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CPI Card Group Inc (PMTS) delivers innovative payment card solutions through secure production and mobile technologies for global financial institutions. This news hub provides investors and industry professionals with essential updates on corporate developments, technological advancements, and market positioning.
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Key updates on card personalization technologies, security certifications, and international expansion efforts. Discover how CPI maintains its leadership through North America's largest network of high-security production facilities while adapting to evolving digital payment trends.
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CPI Card Group reported Q2 2024 results with a 3% increase in net sales to $119 million, driven by growth in Prepaid, instant issuance, and card personalization services. However, net income decreased 8% to $6 million and Adjusted EBITDA fell 6% to $22 million. Gross profit saw a slight increase to $42 million. For the first half of 2024, net sales were down 2% year-over-year.
The company updated its 2024 outlook, expecting mid-single digit growth in net sales and maintaining Adjusted EBITDA projections. A recent debt refinancing includes $285 million in Senior Secured Notes due 2029 and a new $75 million revolving credit facility.
CPI continues to lead in eco-focused card solutions with over 100 million cards sold since 2019 and significant installations of its instant issuance solutions. The company repurchased $9 million worth of shares and aims to maintain liquidity, invest in business growth, and deleverage its balance sheet.
CPI Card Group Inc. (Nasdaq: PMTS), a payments technology company, has announced its plans to release second quarter financial results on August 5, 2024, after market close. The company will host a webcast and conference call at 4:30 p.m. ET on the same day to discuss the results. President and CEO John Lowe and CFO Jeff Hochstadt will participate in the call.
Additionally, CPI Card Group will be participating in the KeyBanc Technology Leadership Forum in Vail on August 6, 2024. John Lowe, Jeff Hochstadt, and SVP of Investor Relations Mike Salop are scheduled to host investor meetings during the event.
CPI Card Group (Nasdaq: PMTS) has successfully closed a private offering of $285 million in senior secured notes due 2029, with a 10.000% interest rate. Concurrently, CPI has entered into a new $75 million secured asset-based revolving credit facility (ABL revolver), replacing the previous $75 million facility. The proceeds from the notes, combined with cash on hand, were used to redeem the company's outstanding 8.625% senior secured notes due 2026 and cover related costs. The notes are guaranteed by CPI and its domestic subsidiaries, with the offering available only to qualified institutional buyers and certain non-U.S. persons.
CPI Card Group has announced the pricing of a private offering of $285 million in 10.000% senior secured notes due 2029, scheduled to close on July 11, 2024. The proceeds will be used to redeem the company's 8.625% senior secured notes due 2026, covering associated fees and expenses. These notes will be senior secured obligations guaranteed by CPI and its domestic subsidiaries, and secured by most of their assets. The offering is restricted to qualified institutional buyers under Rule 144A and certain non-U.S. persons under Regulation S.
CPI Card Group announced a private offering of $285 million in senior secured notes due 2029 through its subsidiary, CPI CG. The proceeds will be used to redeem the company’s 8.625% senior secured notes due 2026 and cover related costs. This offering, targeting institutional buyers, is subject to market conditions and may not be completed. The notes will be guaranteed by CPI and its domestic subsidiaries, and will be secured by most of their assets. The offering is private and not registered under the Securities Act. No public offer or solicitation is involved.
CPI Card Group has been recognized with the 2024 Élan Award of Excellence in the People’s Choice category by the International Card Manufacturers Association (ICMA) for its innovative LED Card. The award was announced at the ICMA Expo in Orlando, Florida, held from May 13 to 16. The LED Card features embedded LEDs that illuminate when near a contactless reader, offering interactive feedback during transactions. This award reflects the industry and public appeal of CPI’s LED cards. Toni Thompson, Head of Operations, expressed gratitude for the team's dedication to innovation.
CPI Card Group Inc. reported a 7% decrease in net sales to $112 million, a 50% decrease in net income to $5 million, and an 8% decrease in Adjusted EBITDA to $23 million in the first quarter of 2024. Despite the declines, all metrics improved from the previous quarter. The company foresees a gradual market recovery in 2024 and affirmed its full-year net sales and Adjusted EBITDA outlook. CPI continues to lead in eco-focused payment cards and Software-as-a-Service-based instant issuance solutions in the U.S. market.
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