CPI Card Group Q2 net income +6% to $6.5M; lowers sales growth outlook on soft demand

CPI Card Group Inc.

2023-Q2 EPS reported $1.46 revenue$235,812,000

Q2 net sales $115M (+1% YoY); net income $6.5M (+6%); Adjusted EBITDA $23.3M (+18%).
Debit & Credit segment net sales -1% to $93.2M; Prepaid Debit +14% to $21.8M.
Lowered FY2023 net sales outlook to flat/low-single-digit growth from mid-single-digit; affirmed Adj. EBITDA growth mid-to-high single digit.
Expects Q3 sales and EBITDA to decline, with return to growth in Q4.
Retired $15M of 8.625% Senior Secured Notes in H1; net leverage ratio improved to 2.8x.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CPI Card Group Inc. reported First half 2023 results: revenue $235.8 million, net income $17.4 million, EPS $1.46 diluted earnings per share.

Period: First half 2023
Revenue: $235.8 million
Net income: $17.4 million
EPS: $1.46 diluted earnings per share
Result: reported results

Exact text from the filing

a higher effective tax rate compared to prior year, partially offset by lower interest expense. First Half 2023 Financial Highlights Net sales increased 5% year-over-year to $235.8 million in the first half of 2023. ● Debit and Credit segment net sales increased 5% to $195.2 million, driven by higher sales of contactless cards, services related to personalization

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CPI Card Group Inc. updated its Full year 2023 guidance (lowered).

Period: Full year 2023
Guidance: lowered
Result: guidance update

Exact text from the filing

The Company updated its full-year net sales outlook for 2023 to a range of flat to low single-digit growth and affirmed its outlook for mid-to-high single-digit Adjusted EBITDA growth, as well as its projections for Free Cash Flow to more than double and the year-end Net Leverage Ratio to improve to between 2.5x and 3.0x. The previous outlook for net sales was mid-single digit growth.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CPI Card Group Inc. reported Second quarter ended June 30, 2023 results: revenue $115 million, net income $6.5 million, EPS $0.55 diluted earnings per share.

Period: Second quarter ended June 30, 2023
Revenue: $115 million
Net income: $6.5 million
EPS: $0.55 diluted earnings per share
Result: reported results

Exact text from the filing

Second quarter net sales increased 1% to $115 million, as strong growth from the Prepaid Debit segment was largely offset by a slight decline in the Debit and Credit segment.

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CPI Card Group Inc. filing history →

Source: SEC EDGAR

accession 0001558370-23-013732

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