Business
CPI Card Group Inc. Reports Third Quarter 2021 Results
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
About this update from Cpi Card Group Inc.
[{"type":"text","content":"\nNet Sales Increased 20% to $99.6 Million\n\nNet Income Increased 14% to $6.6 Million; Adjusted EBITDA Increased 23% to $21.5 Million\n\nStrong Growth Across Portfolio\n\n LITTLETON, Colo.--(BUSINESS WIRE)--\nCPI 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.\n\n“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.”\n\nScheirman 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.”\n\n2021 Business Highlights\n\n\nOur comprehensive end-to-end solutions contributed to earning new FinTech and traditional financial services customers.\n\n\n\nOur 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.\n\n\n\nWe 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.\n\n\n\nWe 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.\n\n\n\nOur innovative personalization services contributed to net sales growth, including from our Card@Once® Software-as-a-Service instant issuance solutions and CPI On-Demand®.\n\n\n\nWe 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.\n\n\nThird Quarter 2021 Financial Highlight...