Planet Payment Announces Preliminary Results for the Year Ended December 31, 2013
25 Februar 2014 - 10:12PM
Planet Payment, Inc. (Nasdaq:PLPM) (LSE:PPT), a leading provider of
international payment and transaction processing and multi-currency
processing services today announced certain preliminary results for
its fiscal year ended December 31, 2013.
The Company is providing the following preliminary ranges of
certain of the financial results of the year ended December 31,
2013, which are subject to completion of the preparation and audit
of its financial statements.
- Net revenue of $46.3 million to $46.7 million (2012: $43.6
million)
- Net (loss) income of $(0.5) million to $0.0 million (2012: net
loss ($4.5 million))
- Adjusted EBITDA $3.7 million to $4.2 million (2012: $2.4
million) (See Table 1 and 2 for reconciliation of preliminary 2013
and actual 2012 net (loss) income to Adjusted EBITDA)
- Cash balance as of December 31, 2013 was approximately $6.5
million (2012: $6.0 million)
The Company will provide full results for the year ended
December 31, 2013 during the investor conference call that it
intends to host on March 6, 2014. Further details will be
forthcoming.
Conference Call
The Company will host a conference call to discuss these updates
today at 5:00 pm New York time. 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 the Company's website or by dialing (877) 870-5176, or
for international callers (858) 384-5517, and entering the
conference ID 13575868. The replay will be available until the
Company's full year and fourth quarter 2013 earnings call on the
Company's website or via telephone until Thursday, March 6,
2014.
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 "Preliminary Unaudited Results for the Year
ended December 31, 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 (loss) and Adjusted EBITDA 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. 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 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 last 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 Tables 1 & 2 below for more information and for a
reconciliation of Adjusted EBITDA to net income (loss), the most
directly comparable financial measure calculated and presented in
accordance with GAAP.
Table 1. Reconciliation of Preliminary Net (Loss) Income
to Adjusted EBITDA for year ended December 31, 2013
ADJUSTED EBITDA: |
US$
Millions |
|
Low |
High |
Net (loss) income |
$(0.50) |
$0.00 |
Interest expense |
0.05 |
0.05 |
Interest income |
0.00 |
0.00 |
Provision for income taxes |
0.05 |
0.05 |
Depreciation and amortization |
2.90 |
2.90 |
Stock‑based compensation expense |
1.20 |
1.20 |
Adjusted EBITDA (non-GAAP) |
$3.70 |
$4.20 |
Table 2. Reconciliation Net Loss to Adjusted EBITDA for
year ended December 31, 2012
ADJUSTED EBITDA: |
US$
Millions |
|
|
|
Net loss |
$(4.5) |
|
Interest expense |
0.1 |
|
Interest income |
0.0 |
|
Provision for income taxes |
0.2 |
|
Depreciation and amortization |
2.8 |
|
Stock‑based compensation expense |
1.1 |
|
Expensing of deferred IPO costs |
2.6 |
|
Acquisition deal costs |
0.1 |
|
Adjusted EBITDA (non-GAAP) |
$2.4 |
|
CONTACT: Planet Payment, Inc.
Robert Cox (CFO & COO)
Tel: + 1 516 670 3200
www.planetpayment.com
Canaccord Genuity Ltd (Nomad for Planet Payment)
Simon Bridges / Cameron Duncan
Tel: +44 20 7523 8000
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