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Cpi Card Group Inc. (PMTS) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

Cpi Card Group Inc.

CIK: 1641614 Ticker: PMTS

Exhibit 99.1

CPI Card Group Inc. Reports Second Quarter and First Half 2020 Results

Date: August 5, 2020

Net Sales of $71.4 Million, Up 7% and 9% Year-over-Year in Second Quarter and First Half

Net Income of $0.1 Million, Down 93% Second Quarter Year-over-Year, and Up 265% in First Half

Adjusted EBITDA of $10.1 Million, Up 19% and 36% Year-over-Year in Second Quarter and First Half

Cash of $54 Million at Quarter End

Littleton, CO. August 5, 2020 -- CPI Card Group Inc. (OTCQX: PMTS; TSX: PMTS) (“CPI” or the “Company”) today reported financial results for the second quarter and the first half ended June 30, 2020.

“Our hearts go out to those impacted by the COVID-19 pandemic,” said Scott Scheirman, President and Chief Executive Officer of CPI. “Amid a highly challenging environment, I’m proud of the way our organization has demonstrated an unwavering commitment to the health and safety of our employees and the community. All of CPI’s facilities have been operating and continue to provide essential products and services to the financial services industry, including the production, personalization and fulfillment of debit, credit, and prepaid cards.”

Scheirman added, “Our results reflect the significant progress we have made executing against our strategic priorities, resulting in top-line growth of 7% year-over-year through unprecedented times. In the second quarter, we delivered strong net sales growth due to our differentiated products and solutions, such as our dual interface EMV® Second WaveTM product, our card made with recovered ocean-bound plastic. We continue to develop and launch innovative solutions. We announced with Visa the introduction of our Earthwise™ High Content Card, a more sustainable payment card made with up to 98 percent upcycled plastic. Additionally, we recently launched Spectrum by Card@Once®, expanding our Software-as-a-Service instant issuance solution to enable financial institutions to instantly issue debit and credit cards with vibrant, high-definition image quality.”

Scheirman continued, “We remain focused on being the partner of choice by providing market-leading quality products and customer service with a market-competitive business model.”

Second Quarter and First Half 2020 Financial Highlights

Net sales increased 7% and 9% year-over-year to $71.4 million and $145.3 million in the second quarter and first half, respectively. Second quarter and first half 2020 gross profit increased 3% and 11% year-over-year, respectively. Gross profit margins decreased to 32.4% in the second quarter of 2020, compared to 33.5% in the prior year period, primarily due to lower Prepaid Debit segment net sales and unfavorable cost absorption partially offset by increased gross profit margins in the Debit and Credit segment. Gross profit margins increased to 33.6% from 32.8% in the first half driven primarily by margin expansion in the Debit and Credit segment.

Second quarter and first half 2020 income from operations was $2.5 million and $10.2 million, respectively, compared with $10.1 million and $13.7 million in the second quarter and first half of


The following information was filed by Cpi Card Group Inc. (PMTS) on Wednesday, August 5, 2020 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 - Business Overview And Basis Of Presentation (Details)
Commitments And Contingencies: Litigation Settlement
Commitments And Contingencies: Litigation Settlement - Contingencies (Details)
Discontinued Operation
Discontinued Operation (Details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Details)
Fair Value Of Financial Instruments (Tables)
Financing And Operating Leases
Financing And Operating Leases (Tables)
Financing And Operating Leases - Components Of Operating And Finance Lease Expense (Details)
Financing And Operating Leases - Lease Maturity (Details)
Financing And Operating Leases - Operating And Financing Leases (Details)
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 (Tables)
Income Taxes - Continuing Operations - (Details)
Income Taxes ??? Continuing Operations - Effective Income Tax Rate Reconciliation (Details)
Inventories
Inventories (Details)
Inventories (Tables)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - First Lien Credit Facility (Details)
Long-Term Debt - Long-Term Debt (Details)
Net Sales
Net Sales (Details)
Net Sales (Tables)
Plant, Equipment, Leasehold Improvements And Operating Lease Right-Of-Use Assets
Plant, Equipment, Leasehold Improvements And Operating Lease Right-Of-Use Assets (Details)
Plant, Equipment, Leasehold Improvements And Operating Lease Right-Of-Use Assets (Tables)
Segment Reporting
Segment Reporting (Tables)
Segment Reporting - Balance Sheet Data (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)
Stockholders' Deficit
Stockholders' Deficit (Details)
Ticker: PMTS
CIK: 1641614
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-20-009289
Submitted to the SEC: Wed Aug 05 2020 8:20:51 AM EST
Accepted by the SEC: Wed Aug 05 2020
Period: Tuesday, June 30, 2020
Industry: Short Term Business Credit Institutions

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