TIDMPPT TIDMTTM
RNS Number : 0205C
Planet Payment Inc.
11 March 2014
On behalf of: Planet Payment, Inc. ("the Company" or "Planet Payment")
Planet Payment
Announces 2013 Results
Planet Payment, Inc. (NASDAQ:PLPM) (LSE:PPT), a leading provider
of international payment and transaction processing and
multi-currency processing services, today announced its results for
the fourth quarter and fiscal year ended December 31, 2013.
Financial Highlights for the Fourth Quarter Ended December 31,
2013
-- Net revenue for the quarterly period was $12.2 million
compared to $11.9 million in the fourth quarter of 2012.
-- Gross foreign currency mark-up for the quarterly period was
$30.0 million compared to $30.1 million in the fourth quarter of
2012. (See Table 2 for explanation of this metric).
-- Net income for the quarterly period was $0.2 million compared
to net loss of $(0.1) million in the fourth quarter of 2012.
-- Adjusted EBITDA for the quarterly period was $1.3 million
compared to Adjusted EBITDA of $0.9 million in the fourth quarter
of 2012. (See Table 1 for reconciliation of net income (loss) to
Adjusted EBITDA).
Financial Highlights for the Year Ended December 31, 2013
-- Net revenue for the year was $46.6 million compared to $43.6 million for fiscal year 2012.
-- Gross foreign currency mark-up for the year was $107.0
million compared to $103.2 million for fiscal year 2012. (See Table
2 for explanation of this metric).
-- Net income was $22,006 or $0.00 per diluted share compared to
net loss of $(4.5) million or $(0.09) per diluted share for fiscal
year 2012.
-- Adjusted EBITDA for the year was $4.2 million compared to
$2.4 million for fiscal year 2012. (See Table 1 for reconciliation
of net income (loss) to Adjusted EBITDA).
Operational Highlights for the Year Ended December 31, 2013
-- Total active merchant locations increased to approximately
61,000 (2012: approx. 41,000) (See Table 2 for explanation of this
metric).
-- Settled multi-currency dollar volume processed was $2.6
billion (2012: $2.6 billion). (See Table 2 for explanation of this
metric).
-- Total settled dollar volume processed increased to $7.1
billion (2012: $6.1 billion) and total settled transactions
processed increased to 64.4 million (2012: 46.0 million). (See
Table 2 for explanation of these metrics).
-- Entered into a number of new contracts, notably a number of
processing agreements with Visa building on our strategic
partnership for emerging markets and an extension of our
multi-currency processing agreements with Network International. We
also signed an agreement with BCA for our PYC service in Indonesia
which was launched in December.
-- Became an acquiring member of UnionPay International and
signed a direct acquiring agreement with Discover
-- Launched services with ICBC in Macau; in the U.S. we launched
Billabong with Vantiv and additional ATMs with Payment Alliance
International and integrated hospitality solutions were launched
with MICROS in Canada and Mexico.
-- Integrated the Commercial Services Platform and its enabling
technology, which allows us to provide commercial services at the
point-of-sale.
-- Continued to enhance our processing platform including
launching support UnionPay online and at the point-of-sale, to help
merchants access the Chinese market.
-- Launched solutions with Visa for POS and ATM services for
banks in Myanmar and Grupo Bimbo in Mexico.
Commenting on the results, Carl Williams, CEO of Planet Payment,
Inc., said:
"I believe our achievements in 2013, that are in various stages
of implementation and roll-out, will validate that Planet Payment
is on the right path. I am enthusiastic to be leading Planet
Payment at this stage of the Company's evolution."
Conference Call
The Company will host a conference call to discuss fourth
quarter 2013 financial results today at 5:00 pm New York time. Carl
Williams, 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 13574809. The replay will be available until our next earnings
call on our website or via telephone until Friday, March 14,
2014.
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 Annual Report on Form
10-K to be filed at www.sec.gov and posted on the Company's
investor relations website.
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.
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 regarding the financial position, business strategy, plans
and objectives of management for future operations of both Planet
Payment and its business partners, net revenue, net income (loss),
Adjusted EBITDA, diluted earnings per share, future service
launches with customers 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 Annual Report Form 10-K, 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.
Enquiries:
Planet Payment, Inc. Tel: + 1 516 670 3200
Robert Cox (CFO and COO) www.planetpayment.com
Canaccord Genuity Ltd (UK) (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
statement. 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 (loss), the most directly comparable financial measure
calculated and presented in accordance with GAAP.
Table 1. Reconciliation of Net Income (Loss) to Adjusted
EBITDA
For the three months and year ended December 31, 2013 and
2012
Three months ended Twelve months ended
December 31, December 31,
2013 2012 2013 2012
ADJUSTED EBITDA: US$ Millions
Net income (loss) $0.2 $(0.1) $0.0 $(4.5)
Interest expense 0.0 0.0 0.1 0.1
Interest and other expense (income) 0.0 0.0 0.0 0.0
(Benefit) provision for income taxes 0.0 (0.1) 0.0 0.2
Depreciation and amortization 0.7 0.8 2.9 2.8
Expensing of deferred IPO costs(1) 0.0 0.0 0.0 2.6
Stock--based expense 0.4 0.3 1.2 1.1
Acquisition deal costs 0.0 0.0 0.0 0.1
Adjusted EBITDA (non-GAAP) $1.3 $0.9 $4.2 $2.4
(1) In July 2011 we filed our first registration statement on
Form S-1. From July 2011 through August 2012 we continued to update
and amend Form S-1. During the quarter ended September 30, 2012 we
determined that it is likely that our IPO will be postponed for a
period in excess of 90 days and as a result deemed it to be an
aborted offering in accordance with the guidance set forth in ASC
340-10-S99-1. For the three months ending September 30, 2012, we
expensed previously deferred IPO costs of $2.3 million associated
with our registration statement on Form S-1 as well as any IPO
costs incurred in the third quarter to selling, general and
administrative expenses. The total amount of the expense for the
year was $2.6 million.
Table 2. Explanation of Key Metrics
Year ended December 31,
2013 2012
KEY METRICS:
Consolidated gross billings(1) $ 123,766,535 $ 117,945,131
Total settled dollar volume processed(2) $ 7,054,447,195 $ 6,114,241,521
Total active merchant locations
(at period end)(3) 61,029 40,918
Total settled transactions processed(4) 64,438,090
45,968,171
Multi-currency processing services key metrics:
Active merchant locations (at period end)(3) 23,628 22,015
Settled transactions processed(5) 12,496,150 11,883,366
Gross foreign currency mark-up(6) $ 107,013,919 $
103,174,205
Settled dollar volume processed(7) $ 2,645,757,541 $ 2,628,252,265
Average net mark-up percentage on settled
dollar volume processed(8) 1.13% 1.10%
Payment processing services key metrics:
Active merchant locations (at period end)(3) 37,424 18,921
Payment processing services revenue(9) $ 16,752,616 $ 14,770,926
Settled transactions processed(10) 51,941,940 34,084,805
Settled dollar volume processed(11) $ 4,408,689,654 $ 3,485,989,256
(1) Represents gross foreign currency mark-up plus payment processing services revenue.
(2) Represents total settled dollar volume processed through
both our multi-currency and payment processing services.
(3) 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
December 31, 2013 and 2012, there were 23 and 18 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.
(4) Represents total settled transactions (excluding other
transaction types such as authorizations and rate look-ups).
(5) Represents settled transactions processed using our
multi-currency processing services (excluding other transaction
types such as authorizations and rate look-ups).
(6) 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.
(7) Represents the total settled dollar volume processed using
our multi-currency processing services.
(8) Represents the average net 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 ($29.8 million, and
$28.8 million for the years ended December 31, 2013 and 2012,
respectively) and dividing by settled dollar volume processed.
(9) Represents revenue earned and reported on payment processing services.
(10) Represents settled transactions processed using our payment
processing services (excluding other transaction types such as
authorizations and rate look-ups).
(11) Represents the total settled dollar volume processed using
our payment processing services.
Planet Payment, Inc. unaudited consolidated balance sheets
December 31,
-------------------------
2013 2012
----------- -----------
Current assets:
Cash and cash equivalents
............................................................... $ 6,572,468 $ 6,002,457
Restricted cash
..............................................................................
..... 3,471,023 2,517,616
Accounts receivable, net of allowances of $0.2 million and $1.5 million as of
December 31,
2013 and 2012, respectively............ 6,016,296 5,585,815
Prepaid expenses and other assets
.................................................. 1,457,660 2,395,137
----------- -----------
Total current assets
....................................................................... 17,517,447 16,501,025
----------- -----------
Other assets:
Restricted cash
..............................................................................
..... 446,044 669,406
Property and equipment, net
............................................................ 2,198,640 1,396,154
Software development costs, net
..................................................... 4,904,415 4,776,320
Intangible assets, net
......................................................................... 2,820,909 3,289,590
Goodwill
..............................................................................
................. 362,063 347,599
Security deposits and other assets
................................................. 2,141,620 338,408
Total other assets
.......................................................................... 12,873,691 10,817,477
----------- -----------
Total assets
.................................................................................
............ $30,391,138 $27,318,502
========== ==========
Liabilities and stockholders' equity
Current liabilities:
Accounts payable
.............................................................................. $ 585,604 $ 889,118
Accrued expenses
.............................................................................. 5,032,620 5,298,789
Due to merchants
..............................................................................
. 3,018,900 2,546,140
Current portion of capital leases
...................................................... 466,010 337,588
----------- -----------
Total current liabilities
.................................................................. 9,103,134 9,071,635
----------- -----------
Long-term liabilities:
Long-term portion of capital leases and deferred revenue .......... 1,432,513 364,010
----------- -----------
Total long-term liabilities
.............................................................. 1,432,513 364,010
----------- -----------
Total liabilities
.................................................................................
...... 10,535,647 9,435,645
----------- -----------
Commitments and contingencies
Stockholders' equity:
Convertible preferred stock-10,000,000 shares authorized as of December 31, 2013
and 2012,
$0.01 par value: Series A-2,243,750 issued and outstanding as of December 31,
2013 and 2012;
$8,975,000 aggregate liquidation preference ........................ 22,438 22,438
Common stock-250,000,000 shares authorized as of December 31, 2013 and 2012, $0.01
par value,
and 55,037,488 and 53,658,857 shares issued and outstanding as of December 31,
2013 and 2012,
respectively
............................................................................... 550,375 536,589
Additional paid-in capital
.................................................................. 101,038,685 99,199,149
Accumulated other comprehensive income ................................... 135,231 37,925
Accumulated deficit
........................................................................... (81,891,238) (81,913,244)
----------- -----------
Total stockholders' equity
........................................................... 19,855,491 17,882,857
----------- -----------
Total liabilities and stockholders' equity
.......................................... $30,391,138 $27,318,502
========== ==========
Planet Payment, Inc. unaudited consolidated statements of
operations
Year ended December 31,
---------------------------------------
2013 2012 2011
----------- ----------- -----------
Revenue:
Net revenue........................................... $46,566,065 $43,578,016 $41,858,166
---------- ---------- ----------
Operating expenses:
Cost of revenue:
Payment processing service fees.. 11,236,262 10,943,290 11,677,012
Processing and service costs........ 13,048,294 11,010,778 9,093,674
Total cost of revenue................. 24,284,556 21,954,068 20,770,686
Selling, general and administrative
expenses........................................... 22,241,656 25,865,652 18,152,014
----------- ----------- -----------
Total operating expenses........... 46,526,212 47,819,720 38,922,700
----------- ----------- -----------
Income (loss) from operations........... 39,853 (4,241,704) 2,935,466
Other income (expense):
Interest expense................................... (66,905) (55,987) (319,098)
Interest income..................................... 1,038 1,236 1,582
Other income (expense), net .............. 88,889 (8,739) 98,682
----------- ----------- -----------
Total other income (expense), net..... 23,022 (63,490) (218,834)
----------- ----------- -----------
Income (loss) from operations before provision for income
taxes. 62,875 (4,305,194) 2,716,632
Provision for income taxes.................. (40,869) (147,111) (331,903)
----------- ----------- -----------
Net income (loss)................................. $ 22,006 $(4,452,305) $ 2,384,729
========== ========== ==========
Basic net income (loss) per share applicable to common
stockholders..................................... $ 0.00 $ (0.09) $ 0.04
========== ========== ==========
Diluted net income (loss) per share applicable to common
stockholders..................................... $ 0.00 $ (0.09) $ 0.04
========== ========== ==========
Weighted average common stock outstanding
(basic)......................... 52,943,203 52,187,144 49,348,033
=========== =========== ===========
Weighted average common stock outstanding
(diluted)...................... 54,465,285 52,187,144 52,167,492
=========== =========== ===========
Planet Payment, Inc. unaudited consolidated statements of cash
flows
Year ended December 31,
---------------------------------------------
2013 2012 2011
--------------- ----------- -------------
Cash flows from operating activities:
Net income
(loss)................................................
. $ 22,006 $(4,452,305) $ 2,384,729
Adjustments to reconcile net (loss) income to net cash
provided by operating activities:
Stock-based compensation expense............ 1,227,369 1,075,079 555,882
Depreciation and amortization expense....... 2,872,167 2,831,379 2,416,873
Provision for doubtful
accounts..........................................
............. 326,457 136,350 75,384
Deferred tax
benefit......................................... (583,420) (66,009) -
Disposal of property and equipment............ 4,979 86,388 -
Expensing of deferred IPO costs................... - 2,346,210 -
Accrued insurance proceeds......................... - (100,000) -
Gain on insurance
settlement........................ (301,281) - -
Non-cash interest expense on convertible
debt.......................................... - - 254,636
Non-cash interest expense on term debt..... - - -
Warrant
expense...........................................
... - - 14,928
Common stock issued for payment of account
payable.......................................... - - 20,000
Derecognition of note payable...................... - - (700,000 )
Non-cash prepayment fee on conversion of
convertible
debt...................................... - - 601,318
Changes in operating assets and liabilities
net of effects of acquisitions:
(Increase) decrease in settlement assets..... (703,407) (575,707) 118,448
Increase in accounts
receivables, prepaid expenses and
other current
assets.................................... (657,188) (1,725,523) (1,825,403 )
(Increase) decrease in security deposits and other
assets.......................................... (482,065) (11,575) 32,051
Increase in accounts payable and accrued
expenses..........................................
............. 336,367 1,713,071 2,088,190
Increase (decrease) in due to merchants..... 472,760 409,076 (157,188 )
Other.............................................
..................... (14,594) (65,018) (13,128 )
--------------- ----------- -------------
Net cash provided by operating
activities................................. 2,520,150 1,601,416 5,866,720
--------------- ----------- -------------
Cash flows from investing activities:
Insurance
proceeds......................................... 401,281 - -
(Increase) decrease in restricted cash.......... (26,638) (9,448) 90,042
Purchase of property and equipment........... (828,730) (269,557) (161,705 )
Capitalized software development................ (1,443,010) (1,360,091) (1,862,653 )
Purchase of intangible
assets........................ (162,181) (149,420) (78,453 )
Cash paid for business combination, net of cash
acquired.......................................... - (1,577,829) -
--------------- ----------- -------------
Net cash used in investing activities....... (2,059,278) (3,366,345) (2,012,769 )
--------------- ----------- -------------
Cash flows from financing activities:
Proceeds from issuance of common stock.. 589,131 774,749 269,965
Principal payments on capital lease
obligations.......................................
............ (479,992) (324,795) (284,682 )
Payment of IPO
costs..................................... - (354,531) (1,349,770 )
--------------- ----------- -------------
Net cash provided by (used in) financing
activities................................. 109,139 95,423 (1,364,487 )
--------------- ----------- -------------
Effect of exchange rate changes on cash and cash
equivalents(*)............................................
. - - -
--------------- ----------- -------------
Net (decrease) increase in cash and cash
equivalents..............................................
.............. 570,011 (1,669,506) 2,489,464
Beginning of
period................................................. 6,002,457 7,671,963 5,182,499
--------------- ----------- -------------
End of
period...................................................
.......... $ 6,572,468 $ 6,002,457 $ 7,671,963
=========== ========== ============
Supplemental disclosure:
Cash paid for:
Interest..........................................
.................... $ 63,352 $ 53,994 $ 64,462
Income
taxes.............................................
........ 568,055 541,933 233,535
Non cash investing and financing activities:
Convertible debt converted to common
stock.............................................
................. $ - $ - $ 8,979,926
Common stock issued for BPS
acquisition.......................................
............. - 1,596,862 -
Common stock issued for stock options and warrants
exercised............................... 2,273 13,335 354
Assets acquired under capital leases........... 728,082 530,984 349,484
Accrued capitalized hardware, software and fixed
assets 27,566
Capitalized stock-based compensation........ 52,133 - -
Accrued IPO
costs.......................................... - - 301,019
(*) For the years ended December 31, 2013, 2012 and 2011, the
effect of exchange rate changes on cash and cash equivalents was
inconsequential.
Planet Payment, Inc. unaudited consolidated statements of
changes in convertible preferred stock andstockholders' equity
Common stock
$0.01 par value-
70,000,000 shares
authorized as of
---------
Convertible
preferred stock
$0.01 par value
4,000,000 shares
authorized as of December 31, 2010
December 31, 2010 and and 80,000,000 shares
2011 and authorized as of
10,000,000 shares December 31, 2011 and
authorized as of 250,000,000 shares
December 31, 2012 and authorized
2013 as of December 31, 2012 Accumulated
Series A and 2013 Additional other Total
----------------------- -----------------------
Shares paid-in comprehensive Accumulated stockholders'
issued Shares Value Issued Par value capital (loss) income deficit equity
--------- ------------ ---------- ----------- ------------ --------------- ------------ ---------------
Balance-December 31, 2010
........................... 2,243,750 22,438 46,068,496 460,684 85,066,856 (27,600) (79,845,668) 5,676,710
--------- ------------ ---------- ----------- ------------ --------------- ------------ ---------------
Stock issued
...............................
.............................. - - 4,484,776 44,848 9,811,033 - - 9,855,881
Restricted stock issued
...............................
.......... - - 915,000 9,150 - 9,150
Warrants exercised
...............................
.................. - - 28,560 286 (286) - - -
Options exercised
...............................
.................... - - 267,573 2,676 258,139 - - 260,815
Warrant expense
...............................
....................... - - - - 14,928 - - 14,928
Stock-based compensation expense
.................. - - - - 555,882 - - 555,882
Cumulative translation
adjustment ................... - - - - - (13,129) - (13,129 )
Net income
...............................
...............................
.. - - - - - - 2,384,729 2,384,729
--------- ------------ ---------- ----------- ------------ --------------- ------------ ---------------
Balance-December 31, 2011
........................... 2,243,750 22,438 51,764,405 517,644 95,706,552 (40,729) (77,460,939) 18,744,966
--------- ------------ ---------- ----------- ------------ --------------- ------------ ---------------
Stock issued ---
Acquisition of BPS
...............................
................. - - 488,337 4,884 1,596,862 - - 1,601,746
Warrants
exercised......................
............................ - - 917,602 9,176 (9,176) - - -
Options exercised
...............................
.................... - - 488,513 4,885 769,864 - - 774,749
Stock-based compensation expense
.................. - - - - 1,135,047 - - 1,135,047
Cumulative translation
adjustment ................... - - - - - 78,654 - 78,654
Net loss
...............................
...............................
....... - - - - - - (4,452,305) (4,452,305 )
--------- ------------ ---------- ----------- ------------ --------------- ------------ ---------------
Balance- December 31,
2012........................... 2,243,750 22,438 53,658,857 536,589 99,199,149 37,925 (81,913,244) 17,882,857
--------- ----------- ---------- ---------- ----------- ----------- ----------- -----------
Restricted stock issued
...............................
.......... - - 860,739 8,607 (23,918) - - (15,311 )
Warrants exercised
...............................
.................. - - 213,123 2,131 (2,131) - - -
Options exercised
...............................
.................... - - 304,769 3,048 586,083 - - 589,131
Stock-based compensation expense
.................. - - - - 1,279,502 - - 1,279,502
Cumulative translation
adjustment ................... - - - - - 97,306 - 97,306
Net income
...............................
...............................
.. - - - - - - 22,006 22,006
--------- ----------- ---------- ---------- ----------- ----------- ----------- -----------
Balance- December 31,
2013........................... 2,243,750 $ 22,438 55,037,488 $ 550,375 $101,038,685 $ 135,231 $(81,891,238) $ 19,855,491
--------- ----------- ---------- ---------- ----------- ----------- ----------- -----------
Planet Payment, Inc.
Notes to unaudited consolidated financial statements
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 61,000 active merchant locations in 22 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 provides banks and their merchants with
innovative services to accept, process and reconcile electronic
payments. The Company's point-of-sale and e-commerce are integrated
within the international payment card transaction process enabling
its acquiring customers to process and reconcile payment
transactions in multiple currencies, geographies and channels. The
Company's ATM services provide its domestic and international
acquirers with additional processing capabilities to help them
increase revenue and improve customer satisfaction. The Company
also offers non-financial transaction processing services that
allow merchants to offer a range of value added services including
pre-paid mobile phone top-up, bill payments and insurance premiums,
using the same point-of-sale devices deployed to accept payment
cards. 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 symbols "PPT" and "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 consolidated financial statements of the Company have been
prepared in accordance with accounting principles generally
accepted in the United States of America ("US GAAP").
The accompanying consolidated financial statements include the
accounts of Planet Payment, Inc. and its wholly-owned subsidiaries.
All intercompany transactions and balances have been
eliminated.
The Company combined the equity classification line item
"Warrants" (previously presented separately) with additional
paid-in capital on the consolidated balance sheet as of December
31, 2013 and 2012.
This information is provided by RNS
The company news service from the London Stock Exchange
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