Planet
Payment, Inc. (LSE: AIM: PPT and PPTR; OTCQX: PLPM), a leading
international multi-currency payment and data processor, provides the
following update on its trading for the fourth quarter and year ended 31
December 2010.
Management estimates that total revenue for the full year 2010 increased
by more than 35% to over $64m (2009: $47.3m). This growth was led by new
merchant deployments with processors and banking customers in the United
States and Asia Pacific region. Revenue from core multi-currency
processing services increased by more than 50% to over $51m (2009: $33m).
Management estimates that total revenue for the fourth quarter 2010
increased by approximately 48% to approximately $21m (Q4 2009: $14.2m),
and by approximately 35% compared to the third quarter 2010 (Q3 2010:
$15.5m). Revenue from core multi-currency processing services for the
fourth quarter 2010 increased 55% to approximately $17.0m (Q4 2009:
$11m), and by approximately 36% compared to the third quarter 2010 (Q3
2010: $12.5m).
The Company also estimates that it has achieved a significant
improvement in adjusted EBITDA for the fourth quarter, as compared to
the third quarter of 2010 and expects to show substantially increased
adjusted EBITDA for the full year in 2010, as compared to fiscal year
2009. (Adjusted EBITDA comprises net income excluding interest, taxes,
depreciation and amortization, non-cash stock-related expense and
certain other non-cash expenses.)
Planet Payment will announce its preliminary results for the period
ended 31 December 2010 in mid March 2011.
“Our services help acquirers open new sales channels, merchants sell
more goods and services and cardholders enjoy informed choice and
transparency at the point-of-sale, ” comments, Philip
Beck, Chairman of Planet Payment, Inc. “We are pleased that
our efforts in 2010 have achieved increased revenue, resulting in
positive cash flows and adjusted EBITDA for the fourth quarter. We
believe that the Company is well placed for continued strong growth for
2011”
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, 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; general economic
risk and 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 Reports for prior periods, filed at www.otcqx.com
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’s Common shares trade in the UK on AIM under the symbols
PPT for unrestricted Common shares and PPTR for Reg S Common shares and
in the United States on the OTCQX under the symbol PLPM.
Planet Payment is a leading international payment and data processor,
providing banks and their merchants with innovative solutions to accept,
process and reconcile payments, anytime, anywhere and in any currency.
Our customer base of more than 45 acquiring banks and processors
stretches from North America, to the Middle East, to Asia Pacific,
including China, Hong Kong, Macau, Taiwan, Malaysia and India.
Planet Payment is headquartered in New York and has offices in Atlanta,
Beijing, Bermuda, Delaware, London, Hong Kong, Shanghai and Singapore.
Visit www.planetpayment.com
for more information on the Company and its services. For up-to-date
information follow Planet Payment on Twitter at @PlanetPayment
or join Planet
Payment’s page on Facebook.
Inquiries:
Planet Payment, Inc.
Robert Cox (CFO)
Tel:
+ 1 516 670 3200
www.planetpayment.com
or
Redleaf
Communications (UK PR for Planet Payment)
Emma Kane /Rebecca
Sanders-Hewett / Henry Columbine
Tel: +44 20 7566 6700
planet@redleafpr.com
or
HJMT
Communications, LLC (US PR for Planet Payment)
Hilary Topper /
Kristie Galvani / Lisa Gordon
Tel: 516 997 1950
kristie@hjmt.cpm
or
Canaccord
Genuity Ltd (UK) (Nomad for Planet Payment)
Mark Williams /
Andrew Chubb
Tel: +44 20 7050 6500
or
Canaccord
Genuity, Inc. (US) (DAD for Planet Payment)
Andy Viles
Tel:
+1 617-371-3900