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

Cpi Card Group Inc.

CIK: 1641614 Ticker: PMTS

Exhibit 99.1

CPI Card Group Inc. Reports Third Quarter 2021 Results

Date: November 5, 2021

Net Sales Increased 20% to $99.6 Million

Net Income Increased 14% to $6.6 Million; Adjusted EBITDA Increased 23% to $21.5 Million

Strong Growth Across Portfolio

Littleton, CO. November 5, 2021 -- CPI Card Group Inc. (Nasdaq: PMTS) (“CPI” or the “Company”), a payment technology company and leading provider of credit, debit, and prepaid solutions, today reported financial results for the third quarter and nine months ended September 30, 2021.

“We continued to deliver strong performance in the third quarter, as we maintain our focus on providing high quality products and services that meet the needs of our diverse and growing customer base,” said Scott Scheirman, President and Chief Executive Officer of CPI. “Our business has proved resilient throughout the pandemic, and this quarter’s results reflect the dedicated execution of our strategies by our entire organization as we navigate ongoing supply-chain and labor shortage challenges.”

Scheirman continued, “We remain committed to our vision of being the partner of choice in payment solutions by providing market-leading quality products and customer service, while operating a market-competitive business model.” 

2021 Business Highlights

Our comprehensive end-to-end solutions contributed to earning new FinTech and traditional financial services customers.
Our innovative tamper-evident packaging solutions contributed to strong growth in our Prepaid Debit segment and further enhanced our leadership in the U.S. open loop retail prepaid market.
We generated incremental net sales from customer demand for higher-priced contactless cards, as the U.S. payment card market continues its ongoing transition to contactless solutions.
We continued to lead the eco-focused payment card market in the U.S., as evidenced by selling over 40 million eco-focused cards since launch in 2019.
Our innovative personalization services contributed to net sales growth, including from our Card@Once® Software-as-a-Service instant issuance solutions and CPI On-Demand®.
We refinanced our debt in the first quarter of 2021, extending maturities and enhancing liquidity. We have reduced outstanding debt by more than $30 million since December 31, 2020 and our net leverage ratio was less than 4x at September 30, 2021.

The following information was filed by Cpi Card Group Inc. (PMTS) on Friday, November 5, 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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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)
Ticker: PMTS
CIK: 1641614
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-21-014729
Submitted to the SEC: Fri Nov 05 2021 7:16:12 AM EST
Accepted by the SEC: Fri Nov 05 2021
Period: Thursday, September 30, 2021
Industry: Short Term Business Credit Institutions

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