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

Cpi Card Group Inc.

CIK: 1641614 Ticker: PMTS

CPI Card Group Inc. Reports Third Quarter and Year-to-Date 2020 Results

Date: November 3, 2020

Net Sales of $82.7 Million, Up 15% and 11% Year-over-Year in the Third Quarter and First Nine Months

Net Income of $5.8 Million, Up 984% and 425% Year-over-Year in the Third Quarter and First Nine Months

Adjusted EBITDA of $17.5 Million, Up 43% and 39% Year-over-Year in the Third Quarter and First Nine Months

Cash of $50 Million at Quarter End

Littleton, CO. November 3, 2020 -- CPI Card Group Inc. (OTCQX: PMTS; TSX: PMTS) (“CPI” or the “Company”) today reported financial results for the third quarter and nine months ended September 30, 2020.

“As we continue to navigate these unprecedented times, we are pleased with our strong third quarter performance,” said Scott Scheirman, President and Chief Executive Officer of CPI. “Our 15% top-line growth underscores the resilience of the business, our ability to capitalize on the dual interface card demand in the U.S. and the strong market for our innovative and differentiated products, including our eco-focused solutions. Operating margins also expanded significantly in the quarter, driven by operating leverage and ongoing efficiency initiatives. We continue to win new business with our existing customers, add new customers and pursue opportunities.”

Scheirman continued, “We remain steadfast and intensely focused on our strategies of deep customer focus, providing market-leading quality products and customer service, delivering innovative solutions and a market-competitive business model.”

Third Quarter and First Nine Months 2020 Financial Highlights

Net sales increased 15% and 11% year-over-year to $82.7 million and $228.0 million in the third quarter and first nine months of 2020, respectively. Gross profit increased 21% and 15% year-over-year in the third quarter and first nine months of 2020, respectively. Gross profit margins increased to 37.0% in the third quarter of 2020, compared to 35.4% in the prior year period, primarily due to higher net sales and operating leverage in the Debit and Credit segment. Gross profit margins increased to 34.8% from 33.7% in the first nine months of 2020 compared to the prior year.

Income from operations was $13.5 million and $26.0 million in the third quarter and first nine months of 2020, respectively, compared with $7.7 million and $21.1 million in the third quarter and first nine months of 2019, respectively. In the first nine months of 2019, the Company recognized a $6.0 million gain related to the cash settlement of litigation, which was included in income from operations.

Third quarter 2020 net income was $5.8 million, or $0.52 per diluted share, compared to a net loss of $0.7 million, or a $0.06 loss per diluted share, in the third quarter of 2019. For the first nine


The following information was filed by Cpi Card Group Inc. (PMTS) on Tuesday, November 3, 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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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 - Adjustment Of Prior Financial Statements For Immaterial Items (Details)
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: 0001558370-20-012314
Submitted to the SEC: Tue Nov 03 2020 8:16:21 AM EST
Accepted by the SEC: Tue Nov 03 2020
Period: Wednesday, September 30, 2020
Industry: Short Term Business Credit Institutions

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