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Cpi Card Group Inc. (PMTS) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

Cpi Card Group Inc.

CIK: 1641614 Ticker: PMTS

CPI Card Group Inc. Reports Fourth Quarter and Full Year 2020 Results

Date: February 25, 2021

Strong Net Sales Growth, Significantly Improved Bottom-Line Performance

Net Sales Up 16% and 12% Year Over Year in the Fourth Quarter and Full Year, Respectively

Net Income of $7.3 Million and $16.1 Million, Improving 404% and 415% in the Fourth Quarter and Full Year, Respectively

Adjusted EBITDA of $17.5 Million and $57.5 Million, Up 99% and 53% in the Fourth Quarter and Full Year, Respectively

Cash of $58 Million at Year End

Littleton, CO. February 25, 2021 -- CPI Card Group Inc. (OTCQX: PMTS; TSX: PMTS) (“CPI” or the “Company”) today reported financial results for the fourth quarter and full year ended December 31, 2020.

“Our 2020 results were strong, driven by another year of solid execution of our customer-centric strategy whereby net sales increased 12% and our profitability significantly increased,” said Scott Scheirman, President and Chief Executive Officer of CPI. “Despite challenges presented by the COVID-19 pandemic, we believe we gained overall market share in 2020 and executed key initiatives to even better position CPI to meet market and customer needs in 2021 and beyond.”

Scheirman continued, “We believe we are well-positioned to capitalize on market opportunities, including the ongoing transition to contactless cards in the U.S. and the market demand for innovative and differentiated products such as our eco-focused Second Wave® contactless product, a debit or credit card featuring a core made with recovered ocean-bound plastic, and Card@Once®, our Software-as-a-Service instant issuance solution that enables financial institutions to instantly issue debit and credit cards in branch.”

Fourth Quarter and Full Year 2020 Financial Highlights

Net sales increased 16% and 12% year-over-year to $84.1 million and $312.2 million in the fourth quarter and full year 2020, respectively. Gross profit increased 41% and 21% year-over-year in the fourth quarter and full year 2020, respectively. Gross profit margin increased to 36.8% in the fourth quarter of 2020, compared to 30.2% in the prior year period. Gross profit margin increased to 35.3% from 32.8% in the full year 2020 compared to the prior year.

Income from operations was $12.4 million and $38.4 million in the fourth quarter and full year 2020, respectively, compared with $3.7 million and $24.7 million in the fourth quarter and full year 2019, respectively. In the second quarter of 2019, the Company recognized a $6.0 million gain related to the cash settlement of litigation, which was included in income from operations.

Fourth quarter 2020 net income was $7.3 million, or $0.64 per diluted share, compared to a net loss of $2.4 million, or a $0.21 loss per diluted share, in the fourth quarter of 2019. For the full year


The following information was filed by Cpi Card Group Inc. (PMTS) on Thursday, February 25, 2021 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-K Annual 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-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations And Comprehensive Income (Loss)
Consolidated Statements Of Stockholders' Deficit
Accrued Liabilities
Accrued Liabilities (Details)
Accrued Liabilities (Tables)
Business
Business - Business Overview And Basis Of Presentation (Details)
Commitments And Contingencies: Litigation Settlement
Commitments And Contingencies: Litigation Settlement - Contingencies (Details)
Discontinued Operation
Discontinued Operation (Details)
Employee Benefit Plan
Employee Benefit Plan (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 Lease Expense (Details)
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 - Goodwill By Reporting Segment (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
Income Taxes (Tables)
Income Taxes - Components Of Deferred Tax Assets And Liabilities (Details)
Income Taxes - Continuing Operations - Other (Details)
Income Taxes - Foreign Currency Exchange Rate Fluctuations, Changes In Net Operating Losses And Credit Carryforwards (Details)
Income Taxes - Unrecognized Tax Benefits (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)
Quarterly Financial Information (Unaudited)
Quarterly Financial Information (Unaudited) (Details)
Quarterly Financial Information (Unaudited) (Tables)
Segment Reporting
Segment Reporting (Tables)
Segment Reporting - Balance Sheet Data (Details)
Segment Reporting - Major Customer (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)
Stockholders' Deficit
Stockholders' Deficit (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Adjustment Of Prior Financial Statements For Immaterial Items (Details)
Summary Of Significant Accounting Policies - Bad Debts And Concentration Of Credit Risk (Details)
Summary Of Significant Accounting Policies - Foreign Currency Translation (Details)
Summary Of Significant Accounting Policies - Plant, Equipment And Leasehold Improvements (Details)
Summary Of Significant Accounting Policies - Trade Accounts Receivable (Details)
Ticker: PMTS
CIK: 1641614
Form Type: 10-K Annual Report
Accession Number: 0001558370-21-001721
Submitted to the SEC: Thu Feb 25 2021 7:39:16 AM EST
Accepted by the SEC: Thu Feb 25 2021
Period: Thursday, December 31, 2020
Industry: Short Term Business Credit Institutions

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