Business
CPI Card Group Inc. Reports Second Quarter and First Half 2020 Results
Net Sales of $71.4 Million, Up 7% and 9% Year-over-Year in Second Quarter and First Half Net Income of $0.1 Million, Down 93% Second Quarter Year-over-Year,
About this update from Cpi Card Group Inc.
[{"type":"text","content":"\nNet Sales of $71.4 Million, Up 7% and 9% Year-over-Year in Second Quarter and First Half\n\n\nNet Income of $0.1 Million, Down 93% Second Quarter Year-over-Year, and Up 265% in First Half \n\n\nAdjusted EBITDA of $10.1 Million, Up 19% and 36% Year-over-Year in Second Quarter and First Half \n\n\nCash of $54 Million at Quarter End\n\n LITTLETON, Colo.--(BUSINESS WIRE)--\nCPI Card Group Inc. (OTCQX: PMTS; TSX: PMTS) (“CPI” or the “Company”) today reported financial results for the second quarter and the first half ended June 30, 2020.\n\n\n“Our hearts go out to those impacted by the COVID-19 pandemic,” said Scott Scheirman, President and Chief Executive Officer of CPI. “Amid a highly challenging environment, I’m proud of the way our organization has demonstrated an unwavering commitment to the health and safety of our employees and the community. All of CPI’s facilities have been operating and continue to provide essential products and services to the financial services industry, including the production, personalization and fulfillment of debit, credit, and prepaid cards.”\n\n\nScheirman added, “Our results reflect the significant progress we have made executing against our strategic priorities, resulting in top-line growth of 7% year-over-year through unprecedented times. In the second quarter, we delivered strong net sales growth due to our differentiated products and solutions, such as our dual interface EMV® Second Wave™ product, our card made with recovered ocean-bound plastic. We continue to develop and launch innovative solutions. We announced with Visa the introduction of our Earthwise™ High Content Card, a more sustainable payment card made with up to 98 percent upcycled plastic. Additionally, we recently launched Spectrum by Card@Once®, expanding our Software-as-a-Service instant issuance solution to enable financial institutions to instantly issue debit and credit cards with vibrant, high-definition image quality.”\n\n\nScheirman continued, “We remain focused on being the partner of choice by providing market-leading quality products and customer service with a market-competitive business model.”\n\n\nSecond Quarter and First Half 2020 Financial Highlights \n\n\nNet sales increased 7% and 9% year-over-year to $71.4 million and $145.3 million in the second quarter and first half, respectively. Second quarter and first...