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Cpi Card Group Inc. (PMTS) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

Cpi Card Group Inc.

CIK: 1641614 Ticker: PMTS

Exhibit 99.1

CPI Card Group Inc. Reports First Quarter 2019 Results

Date: May 9, 2019

Net Sales of $66.9 million, Up 22% Year-Over-Year

Continuing Operations - GAAP Net Loss of $3.1 Million, a 45% Improvement Year-Over-Year

Adjusted EBITDA from Continuing Operations of $8.0 Million, up 101% Year-Over-Year

Cash of $7.9 million, Available Revolver of $20.0 million, Available Liquidity of $27.9 million at Quarter End

 

Call scheduled for Thursday, May 9, 2019 at 9:00 a.m. Eastern Time

Littleton, Colo. May 9, 2019 -- CPI Card Group Inc. (Nasdaq: PMTS; TSX: PMTS.TO) (“CPI Card Group” or the “Company”) today reported financial results for the first quarter ended March 31, 2019. 

“Our first quarter results reflect solid execution against our strategic priorities as we continue to focus on strengthening the business and achieving our vision,” said Scott Scheirman, President and Chief Executive Officer of CPI.  “During the quarter, we delivered 22% year-over-year net sales growth, improved our net loss by 45% and grew adjusted EBITDA 101%, as a result of strong performance across all of our business units.  We continued to make investments in the business to enhance our ability to be responsive to our customers’ needs and market opportunities. This strong start to 2019 is encouraging and underscores our commitment to being the partner of choice for our customers by providing market-leading quality products and customer service with a market-competitive business model.”

Financial results for all comparative 2018 periods, including non-GAAP measures, discussed in this press release reflect continuing operations unless otherwise noted. The sale of CPI U.K., which had historically been reported as the U.K. Limited segment, has been accounted for as discontinued operations, and comparative financial information has been restated in accordance with U.S. GAAP (“GAAP”) requirements. 

First Quarter 2019 Consolidated Financial Highlights from Continuing Operations

Net sales were $66.9 million in the first quarter of 2019, an increase of 21.9% from the first quarter of 2018. First quarter 2019 income from operations was $3.6 million, compared with a loss from operations of $2.4 million in the first quarter of 2018.  First quarter 2019 net loss was $3.1 million, or $0.28 per diluted share, compared with a net loss of $5.7 million, or $0.51 per diluted share, in the first quarter of 2018. 

Adjusted EBITDA for the first quarter of 2019 was $8.0 million, up 101% from the prior year first quarter. These year-over-year improvements are primarily the result of net sales growth and favorable mix towards higher-margin products and services.


The following information was filed by Cpi Card Group Inc. (PMTS) on Thursday, May 9, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Cpi Card Group Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Operations And Comprehensive Income (Loss)
Condensed Consolidated Statements Of Stockholders' Deficit
Accounts Receivable
Accounts Receivable (Details)
Accounts Receivable (Tables)
Accrued Liabilities
Accrued Liabilities (Details)
Accrued Liabilities (Tables)
Business Overview And Summary Of Significant Accounting Policies
Business Overview And Summary Of Significant Accounting Policies (Policies)
Business Overview And Summary Of Significant Accounting Policies (Tables)
Business Overview And Summary Of Significant Accounting Policies - Business Overview And Basis Of Presentation (Details)
Business Overview And Summary Of Significant Accounting Policies - Components Of Lease Expense (Details)
Business Overview And Summary Of Significant Accounting Policies - Components Of Operating And Finance Lease Expense (Details)
Business Overview And Summary Of Significant Accounting Policies - Lease Maturity (Details)
Business Overview And Summary Of Significant Accounting Policies - Operating And Capital Leases (Details)
Business Overview And Summary Of Significant Accounting Policies - Operating And Financing Leases (Details)
Business Overview And Summary Of Significant Accounting Policies - Other (Details)
Commitments And Contingencies; Litigation Settlement
Commitments And Contingencies; Litigation Settlement (Details)
Discontinued Operation
Discontinued Operation (Details)
Discontinued Operation (Tables)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Details)
Fair Value Of Financial Instruments (Tables)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Future Aggregate Amortization Expense (Details)
Goodwill And Other Intangible Assets - Intangible Assets (Details)
Income (Loss) Per Share
Income (Loss) Per Share (Details)
Income (Loss) Per Share (Tables)
Income Taxes - Continuing Operations
Income Taxes - Continuing Operations (Details)
Income Taxes ??? Continuing Operations (Tables)
Income Taxes ??? Continuing Operations - Effective Income Tax Rate Reconciliation (Details)
Inventories
Inventories (Details)
Inventories (Tables)
Long-Term Debt And Credit Facility
Long-Term Debt And Credit Facility (Tables)
Long-Term Debt And Credit Facility - First Lien Credit Facility (Details)
Long-Term Debt And Credit Facility - Long-Term Debt (Details)
Net Sales
Net Sales (Details)
Net Sales (Tables)
Plant, Equipment And Leasehold Improvements
Plant, Equipment And Leasehold Improvements (Details)
Plant, Equipment And Leasehold Improvements (Tables)
Segment Reporting
Segment Reporting (Tables)
Segment Reporting - Balance Sheet Data (Details)
Segment Reporting - Net Sales By Product And Services (Details)
Segment Reporting - Reconciliation Of Ebitda From Continuing Operations To "Net Income (Loss) From Continuing Operations" (Details)
Segment Reporting - Revenue And Ebitda From Continuing Operations (Details)
Stock Based Compensation
Stock Based Compensation (Tables)
Stock Based Compensation - Cash Performance Units (Details)
Stock Based Compensation - Omnibus Incentive Plan (Details)
Stock Based Compensation - Option Plan (Details)
Stock Based Compensation - Restricted Stock Units (Details)

Material Contracts, Statements, Certifications & more

Cpi Card Group Inc. provided additional information to their SEC Filing as exhibits

Ticker: PMTS
CIK: 1641614
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-19-007368
Submitted to the SEC: Wed Aug 07 2019 3:31:59 AM EST
Accepted by the SEC: Wed Aug 07 2019
Period: Sunday, June 30, 2019
Industry: Short Term Business Credit Institutions

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