CPI Card Group Q1: net sales -7% to $111.9M, net income -50% to $5.5M, adj EBITDA -8% to $23M

CPI Card Group Inc.

2024-Q1 EPS reported $0.46 revenue$111,936,000

Net sales $111.9M (-7% YoY); Debit & Credit down 14% to $88M, Prepaid up 26% to $24.2M.
Net income $5.5M (-50% YoY) includes ~$2M CEO transition expenses; gross margin improved to 37.1% from 35.7%.
Adjusted EBITDA $23M (-8% YoY); Free Cash Flow $7.4M vs $3.9M prior year.
Full-year 2024 net sales and Adjusted EBITDA outlook affirmed (slight increase); Free Cash Flow outlook reduced.
Net Leverage Ratio 3.1x; $1.25M open-market repurchases in Q1, $4.4M from majority shareholder in April.

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 quarter ended March 31, 2024 results: revenue $111.9 million, net income $5.5 million, EPS $0.46 diluted earnings per share.

Period: first quarter ended March 31, 2024
Revenue: $111.9 million
Net income: $5.5 million
EPS: $0.46 diluted earnings per share
Result: reported results

Exact text from the filing

Release is attached hereto as Exhibit 99.1. --- EX-99.1 (EX-99.1) --- CPI Card Group Inc. Reports First Quarter 2024 Results Date: May 7, 2024 Net Sales Decreased 7% to $112 Million; Net Income Decreased 50% to $5 Million; Adjusted EBITDA Decreased 8% to $23 Million Net Sales, Net Income, and Adjusted EBITDA Increased from Fourth Quarter Levels Company

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Source: SEC EDGAR

accession 0001558370-24-006901

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