CPI Card Group Q3 net sales down 15% to $105.9M; cuts full-year outlook

CPI Card Group Inc.

2023-Q3 EPS reported $1.79 revenue$341,675,000

Q3 net sales $105.9M (-15% YoY); net income $3.9M ($0.33 diluted EPS) -68% YoY.
Q3 Adjusted EBITDA $21.2M (-25% YoY); gross margin 34.1% vs 38.9% prior year.
FY2023 outlook cut: net sales and Adj EBITDA now expected mid-single-digit decline (prior: flat/low growth).
Board authorized $20M share repurchase program expiring Dec 31, 2024.
Appointed Ravi Mallela (CFO of NMIH) as independent director, effective Nov 15, 2023.

item 2.02 item 5.02 item 7.01 item 8.01 item 9.01

Executive movements

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Appointed

Ravi Mallela

Director

PMTS · CPI Card Group Inc.

Effective: 2023-11-15
Filed: November 7, 2023, 6:59 PM ET

On November 1, 2023, the Board of Directors (the “Board”) of the Company appointed Ravi Mallela to serve on the Board of Directors effective November 15, 2023 to fill the current vacancy on the Board.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

CPI Card Group Inc. reported third quarter ended September 30, 2023 results: revenue $105.9 million, net income decreasing 68% to $3.9 million, EPS $0.33 diluted earnings per share.

Period: third quarter ended September 30, 2023
Revenue: $105.9 million
Net income: decreasing 68% to $3.9 million
EPS: $0.33 diluted earnings per share
Result: reported results

Exact text from the filing

CPI Card Group Inc. Reports Third Quarter 2023 Results Date: November 7, 2023 Third Quarter Net Sales Decreased 15% to $106 Million; Net Income Decreased 68% to $4 Million; Adjusted EBITDA Decreased 25% to $21 Million

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

CPI Card Group Inc. reported first nine months ended September 30, 2023 results: revenue Net sales decreased 2% year-over-year to $341.7 million, net income net income decreased 12% to $21.3 million, EPS $1.79 diluted earnings per share.

Period: first nine months ended September 30, 2023
Revenue: Net sales decreased 2% year-over-year to $341.7 million
Net income: net income decreased 12% to $21.3 million
EPS: $1.79 diluted earnings per share
Result: reported results

Exact text from the filing

Third Quarter Net Sales Decreased 15% to $106 Million; Net Income Decreased 68% to $4 Million; Adjusted EBITDA Decreased 25% to $21 Million First Nine Months Net Sales Decreased 2%; Net Income Decreased 12%; Adjusted EBITDA Decreased 1% Company Updates 2023 Outlook; Announces $20 Million Share Repurchase Authorization Littleton, CO . November 7, 2023 --

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Ravi Mallela was appointed as Director at CPI Card Group Inc..

Action: appointed
Role: Director

Exact text from the filing

On November 1, 2023, the Board of Directors (the “Board”) of the Company appointed Ravi Mallela to serve on the Board of Directors effective November 15, 2023 to fill the current vacancy on the Board.

View on SEC.gov

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CPI Card Group Inc. filing history →

Source: SEC EDGAR

accession 0001558370-23-017843

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