Planet Payment Posts Rise In Q1 Pretax Profit

Planet Payment Inc PLPM reported an increase in its pretax profit for the quarter ended March 31. Planet Payment's quarterly net revenue gained 22% to $11.7 million, versus $9.6 million, in the year-ago period. Its earnings per share came in at 1 cent, versus 1 cent in 2011. Consolidated Gross Billings surged 37% to $30.2 million, from $22.0 million. Its income before provision for income taxes climbed to $882,419 from $768,956. Planet Payment's quarterly net income came in at $0.8 million, versus $0.8 million. Its adjusted EBITDA jumped 75% to $1.7 million from $1.0 million. Planet Payment shares closed at $4.35 yesterday.