Planet Payment, Inc. (PLPM), a provider of international payment and transaction processing and multi-currency processing services, today announced its results for the second quarter ended June 30, 2016.
Financial Highlights for the Second Quarter Ended June 30, 2016
- Total revenue for the quarter was $13.1 million, compared to $12.7 million for 2015.
- Net income for the quarter was $1.3 million, compared to $1.9 million for 2015.
- Adjusted EBITDA for the quarter was $2.8 million, compared to $2.9 million for 2015.
Operational Highlights
- Launched Pay in Your Currency® with Moneris in Canada.
- Executed agreement with Redeban to deliver Pay in Your Currency in Colombia.
- Launched Multi-Currency Pricing solution with ABSA and XPressa in South Africa.
Outlook for Fiscal Year 2016
Planet Payment reaffirms its revenue, net income, Adjusted EBITDA and fully diluted earnings per share guidance for the full year 2016 as follows:
- Net revenue for the year is estimated to be in the range of $57.0 million and $59.2 million.
- Net income for the year is estimated to be in the range of $8.6 million and $9.6 million.
- Adjusted EBITDA for the year is estimated to be in the range of $14.1 million and $15.1 million (see Table 3 for reconciliation of prospective net income to Adjusted EBITDA).
- Fully diluted earnings per share is estimated to be in the range of $0.15 and $0.17 based on 51.9 million fully-diluted common shares outstanding.
Stock Repurchase Program
On August 2, 2016, the Board of Directors reinstated the Company’s share repurchase program and expanded the authorization by an incremental $4.0 million, bringing its total current authorization to $6.0 million.
Tender Offer
As a result of the completion of the tender offer, on April 12, 2016, the Company paid $14.2 million, including transaction costs, to repurchase approximately 3.9 million shares at a tender price of $3.60 per share.
“Our strategic plan and hard work have resulted in sustained profitability as we continue to lay the ground work for long-term growth and future success,” said Carl Williams, Chairman and Chief Executive Officer of Planet Payment. “We have expanded into new markets, launched solutions with new and existing partners, and continue to work diligently to improve the payment experience for merchants and consumers around the globe.”