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Cpi Card Group Inc. (PMTS) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

Cpi Card Group Inc.

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CIK: 1641614 Ticker: PMTS

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CPI Card Group Inc. Reports Second Quarter and First Half 2021 Results

Date: August 12, 2021

Q2 Net Sales of $93.2 Million, Up 31% Year-Over-Year

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Q2 Net Income of $6.2 Million, Up 387% Year-Over-Year

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Q2 Adjusted EBITDA of $19.3 Million, Up 91% Year-Over-Year

New Customer Additions Contribute to Strong Growth

Stock Begins Trading on Nasdaq

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Littleton, CO. August 12, 2021 -- CPI Card Group Inc. (Nasdaq: PMTS; TSX: PMTS) (“CPI” or the “Company”) today reported financial results for the second quarter and first half ended June 30, 2021.

“Our strong second quarter and first half results reflect the continued successful execution of our strategy, as demonstrated by on-boarding new customers, including in the growing FinTech space,” said Scott Scheirman, President and Chief Executive Officer of CPI. “Our focus on meeting our customers’ needs with high quality and differentiated products and solutions drove strong performance across our segments.”

Scheirman continued, “Our success reflects the commitment of our organization to be the partner of choice to our customers by providing market-leading quality products and customer service.” 

First Half 2021 Business Highlights

●CPI’s comprehensive end-to-end solutions contributed to earning new FinTech and traditional financial services customers.
●CPI’s market leading quality and tamper-evident prepaid packaging solutions drove higher demand and volumes, including earning the prepaid portfolio of another large U.S. national chain.
●We generated incremental net sales from customer demand for higher-priced contactless sales, as the U.S. payment card market continues its ongoing transition to contactless solutions.
●We continued to lead the eco-focused payment card market, as evidenced by selling over 33 million eco-focused cards, including Second Wave®, since launch in 2019.
●Our innovative personalization services also contributed to net sales growth over the prior year, including from our Card@Once® Software-as-a-Service instant issuance solutions and CPI On-Demand®.
The following information was filed by Cpi Card Group Inc. (PMTS) on Thursday, August 12, 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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Cpi Card Group Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:

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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
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
Stock Based Compensation (Tables)
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

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Exhibit 32.2: Section 1350 Certification
Ticker: PMTS
CIK: 1641614
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-21-011400
Submitted to the SEC: Thu Aug 12 2021 10:16:06 AM EST
Accepted by the SEC: Thu Aug 12 2021
Period: Wednesday, June 30, 2021
Industry: Short Term Business Credit Institutions

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