logo
  Join        Login             Stock Quote

Planet Payment Reports Third Quarter 2012 Results Provides Update on NASDAQ Listing

Monday, November 26, 2012 6:58 PM


LONG BEACH, N.Y., Nov. 26, 2012 (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 three and nine months ended September 30, 2012.

Financial Highlights for the Three Months Ended September 30, 2012 ("Q3 2012")

  • Net revenue for the period increased approximately 3% to $9.9m [Q3 2011: $9.7m].
  • Consolidated Gross Billings increased 10% to $26.3m [Q3 2011: $23.9m]. (See Table 2 for explanation of this metric).
  • Gross Foreign Currency Mark-up increased 12% to $22.9m [Q3 2011: $20.5m]. (See Table 2 for explanation of this metric).
  • Net loss increased from $(0.4)m to $(4.0)m, primarily due to expensing of deferred IPO costs of $2.6m.
  • Adjusted EBITDA for the period decreased to $(0.4)m [Q3:2011 $0.6m]. See Table 1 for reconciliation of net (loss) income to Adjusted EBITDA.

Financial Highlights for the Nine Months Ended September 30, 2012 ("YTD" 2012)

  • Net revenue for the period increased approximately 7% to $31.7m [YTD 2011: $29.5m].
  • Consolidated Gross Billings increased 18% to $83.9m [YTD 2011: $70.9m].
  • Gross Foreign Currency Mark-up increased 21% to $73.1m [YTD 2011: $60.7m].
  • Net income (loss) decreased from $0.6m to $(4.3)m.
  • Adjusted EBITDA for the period decreased 53% to $1.5m [YTD 2011 $3.2m].

Operational Highlights for the YTD 2012

  • Total active merchant locations increased by 51% to approximately 38,000 as of September 30, 2012 [September 30, 2011: approximately 25,000]. (See Table 2 for explanation of this metric).
  • Settled multi-currency dollar volume processed increased 3% to $572m [Q3 2011: $555m]. YTD increase was 17% to $1.9b [YTD 2011: $1.6b].
  • Entered into a number of new contracts, notably multi-currency processing agreements with Taishin Bank in Taiwan and Mashreq in UAE and a processing agreement with China Unionpay.
  • Launched Pay in Your Currency® services with Global Payments Canada, Vantiv ATMs in the United States, Mashreq UAE, Citibank Philippines and Citibank Hong Kong and our MICROS Payment Gateway solution with Banorte in Mexico.

Our results reflect a 51% increase in active merchant locations over the last twelve months and growth of 10% and 12% in Consolidated Gross Billings and Gross Foreign Currency Mark-up respectively in the third quarter of 2012 compared to the same period in 2011. The growth in our financial results, however, was muted by a number of factors. The poor economic climate, which our merchants and their customers are facing, led to a decline in sales of goods and services by merchants using our services, which negatively impacted our net revenue. The net loss in the third quarter primarily resulted from expensing previously deferred IPO costs of $2.3 m associated with our registration statement on Form S-1, as well as IPO costs incurred in the third quarter for a total amount of $2.6 m. The increase in our operating costs compared to 2011 primarily reflects additions to technology and support personnel to invest in the growth of the business and future launches into new markets including Mexico and Brazil. We believe that the growth in the key operating metrics of active merchant locations, Consolidated Gross Billings and Gross Foreign Currency Mark-up are indicative of the underlying strength of our business.

During the third quarter of 2012, we continued to expand our acquiring customer base, in particular announcing an agreement with Taishin Bank to provide our Pay in Your Currency® service to the bank's portfolio of merchants in Taiwan and the launch of Pay in Your Currency® with Mashreq Bank in the United Arab Emirates and Global Payments in Canada. We also launched services with Banorte in Mexico, initially implementing our MICROS Payment Gateway solution and plan to launch our Pay in Your Currency service shortly. Today, we announced an initiative to launch Planet Payment's Pay in Your Currencyand Shop in Your Currency services with Cielo S.A. in Brazil. We believe that these new initiatives are indicative of the strong pipeline of business that we can look forward to.

CURRENT TRADING

The Company expects to see continuing growth in active merchant locations during the remainder of 2012, from both existing customers and those that have recently implemented and launched services with Planet Payment. However, the Company may continue to see slower growth in Consolidated Gross Billings and [net revenue from existing customers, as a result of the macro-economic downturn affecting businesses around the world. The Company intends to continue to invest in supporting new business, implementations in new markets and growing the pipeline, although the benefit of these investments may only be realized in subsequent periods. Based on these and other factors referenced above, the Company estimates full year net revenue to be in the range of $43.0m to $43.5m, net loss for 2012 to be in the range of ($4.2)m to ($4.7)m and Adjusted EBITDA to be in the range of $2.3m to $2.8m (See Table 3 for reconciliation of estimated net loss to estimated Adjusted EBITDA).

NASDAQ LISTING

The Company plans to file an amendment to its Form 10 in the next few weeks with a view to completing the process of becoming a NASDAQ listed company by the end of 2012.

Commenting on the results, Philip Beck, Chairman and CEO of Planet Payment said:

"Our third quarter financial results reflect the continued impact of the global economic environment during the year. We are pleased that we continue to build a strong pipeline for the future and are excited by the new opportunities that lie ahead of us, especially in the Latin American region. We are delighted to have been selected by Cielo in Brazil to deliver our innovative products to its customers.In pushing ahead with our NASDAQ listing, we believe this will mark another important milestone in the Company's development and be of significant benefit to the Company's shareholders, customers and employees."

Additional breakdown on the Company's performance can be found in the Management's Discussion and Analysis of Financial Condition and Results of Operations included in the Company's Third Quarter Report. In accordance with the rules of the OTCQX market, the Company's Third Quarter Report, including its Consolidated Condensed Financial Statements (unaudited), as of and for the nine and three month periods ended September 30, 2012, 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, estimated net revenue, net loss and Adjusted EBITDA, plans to effect a NASDAQ listing, an intended definitive agreement and future service launches with Cielo, and other 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. 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; changes in domestic and global economic conditions and changes in volume of international travel and commerce, the impact of the BPS acquisition, delays in customer implementations 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.

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.

We define Adjusted EBITDA as GAAP net (loss) income 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 (loss) income, the most directly comparable financial measure calculated and presented in accordance with GAAP.

Table 1. Reconciliation of Net (Loss) Income to Adjusted EBITDA (non-GAAP)

For the three and nine months ended September 30, 2012 and 2011

The following table sets forth the reconciliation of Adjusted EBITDA to net (loss) income, our most directly comparable financial measure in accordance with GAAP:

 
  Three months ended Nine months ended
  September 30, September 30,
  2012 2011 2012 2011
ADJUSTED EBITDA:        
Net (loss) income $(3,961,815) $(375,414) $(4,333,290) $600,311
Interest expense 14,163 19,378 42,738 307,796
Interest income (513) (156) (926) (804)
(Benefit) provision for income taxes (17,076) 106,260 213,622 106,260
Depreciation and amortization 744,602 656,726 2,052,063 1,837,147
Expensing of deferred IPO costs(1) 2,578,770 -- 2,578,770 --
Stock‑based expense 284,071 208,663 824,468 435,154
Acquisition deal costs 323 -- 122,078 --
Convertible debt prepayment fee(2) -- -- -- 601,318
Derecognition of note payable(3) -- (40,000) -- (700,000)
Adjusted EBITDA (non-GAAP) $(357,475) $575,457 $1,499,523 $3,187,182
 

(1) In connection with the preparation of the financial statements as of and for the periods 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 third quarter expense was $2.6 million.

(2) In April 2011, the convertible debt holders converted the outstanding principal amount of $9.0 million under convertible notes issued in 2007 and 2008 into an aggregate of 4,049,776 shares of common stock. In addition, we issued 127,318 shares of common stock valued at $0.3 million in lieu of cash payments for accrued interest and 297,682 shares of common stock valued at $0.6 million as a prepayment fee negotiated at the time of conversion. The shares issued for the accrued interest and the prepayment fee were valued at the average closing price of our common stock on AIM under the symbol "PPTR" during the 10 trading day period ending two days prior to the conversion.

(3) In 2003, we entered into an agreement with FHMS and FTB and recorded a liability. Due to a breach of the contractual terms by FHMS and FTB, we did not believe we were liable to repay these amounts. As of March 31, 2011, the statute of limitations had expired on $0.66 million of the $0.7 million balance and as of September 30, 2011, the statute of limitations had expired on the remaining $40,000. For the three months ended March 31, 2011, we recorded other income due to the derecognition of the note payable in the amount of $0.7 million.

Table 2. Explanation of Key Metrics

 
Consolidated Gross Billings Represents Gross Foreign Currency Mark-up plus payment processing services revenue.
Gross Foreign Currency Mark-up 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.
Active merchant locations The Company considers 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.

Table 3. Reconciliation of Forward-Looking Net Loss to Forward-Looking Adjusted EBITDA (Non-GAAP) (US Dollars in Millions)

For the Year ending December 31, 2012

 
  Year ending December 31, 2012
  Estimated Range
     
Net loss $(4.7) $(4.2)
Interest expense 0.1 0.1
Interest income (0.0) (0.0)
Provision for income taxes 0.3 0.3
Depreciation and amortization 2.8 2.8
Expensing of deferred IPO costs 2.6 2.6
Stock‑based expense 1.1 1.1
Acquisition deal costs 0.1 0.1
Adjusted EBITDA (non-GAAP) $2.3 $2.8
 
     
 
Planet Payment, Inc. condensed consolidated balance sheets (unaudited)
 
  As of September 30, As of December 31,
  2012 2011
Current assets:    
Cash and cash equivalents $5,319,950 $7,671,963
Restricted cash 2,299,942 1,941,909
Accounts receivable, net of allowances of $1.4 million as of September 30, 2012 and December 31, 2011 3,826,280 4,768,040
Prepaid expenses and other assets 1,582,208 947,043
Total current assets 13,028,380 15,328,955
Other assets:    
Restricted cash 649,974 659,958
Property and equipment, net 1,548,640 1,223,562
Software development costs, net 4,828,587 4,978,002
Intangible assets, net 3,359,320 799,648
Goodwill 630,756 --
Security deposits and other assets 311,587 213,230
Deferred IPO costs -- 1,650,789
Total other assets 11,328,864 9,525,189
Total assets $24,357,244 $24,854,144
Liabilities and stockholders' equity    
Current liabilities:    
Accounts payable $329,944 $993,872
Accrued expenses 3,870,527 2,482,255
Due to merchants 2,382,111 2,137,064
Current portion of capital leases liability 341,536 247,257
Total current liabilities 6,924,118 5,860,448
Long-term liabilities:    
Long-term portion of capital leases liability 518,480 248,730
Total long-term liabilities 518,480 248,730
Total liabilities 7,442,598 6,109,178
Commitments and contingencies    
Stockholders' equity:    
Convertible preferred stock— 4,000,000 shares authorized, $0.01 par value: Series A— 2,243,750 issued and outstanding as of September 30, 2012 and December 31, 2011; $8,975,000 aggregate liquidation preference 22,438 22,438
Common stock—80,000,000 shares authorized as of September 30, 2012 and December 31, 2011, $0.01 par value, and 52,377,603, and 51,764,405 issued and outstanding as of September 30, 2012 and December 31, 2011, respectively 523,776 517,644
Additional paid-in capital 96,571,663 94,083,901
Warrants 1,622,651 1,622,651
Accumulated other comprehensive loss (31,653) (40,729)
Accumulated deficit (81,794,229) (77,460,939)
Total stockholders' equity 16,914,646 18,744,966
Total liabilities and stockholders' equity $24,357,244 $24,854,144
 

The accompanying notes are an integral part of these financial statements

Planet Payment, Inc. condensed consolidated statements of operations (unaudited)

 
  Three months ended Nine months ended
  September 30, September 30,
  2012 2011 2012 2011
Revenue:        
Net revenue $9,925,137 $9,660,128 $31,723,111 $29,527,135
Operating expenses:        
Cost of revenue:        
Payment processing services fees 2,724,030 2,630,448 7,941,869 8,273,579
Processing and service costs 2,936,471 2,370,388 8,309,890 6,758,294
Total cost of revenue 5,660,501 5,000,836 16,251,759 15,031,873
Selling, general and administrative expenses 8,229,877 4,949,224 19,549,208 13,580,381
Total operating expenses 13,890,378 9,950,060 35,800,967 28,612,254
(Loss) income from operations (3,965,241) (289,932) (4,077,856) 914,881
Other (expense) income:        
Interest expense (14,163) (19,378) (42,738) (307,796)
Interest income 513 156 926 804
Other income, net -- 40,000 -- 98,682
Total other expense, net (13,650) 20,778 (41,812) (208,310)
(Loss) income before benefit (provision) for income taxes (3,978,891) (269,154) (4,119,668) 706,571
Benefit (provision) for income taxes 17,076 (106,260) (213,622) (106,260)
Net (loss) income $(3,961,815) $(375,414) $(4,333,290) $600,311
Basic net (loss) income per share applicable to common stockholders $(0.08) $(0.01) $(0.08) $0.01
Diluted net (loss) income per share applicable to common stockholders $(0.08) $(0.01) $(0.08) $0.01
Weighted average common stock outstanding (basic) 52,366,739 50,794,219 52,062,429 48,834,130
Weighted average common stock outstanding (diluted) 52,366,739 50,794,219 52,062,429 51,593,111
 

The accompanying notes are an integral part of these financial statements

Planet Payment, Inc. condensed consolidated statements of comprehensive (loss) income (unaudited)

 
  Three months ended Nine months ended
  September 30, September 30,
  2012 2011 2012 2011
         
Net (loss) income $(3,961,815) $(375,414) $(4,333,290) $600,311
Foreign currency translation adjustment 74,765 (18,385) 9,076 (16,655)
Total comprehensive (loss) income $(3,887,050) $(393,799) $(4,324,214) $583,656
 

The accompanying notes are an integral part of these financial statements

Planet Payment, Inc. Condensed Consolidated Statements of Cash Flows (unaudited)

 
  Nine months ended
  September 30,
  2012 2011
Cash flows from operating activities:    
Net (loss) income $(4,333,290) $600,311
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Stock option expense 824,468 420,226
Depreciation and amortization expense 2,052,063 1,837,147
Provision for doubtful accounts 85,052 75,384
Expensing deferred IPO costs 2,346,210 --
Deferred income taxes (66,009) --
Non‑cash interest expense on convertible debt -- 254,636
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 (358,033) 151,706
Decrease (increase) in accounts receivables, prepaid expenses and other current assets 544,110 (1,455,920)
(Increase) decrease in security deposits and other assets (8,066) 34,474
(Decrease) increase in accounts payable and accrued expenses (250,142) 1,411,866
Increase (decrease) in due to merchants 245,047 (159,855)
Other (17,226) (3,742)
Net cash provided by operating activities 1,064,184 3,102,479
Cash flows from investing activities:    
Decrease in restricted cash 9,984 127,234
Purchase of property and equipment (189,685) (80,935)
Capitalized software development (1,037,742) (1,431,347)
Purchase of intangible assets (75,490) (61,490)
Cash paid for business combination, net of cash acquired (1,577,829) --
Net cash used in investing activities (2,870,762) (1,446,538)
Cash flows from financing activities:    
Proceeds from issuance of common stock 67,680 247,764
Principal payments on capital lease obligations (258,584) (214,629)
Payment of IPO costs (354,531) (859,077)
Net cash (used in) provided by financing activities (545,435) (825,942)
Effect of exchange rate changes on cash and cash equivalents(*) -- --
Net (decrease) increase in cash and cash equivalents (2,352,013) 829,999
Beginning of period 7,671,963 5,182,499
End of period $5,319,950 $6,012,498
Supplemental disclosure:    
Cash paid for:    
Interest $41,804 $53,160
Income taxes 304,989 106,260
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 685 --
Assets acquired under capital leases 550,878 283,103
Derecognition of note payable -- 700,000
Prepayment fee on conversion of convertible debt -- 601,318
Accrued IPO Costs -- 477,639
 

(*) For the nine months ended September 30, 2012 and 2011, the effect of exchange rate changes on cash and cash equivalents was inconsequential.

The accompanying notes are an integral part of these financial statements

Planet Payment, Inc. Condensed Consolidated Statements of Changes in Convertible Preferred Stock and Stockholders' Equity (unaudited)

 
  Convertible preferred stock
$0.01 par value—
4,000,000 shares
authorized
Series A



Common stock
$0.01 par value—
80,000,000 shares
         
                   
  Shares
issued
Shares
par
value
Shares
issued
Shares
par
value
Additional
paid-In
capital
Warrants Accumulated
other
comprehensive
loss
Accumulated
deficit
Total
stockholders'
equity
Balance—December 31, 2011 2,243,750 $22,438 51,764,405 $517,644 $94,083,901 $1,622,651 $(40,729) $(77,460,939) $18,744,966
Options exercised 124,861 1,248 66,432 67,680
Issuance of common shares – Acquisition of BPS 488,337 4,884 1,596,862 1,601,746
Stock-based expense 824,468 824,468
Cumulative translation adjustment 9,076 9,076
Net loss (4,333,290) (4,333,290)
Balance—September 30, 2012 2,243,750 $22,438 52,377,603 $523,776 $96,571,663 $1,622,651 $(31,653) $(81,794,229) $16,914,646

The accompanying notes are an integral part of these financial statements

Planet Payment, Inc.

Notes to Condensed Consolidated Financial Statements (unaudited)

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 processing and multi‑currency processing services. The Company provides its services to approximately 38,000 active merchant locations in 18 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's point-of-sale and e-commerce services are integrated within the payment card transaction flow and enable its acquiring customers to process and reconcile payment transactions in multiple currencies, geographies and channels. 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." Since November 19, 2008, shares of the Company's common stock have traded on the OTCQX market tier operated by OTC Markets Group, Inc., or the OTCQX, in the United States under the symbol "PLPM."

Basis of presentation

The condensed 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 condensed 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 evaluated subsequent events through November 26, 2012, the date on which the September 30, 2012 financial statements were available to be issued. There were no events or transactions during this subsequent reporting period that require recognition or disclosure in the financial statements, except as noted below.

In October 2012, the east coast of the United States was hit by Hurricane Sandy, including the city of Long Beach, where the Company's corporate offices are located. The aftermath of this event caused temporary disruption to certain functions undertaken at that office and caused us to incur additional costs for repairs, temporary office space and other requirements to maintain or re-establish these functions. While the Company insures against such property damage and business interruption risks, such insurance may not adequately compensate the Company for losses incurred. Based on the information available to us today the Company estimates that the impact of such losses to be approximately $0.1 million. At no time were any of our transaction processing functions or systems affected by the storm and accordingly none of our customers suffered any loss of transactions.

Unaudited consolidated interim financial information

The accompanying unaudited condensed consolidated interim financial statements as of September 30, 2012 and for the periods ended September 30, 2012 and 2011 have been prepared on the same basis as the annual consolidated financial statements. In the opinion of management, the unaudited financial information for the interim periods presented reflects all adjustments, which are normal and recurring, necessary for a fair presentation of the statement of operations, financial position and cash flows. Operating results for the interim periods ended September 30, 2012 are not necessarily indicative of the results that may be expected for the year ending December 31, 2012. The December 31, 2011 balance sheet information has been derived from the audited financial statements at that date but does not include all disclosures required by GAAP.

CONTACT: Enquiries:
         
         Planet Payment, Inc.
         Robert Cox (CFO)
         Tel: + 1 516 670 3200
         www.planetpayment.com
         
         Redleaf Polhill (UK PR for Planet Payment)
         Emma Kane / Henry Columbine / David Ison
         Tel: +44 20 7566 6720
         planet@redleafpolhill.com
         
         ICR (US PR for Planet Payment)
         Don Duffy / Dara Dierks
         Tel: +1 646-277-1212
         
         Canaccord Genuity Ltd (UK) (Nomad for Planet Payment)
         Simon Bridges / Andrew Chubb
         Tel: +44 20 7523 8000
         
         Canaccord Genuity, Inc. (US) (DAD for Planet Payment)
         Andy Viles
         Tel: +1 617-371-3900

(Source: PrimeZone )
(Source: Quotemedia)

Advertisement

Related Stories

  • No Stories Found

Advertisement



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.