Oxford, MS 5/16/2011 (PennyPayDay) -- Planet Payment, Inc. (PINK:PLPM), an international payment processor, today announced, in a press release, its results for the three month period ended March 31, 2011. During the first quarter of 2011 the Company continued to deliver solid results. Total revenue was up 67% to $22.0 million (Q1'10: $13.2 million), with multi-currency revenue up over 85% to $18.6 million (Q1'10: $10.0 million). Gross profit for the quarter increased 65% to $6.7 million (Q1'10: $4.1 million).
On a GAAP basis, net income for the quarter was $0.9 million (Q1'10 net loss: ($1.5m)). Adjusted EBITDA for the period was $1.0 million (Q1'10 loss: ($0.7m).
The Company's revenue growth was primarily driven by a 67% increase in active multi-currency merchant locations over Q1'10. The Company's total active merchant locations were at 19,944 at the end of the quarter with 8,755 new locations activated since the first quarter of 2010 (Q1'10: 11,189). First quarter has traditionally been the Company's slowest quarter of the year, due primarily to reduced international business travel following the Christmas holiday and around the Chinese New Year, while fourth quarter is typically the most active. Due to our product mix and broadening customer and regional base, this quarter's seasonal, sequential revenue increase was approximately 3%. This compares very favorably to previous seasonal revenue declines of 7% (Q1: 2010) and 12% (Q1:2009) as compared to the fourth quarters of 2009 and 2008, respectively.
Commenting on the results, Philip Beck, Chairman of Planet Payment, Inc., said: "We are very pleased with our first quarter results. Our revenue growth of 67%, is especially gratifying, given that it has traditionally been our seasonally weakest quarter of the year. First quarter performance resulted from the strong adoption and the continued deployment of our solutions by new and existing customers which is a reflection of the tremendous efforts of the entire Planet Payment team over the last few years."
For more information, please visit: www.planetpayment.com.
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