physics - AS3/Flash Develop - Radial Gravity (character on planet simulation)

I am trying to create a program where a character shape will be constantly drawn towards the centre of a planet shape. I have taken on previous advice into using physics equations to generate the desired effect yet I think I am missing some and therefore it does not work (I am only using v^2=u^2+2as). Am I over complicating things? All I need is for the player object to be constantly drawn towards the centre of the planet object; there will be no need for other planet objects to come into play and affect the player's gravity.

edit: To clarify, my question should have been "where did I go wrong?". I have now since solved the problem with the answers posted below, which were present because I wasn't going about trying to achieve what I wanted the right way. I didn't calculate the actual direction to move in as expected, and so the character could not move in the expected direction.

Here is my Main.as:

package
{
import flash.display.InteractiveObject;
import flash.display.Sprite;

import flash.events.Event;
import Math
import flash.display.Bitmap;
import flash.display.DisplayObject;
import flash.events.KeyboardEvent;
import flash.text.TextField;
import flash.text.TextFormat;
import flash.utils.*;

/**

 * ...
 * @author Me
 */
public class Main extends Sprite 
{
    public var planet1:Planet;
    public var character1:Character;
    public var initialXVelocity:Number = 0;
    public var initialYVelocity:Number = 0;
    public var finalXVelocity:Number;

    public var finalYVelocity:Number;
    public const gravitationalAcceleration:Number = 3;
    public var xDistance:Number;
    public var yDistance:Number;



    public function Main() 
    {
        if (stage) init();

        else addEventListener(Event.ADDED_TO_STAGE, init);
    }

    private function init(e:Event = null):void 
    {
        removeEventListener(Event.ADDED_TO_STAGE, init);
        // entry point
        planet1 = new Planet;
        character1 = new Character;


        //place entites in position to test note: planet 1 is 100*100 pixels, character 1 is 10*10 pixels
        planet1.x = 350;
        planet1.y = 250;
        character1.y = 100; //295
        character1.x = 396; //395
        addChild(planet1);
        addChild(character1);

        //Make sure character has gravity applied constantly
        setInterval(playerMove, 1000);


    }

    public function playerMove():void
    {
        //Calculate the distance between the character and the planet in terms of x and y coordinate
        xDistance = (character1.x + 5) - (planet1.x + 50);
        yDistance = (character1.y + 5) - (planet1.y + 50);

        //Make sure this distance is a positive value

        if (xDistance < 0) {
            xDistance = -xDistance;
        }

        if (yDistance < 0) {
            yDistance = -yDistance;
        }

        //Calculate velocity using physics equation v^2=(u^2)+2as
        finalXVelocity = Math.sqrt((initialXVelocity * initialXVelocity) + (2 * gravitationalAcceleration) * xDistance);

        finalYVelocity = Math.sqrt((initialYVelocity * initialYVelocity) + (2 * gravitationalAcceleration) * yDistance);
        /*trace(initialXVelocity);
        trace(gravitationalAcceleration);
        trace(xDistance);
        trace(finalXVelocity);
        trace(initialYVelocity);
        trace(gravitationalAcceleration);
        trace(yDistance);
        trace(finalYVelocity);*/


        //Make sure the character is moving towards the centre of the planet at all times by reversing the appropriate velocity once it passes the axis of the centre of the planet
        if (planet1.x < character1.x) {
            finalXVelocity = -finalXVelocity;
        }

        if (planet1.y < character1.y) {
            finalYVelocity = -finalYVelocity;
        }

        //Update the current velocity before new velocity is calculated

        initialXVelocity = finalXVelocity;
        initialYVelocity = finalYVelocity;

        //Send the character into the correct direction
        character1.x += finalXVelocity;
        character1.y += finalYVelocity;
    }

}


}