net loss |
$ (131,947) |
$ (4,333,290) |
| Adjustments to reconcile net loss to net
cash provided by operating activities: |
|
|
| Stock option expense |
864,924 |
824,468 |
| Depreciation and amortization
expense |
2,123,152 |
2,052,063 |
| Provision for doubtful
accounts |
259,443 |
85,052 |
| Expensing deferred IPO costs |
— |
2,346,210 |
| Deferred tax liability |
— |
(66,009) |
| Loss on disposal of equipment |
4,979 |
— |
| Gain on insurance settlement |
(301,281) |
— |
| Changes in operating assets and
liabilities, net of effects of acquisition |
|
|
| Increase in settlement assets |
(5,869) |
(358,033) |
| (Increase) decrease in accounts
receivables, prepaid expenses and other current assets |
(1,038,277) |
544,110 |
| Increase in security deposits and other
assets |
(604,914) |
(8,066) |
| Decrease in accounts payable, accrued
expenses and other long-term liabilities |
(777,209) |
(250,142) |
| (Decrease) increase in due to
merchants |
(194,984) |
245,047 |
| Other |
(22,082) |
(17,226) |
| Net cash provided by operating
activities |
175,935 |
1,064,184 |
| Cash flows from investing
activities: |
|
|
| Insurance proceeds |
401,281 |
— |
| (Increase) decrease in restricted
cash |
(9,954) |
9,984 |
| Purchase of property and
equipment |
(761,372) |
(189,685) |
| Capitalized software
development |
(1,132,921) |
(1,037,742) |
| Purchase of intangible assets |
(99,107) |
(75,490) |
| Cash paid for business combination, net
of cash acquired |
— |
(1,577,829) |
| Net cash used in investing
activities |
(1,602,073) |
(2,870,762) |
| Cash flows from financing
activities: |
|
|
| Proceeds from the exercise of stock
options and warrants |
483,184 |
67,680 |
| Principal payments on capital lease
obligations |
(344,297) |
(258,584) |
| Payment of IPO costs |
— |
(354,531) |
| Net cash provided by (used in) financing
activities |
138,887 |
(545,435) |
| Effect of exchange rate changes on cash and
cash equivalents(*) |
— |
— |
| Net decrease in cash and cash
equivalents |
(1,287,251) |
(2,352,013) |
| Beginning of period |
6002457 |
7671963 |
| End of period |
$ 4,715,206 |
$ 5,319,950 |
| Supplemental
disclosure: |
|
|
| Cash paid for: |
|
|
| Interest |
$ 48,431 |
$ 41,804 |
| Income taxes |
294,687 |
304,989 |
| Non-cash investing and financing
activities: |
|
|
| Assets acquired under capital
leases |
$ 561,469 |
$ 550,878 |
| Common stock issued for BPS
acquisition |
— |
1,596,862 |
| Accrued capitalized hardware, software
and fixed assets |
50,828 |
85,053 |
| Capitalized stock-based
compensation |
40,303 |
— |
| |
|
|
| |
|
|
| (*) For the nine months ended
September 30, 2013 and 2012, the effect of exchange rate
changes on cash and cash equivalents was inconsequential. |
| |
|
|
| The accompanying notes are an
integral part of these financial statements |
Notes to Condensed Consolidated Financial Statements
(unaudited)
1. Business description and basis of
presentation
Business description
Planet Payment, Inc. together with its wholly owned
subsidiaries ("Planet Payment," the "Company," "we," or "our") is a
provider of international payment and transaction processing and
multi-currency processing services. The Company provides its
services to approximately 46,000 active merchant locations in more
than 20 countries and territories across the Asia Pacific region,
North America, the Middle East, Africa and Europe, primarily
through its acquiring bank and processor customers, as well as
through its own direct sales force. The Company's point-of-sale,
e-commerce and ATM services are integrated within the payment card
transaction flow and enable its acquiring customers to process and
reconcile payment transactions in multiple currencies, geographies
and channels. The Company is a registered third party processor
with the major card associations and operates in accordance with
industry standards, including the Payment Card Industry, or PCI,
Security Council's Data Security Standards.
Company structure
Planet Payment was incorporated in the State of Delaware on
October 12, 1999 as Planet Group Inc. and changed its name to
Planet Payment, Inc. on June 18, 2007.
Since March 20, 2006, shares of the Company's common stock
have traded on the Alternative Investment Market of the London
Stock Exchange, or AIM, under the symbol "PPT." From
March 2006 until June 2013 shares of our common stock
were also traded on AIM under the symbol "PPTR." From
November 19, 2008 until December 14, 2012, shares of our
common stock were traded on the OTCQX under the symbol "PLPM." On
December 17, 2012 shares of our common stock began trading on
NASDAQ under the symbol "PLPM."
Basis of presentation
The condensed consolidated financial statements of the Company
have been prepared in accordance with accounting principles
generally accepted in the United States of America ("GAAP").
The accompanying condensed consolidated financial statements
include the accounts of Planet Payment, Inc. and its
wholly-owned subsidiaries. All intercompany transactions and
balances have been eliminated.
Unaudited consolidated interim financial
information
The accompanying unaudited condensed consolidated interim
financial statements as of September 30, 2013 and for the
periods ended September 30, 2013 and 2012 have been prepared
on the same basis as the annual consolidated financial statements.
In the opinion of management, the unaudited financial information
for the interim periods presented reflects all adjustments, which
are normal and recurring, necessary for a fair presentation of the
statement of operations, financial position and cash flows. The
accompanying unaudited condensed consolidated interim financial
statements should be read in conjunction with the audited
consolidated financial statements included in the Company's Annual
Report on Form 10-K for the year ended December 31, 2012.
Operating results for the interim periods ended September 30,
2013 are not necessarily indicative of the results that may be
expected for the year ending December 31, 2013. The
December 31, 2012 balance sheet information has been derived
from the audited financial statements at that date. Certain
information and disclosures normally included in annual
consolidated financial statements have been omitted pursuant to the
rules and regulation of the Securities and Exchange
Commission, or SEC.
CONTACT: Planet Payment, Inc.
Robert Cox (CFO)
Tel: + 1 516 670 3200
www.planetpayment.com
Redleaf Polhill (UK PR for Planet Payment)
Emma Kane / Rebecca Sanders-Hewett / David Ison
Tel: +44 207 382 4730
planet@redleafpr.com
ICR (USA IR for Planet Payment)
Don Duffy / Dara Dierks
Tel: +1 646-277-1212
Canaccord Genuity Ltd (Nomad for Planet Payment)
Simon Bridges / Andrew Chubb
Tel: +44 20 7523 8000
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