TIDMPPT TIDMTTM
RNS Number : 9345A
Planet Payment Inc.
26 February 2014
Planet Payment Announces Preliminary Results for the
Year Ended December 31, 2013
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 hosted a conference call to discuss these updates on
25 February 2014 at 5:00 pm New York time. The call was 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 is available 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.
Contacts:
Planet Payment, Inc. Tel: + 1 516 670 3200
Robert Cox (CFO & COO) www.planetpayment.com
Canaccord Genuity Ltd (Nomad for Planet Payment)
Simon Bridges / Cameron Duncan Tel: +44 20 7523 8000
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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