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Cpi Card Group Inc. (PMTS) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

Cpi Card Group Inc.

CIK: 1641614 Ticker: PMTS

CPI Card Group Inc. Reports First Quarter 2021 Results

Date: May 11, 2021

Net Sales Up 20% and Diluted EPS of $0.21 per share, Up 37% Year Over Year

Net Income of $2.4 Million, Up 37% Year Over Year

Adjusted EBITDA of $22.1 Million, Up 78% Year Over Year

Debt Maturities Extended Approximately Five Years

Cash of $25 Million and $34 Million available under the ABL Revolver at Quarter End

Littleton, CO. May 11, 2021 -- CPI Card Group Inc. (OTCQX: PMTS; TSX: PMTS) (“CPI” or the “Company”) today reported financial results for the first quarter ended March 31, 2021.

“Our first quarter results reflect the strength and commitment of our organization to be the partner of choice to our customers by providing market-leading quality products and customer service,” said Scott Scheirman, President and Chief Executive Officer of CPI. “During the quarter, we delivered 20% year over year net sales growth, improved our net income by 37% and grew Adjusted EBITDA 78%, as a result of strong performance across all of our businesses and new customer sales.”

Scheirman continued, “We continue to focus on our strategic priorities, including our commitment to meeting customers’ needs by delivering high quality and differentiated products and services such as our eco-focused payment cards, secure prepaid packaging, personalization solutions and Card@Once®, our Software-as-a-Service instant issuance solution. Our strong start to 2021 is encouraging and we believe we are well-positioned to capitalize on market opportunities.”

First Quarter 2021 Financial Highlights

Net sales increased 20% year over year to $89.1 million in the first quarter of 2021. Gross profit increased 39% year over year in the first quarter of 2021 to $35.7 million. Gross profit margin increased to 40.1% in the first quarter of 2021, compared to 34.7% in the prior year period. Income from operations increased 137% year over year to $17.8 million in the first quarter of 2021.

The Company extended its debt maturities by approximately five years, and enhanced liquidity by entering into a $50 million secured asset based revolving credit facility, as further described below. During the first quarter of 2021, the Company recognized a loss on debt extinguishment of $5.0 million and $2.6 million of make-whole interest expense, relating to the termination and repayment of its existing credit facilities as the Company refinanced its debt.

First quarter 2021 net income and diluted earnings per share increased 37% to $2.4 million and $0.21 per share, respectively. Net income and diluted earnings per share were adversely impacted by the debt extinguishment costs and make-whole interest expense described above.

Adjusted EBITDA increased 78% to $22.1 million in the first quarter of 2021, compared to $12.4 million in the prior year period, as a result of net sales growth and improved operating leverage.


The following information was filed by Cpi Card Group Inc. (PMTS) on Tuesday, May 11, 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-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
Condensed Consolidated Statements Of Stockholders' Deficit
Accounts Receivable
Accounts Receivable (Details)
Accounts Receivable (Tables)
Accrued Expenses
Accrued Expenses (Details)
Accrued Expenses (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)
Commitments And Contingencies
Commitments And Contingencies - Contingencies (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
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 Taxes
Income Taxes (Details)
Income Taxes (Tables)
Income Taxes - Effective Income Tax Rate Reconciliation (Details)
Income Taxes - Unrecognized Tax Benefits (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 To Net Income (Details)
Segment Reporting - Revenue And Ebitda From Continuing Operations (Details)
Stock Based Compensation
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Stock Based Compensation - Omnibus Incentive Plan (Details)
Stock Based Compensation - Restricted Stock Units (Details)
Stockholders' Deficit
Stockholders' Deficit (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: 0001558370-21-006760
Submitted to the SEC: Tue May 11 2021 8:11:28 AM EST
Accepted by the SEC: Tue May 11 2021
Period: Wednesday, March 31, 2021
Industry: Short Term Business Credit Institutions

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