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Cpi Card Group Inc. (PMTS) SEC Filing 10-Q Quarterly Report for the period ending Thursday, June 30, 2022

Cpi Card Group Inc.

CIK: 1641614 Ticker: PMTS

Exhibit 99.1

CPI Card Group Inc. Reports Second Quarter 2022 Results

Date: August 8, 2022

Net Sales Increased 22% to $113 Million; Net Income Decreased 1% to $6 Million; Adjusted EBITDA Increased 2% to $20 Million

Strong Demand for Eco-focused Cards and SaaS-based Instant Issuance Solutions Drove Second Quarter Sales Growth

Company Increases 2022 Outlook for Net Sales and Adjusted EBITDA

Littleton, CO. August 8, 2022 -- 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 second quarter ended June 30, 2022 and updated its financial outlook for 2022.

Second quarter net sales increased 22% to $113.3 million, another record sales quarter for the Company. Growth was led by the Debit and Credit segment, which benefited from strong customer demand for contactless cards and instant issuance solutions. Net income decreased 1% to $6.2 million and Adjusted EBITDA increased 2% to $19.7 million, driven by the strong sales growth and operating leverage, offset by inflationary impacts on costs and higher compensation-related expenses.

“Strong customer demand for our portfolio of high-quality payment offerings drove outstanding sales growth in the second quarter” said Scott Scheirman, President and Chief Executive Officer of CPI. “We continue to win with our innovative products and services and end-to-end solutions, and we are pleased to be able to increase our full-year financial outlook.”

The Company now expects high teens net sales growth and low double-digit Adjusted EBITDA growth for the full year, an increase from the previous outlook of low double-digit growth for net sales and mid-to-high single-digit growth for Adjusted EBITDA. The full-year Adjusted EBITDA margin is still expected to be slightly below 20%. The Company expects strong sales growth in its Debit and Credit segment for the year and Prepaid Debit segment sales near the record level in 2021.

CPI is a top payment solutions provider in the U.S. serving thousands of banks, credit unions and FinTechs. The Company is a leader in the U.S. markets for eco-focused payment cards, personalization and Software-as-a-Service-based instant issuance solutions for small and medium U.S. financial institutions and retail prepaid debit card solutions, and maintains longstanding customer relationships.

The Company expects long-term market growth to be aided by the gradual transition to higher-priced contactless cards, including eco-focused cards, as well as continued financial payment card growth. Visa and Mastercard® U.S. credit, debit and prepaid cards in circulation have increased at a compound annual growth rate of 9% over the three-year period ended March 31, 2022, based on figures released by the networks.


The following information was filed by Cpi Card Group Inc. (PMTS) on Monday, August 8, 2022 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
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Condensed Consolidated Statements Of Cash Flows
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Condensed Consolidated Statements Of Stockholders' Deficit
Accounts Receivable
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Accrued Expenses
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Business Overview And Summary Of Significant Accounting Policies
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Commitments And Contingencies
Commitments And Contingencies - Contingencies (Details)
Earnings Per Share
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Earnings Per Share (Tables)
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Fair Value Of Financial Instruments (Tables)
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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)
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Long-Term Debt
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Plant, Equipment, Leasehold Improvements And Operating Lease Right-Of-Use Assets
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Segment Reporting - Revenue And Ebitda From Continuing Operations (Details)
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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: 0001558370-22-012512
Submitted to the SEC: Mon Aug 08 2022 7:16:09 AM EST
Accepted by the SEC: Mon Aug 08 2022
Period: Thursday, June 30, 2022
Industry: Short Term Business Credit Institutions

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