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CPI Card Group Inc. reports developments for a payments technology company that provides physical and digital payment solutions to U.S. financial institutions, processors, fintechs, prepaid program managers and related customers. Company updates center on payment card revenue drivers, contactless card demand, personalization services, prepaid card and secure packaging activity, and digital issuance tools such as the Card@Once® software-as-a-service instant issuance platform.
Recurring news also covers the integration of Arroweye, CPI's acquired on-demand payment card solutions business, customer and channel alliances with payments and credit union service organizations, digital wallet push provisioning initiatives, leadership changes, segment strategy and periodic financial results.
CPI Card Group (OTCQX: PMTS, TSX: PMTS) has become the first licensee of the ICMA EcoLabel Standard Program, recognizing its commitment to sustainability in the card manufacturing industry. The program, established by the International Card Manufacturers Association, evaluates eco-friendly payment and identification cards based on measurable criteria. CPI's Second Wave™ and Earthwise™ cards, made from recovered ocean-bound and upcycled plastics, have been certified under this new standard, aiming to meet growing consumer demand for sustainable payment options.
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CPI Card Group reported a strong performance for Q3 and the first nine months of 2020, with net sales rising 15% year-over-year to $82.7 million. Gross profit also increased 21%, improving margins to 37.0%. The company achieved $5.8 million in net income, reversing last year's loss of $0.7 million. Adjusted EBITDA climbed 43% in Q3, reaching $17.5 million. Despite COVID-19 impacts, especially in the Prepaid Debit segment, CPI is optimistic about its growth strategy and customer relationships.
CPI Card Group Inc. (OTCQX: PMTS) will release its financial results for the third quarter and year-to-date 2020 on November 3, 2020. The company will provide a written commentary on its performance rather than hosting an earnings call, following its previous approach this year. The press release and additional details will be available on their investor relations website.
CPI specializes in credit, debit, and prepaid solutions and has over 20 years of experience in the payments market, partnering with financial institutions and payment service providers.