Planet Payment Reports Results for Nine Months Ended September 30, 2011 Trading Update

Net Revenue Increases 40%

Net Income $0.6 Million; Adjusted EBITDA Increases to $3.2 Million

Gross Foreign Currency Mark-Up Increases 78%

LONG BEACH, N.Y., Dec. 16, 2011 (GLOBE NEWSWIRE) -- Planet Payment, Inc. (LSE:PPT) (LSE: PPTR) (OTCQX:PLPM), a leading provider of international payment processing and multi-currency processing services, today announced its results for the nine months ended September 30, 2011 ("YTD '11").

During the first nine months of 2011, the Company again achieved strong operating results, highlighted as follows:

• Net revenue for the period increased 40% to $29.5m (YTD '10: $21.0m).
• Consolidated Gross Billings increased 64% to $70.9m (YTD '10: $43.2m). (See below for explanation of this metric)
• Gross Foreign Currency Mark-up increased 78% to $60.7m (YTD '10: $34.1m). (See below for explanation of this metric)
• Net income increased to $0.6m (YTD'10 loss: ($2.8m)).
• Adjusted EBITDA for the period was $3.2m compared to a loss of ($0.1m) a year ago. See Table 1 for reconciliation of net (loss) income to Adjusted EBITDA.
• Settled multi-currency dollar volume processed increased 76% to $1,613m (YTD '10: $916m).
• Total active merchant locations increased by 84% to over 25,000 as of September 30, 2011 (as of September 30, 2010: 13,610).

In these results the Company has adopted the presentation of net revenue explained in our earning release for the first half of 2011. While the Company does not believe that these presentational adjustments are material to its financial statements for any reported period, the Company concluded that the consolidated financial statements for the nine months ended September 30, 2010 should be restated. Details of the adjustments to our previously issued unaudited statements of operations and statements of cash flows for the nine months ended September 30, 2010 are set forth in Note 2 to the consolidated condensed financial statements included in this announcement and filed with OTCQX.

Planet Payment's revenue growth reflects the increase in transaction processing volumes primarily driven by increases in active merchant locations. Planet Payment's customers have continued to roll out our multi-currency processing solutions as reflected by a 51% increase in active multi-currency merchant locations over YTD '10. As previously announced, the Company is now reporting on two key metrics in its business. "Consolidated Gross Billings" which represents the aggregate of (a) gross foreign currency mark-up; plus (b) payment processing services revenue; and "Gross Foreign Currency Mark-up" ("gross mark-up") which represents the gross mark-up amount on settled dollar volume processed using our multi-currency processing services.

During the first nine months of 2011, the Company continued to expand its acquiring customer base in both existing and new markets, in particular announcing agreements with Global Payments to provide multi-currency services in the United States and Canada, complementing the existing agreements in the Asia Pacific region. In March, the Company announced the expansion of its agreement with Vantiv (formerly Fifth Third Processing Solutions), to offer Pay in Your Currency on ATMs throughout the United States. The Company has been actively implementing those solutions with our customers during the period and they are nearing completion and launch. In addition, in response to market demand, we accelerated the expansion of our business development and relationship sales teams ahead of plan, in order to take advantage of market opportunities. Notably, during the quarter, we established our Mexican subsidiary as our headquarters for the Latin America Caribbean region and hired a Managing Director for Latin America.

During the period the Company started the process of becoming a reporting company under U.S. Securities laws and continues to work with its advisors on that process. The Company will shortly be mailing a Notice of Special Meeting to shareholders, in order to approve various matters in relation to the Company's capital and corporate structures.

Trading update

The Company is pleased to present a trading update for the year 2011. The fourth quarter has continued the seasonal trend of being our strongest period of the fiscal year. We estimate that our net revenue for the year ending December 31, 2011 will be in the range of $41.0m to $42.0m, with Gross Consolidated Billings in the range of $98.0m to $102.0m. Net income is estimated to be approximately $2.6m for the year with Adjusted EBITDA of approximately $6.0m.

Additional breakdown on the Company's performance can be found in the Management's Discussion and Analysis of Financial Condition and Results of Operations appended to this release. In accordance with the rules of the OTCQX market, the Company's Third Quarter Report, including its Condensed Consolidated Financial Statements (unaudited), as of December 31, 2010 and September 30, 2011 and for the nine months ended September 30, 2011 and 2010 have been posted on the OTCQX website at www.otcqx.com and on the Company's website at www.planetpayment.com.

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. Actual results may vary materially from the results anticipated by these forward-looking statements as a result of a variety of risk factors, including, regulatory changes and changes in card association regulations and practices; general economic risk and volume of international travel and commerce and others. See the Company's Quarterly Report for the period, 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.

Management's Discussion and Analysis of Financial Condition and Results of Operations

REISSUE OF HISTORICAL FINANCIAL STATEMENTS

During the process of preparing the Company to become a reporting company under U.S. securities laws, the Company reconsidered the presentation of its net revenue. The Audit Committee of the Board of Directors and management concluded on October 20, 2011 that the correct presentation of its multi-currency revenue is net of the mark-up amounts shared with acquiring bank and processing customers and their merchants, with respect to such services. Management consulted with the Company's independent registered public accountant, Deloitte & Touche LLP, regarding the issue. As a result, the Company has restated its unaudited consolidated financial statements for the nine months ended September 30, 2010. The Company does not believe that these presentational adjustments and the corrections referred to below are material to its financial statements for any reported period. The adjustments resulted in a reduction in revenue and the corresponding reduction in cost of revenue of $22.2m.

The previously issued unaudited Condensed Consolidated Financial Statements as of and for the nine months ended September 30, 2010, should no longer be relied upon. Similarly, related press releases, annual reports and stockholder communications describing the Company's financial statements for these periods should no longer be relied upon. Only the reissued statements for such periods should be relied upon. The restated unaudited consolidated statements of operations and cash flows for the nine months ended September 30, 2010 are included in the financial statements appended to this announcement and in the Company's OTCQX Second Quarter Report referenced above.

RESULTS OF OPERATIONS

Nine Months Ended September 30, 2011 Compared to the Nine Months Ended September 30, 2010

NON-GAAP MEASURES

The Company provides certain non-GAAP financial measures in this statement in order to provide investors with additional perspective of underlying business trends and results. In addition management utilizes these measures in monitoring performance. 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.

EBITDA: Adjusted EBITDA for the nine month period was $3.2m compared to a loss of ($0.1 m) a year ago. The increase in adjusted EBITDA for the period reflects the increase in revenue and gross profit during the period. See Table 1 below for a reconciliation of Net (loss) income to adjusted EBITDA.