CPI Card Group Q4 net sales down 19% YoY, net income down 78%; FY2024 outlook slight growth

CPI Card Group Inc.

Q4 net sales $102.9M (-19% YoY); net income $2.7M (-78%); adjusted EBITDA $19.9M (-27%).
Full year net sales $444.5M (-7%); net income $24.0M (-34%); adjusted EBITDA $89.5M (-8%).
FY2024 outlook: slight increases in net sales and Adjusted EBITDA; Q1 sales expected similar to Q4 2023.
Year-end net leverage 3.1x; $268M of 8.625% Senior Secured Notes due 2026; $20M buyback auth., >$4M executed.
Debit & Credit segment net sales down 22%; Prepaid Debit down 5% in Q4; exec retention charge $3M.

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 fourth quarter and full year ended December 31, 2023 results: revenue $102.9 million, net income $2.7 million, EPS $0.23 diluted earnings per share. Guidance initiated.

Period: fourth quarter and full year ended December 31, 2023
Revenue: $102.9 million
Net income: $2.7 million
EPS: $0.23 diluted earnings per share
Guidance: initiated
Result: reported results

Exact text from the filing

were similar to third quarter levels as customers generally remained cautious with spending and continued their focus on managing inventory levels. Net sales decreased 19% to $102.9 million in the quarter; net income decreased 78% to $2.7 million, reflecting the impact of the sales decline and an executive retention accrual; and Adjusted EBITDA decreased 27% to

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Source: SEC EDGAR

accession 0001558370-24-002664

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