TIDMPPT TIDMTTM
RNS Number : 8882S
Planet Payment Inc.
13 November 2013
Date: 13 November 2013
On behalf of: Planet Payment, Inc. ("the Company" or "Planet Payment")
Embargoed until: 0701 hrs
Planet Payment Announces Third Quarter 2013 Results
Reaffirms 2013 Annual Guidance
Service Launches in Mexico
Planet Payment, Inc. (NASDAQ:PLPM) (LSE:AIM: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 Comp any'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.
Contacts:
Planet Payment, Inc. Tel: + 1 516 670 3200
Robert Cox (CFO) www.planetpayment.com
Redleaf Polhill (UK PR for Planet Payment) Tel: +44 207 382 4730
Emma Kane / Rebecca Sanders-Hewett / David planet@redleafpr.com
Ison
ICR (USA IR for Planet Payment) Tel: +1 646-277-1212
Don Duffy / Dara Dierks
Canaccord Genuity Ltd (Nomad for Planet Payment)
Simon Bridges / Andrew Chubb 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 "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 6,002,457 7,671,963
---------- -----------
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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