secwatch.observer — SEC 8-K summary
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Issuer:     CPI Card Group Inc. (PMTS)
CIK:        0001641614
Form:       8-K
Filed at:   2024-05-07T23:59:59+00:00
Accession:  0001558370-24-006901
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1641614/000155837024006901/0001558370-24-006901-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1641614/000155837024006901/pmts-20240507x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-24-006901

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