CPI Card Group Inc. Issues 8-K Filing Reporting Q3 Financial Results

CPI Card Group Inc. (NASDAQ:PMTS) recently disclosed its financial results for the third quarter ended September 30, 2024, in a press release issued on November 5, 2024. The company reported a significant increase in net sales, showing an 18% growth to $124.8 million. The gross margin also improved from 34.1% to 35.8%. However, net income decreased by 66% to $1.3 million due to costs associated with debt refinancing. Adjusted EBITDA surged by 18% to $25.1 million, maintaining an Adjusted EBITDA margin of 20.1%.

In connection with the earnings release, CPI Card Group is hosting a public conference call on the same day. During this call, John Lowe, President and Chief Executive Officer, along with Jeffrey Hochstadt, Chief Financial Officer, will present the attached financial results.

Other important highlights include the issuance of new 10.000% Senior Notes due 2029, retiring the 8.625% Senior Notes due 2026. The company also embarked on a stock repurchase program, extended its capital structure, and completed a secondary offering to reduce the ownership of the majority stockholder group.

CPI Card Group updated its full-year 2024 outlook, anticipating a mid-to-high single-digit increase in net sales and a low single-digit increase in Adjusted EBITDA. The company’s focus remains on long-term growth trends, capital structure enhancement, and financial performance improvements.

The company’s net leverage ratio as of September 30, 2024, stands at 3.2x, reflecting its financial strength. CPI Card Group continues to navigate market challenges and remains committed to strategic growth initiatives.

Please note that the information disclosed under this Form 8-K filing, including the associated exhibits, is intended for reference purposes and not to be considered as filed under the Securities Exchange Act of 1934 or incorporated by reference for other filings.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read CPI Card Group’s 8K filing here.

CPI Card Group Company Profile

CPI Card Group Inc, together with its subsidiaries, engages in the design, production, data personalization, packaging, and fulfillment of financial payment cards. It operates through Debit and Credit, and Prepaid Debit segments. The Debit and Credit segment produces financial payment cards and provides integrated card services to card-issuing financial institutions.