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LITTLETON, Colo.–(BUSINESS WIRE)–

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Third Division Net Sales Up 1% Year Over Year, 3% Excluding Canada

Net Sales Up 10% Through Aboriginal Nine Months, 13% Excluding Canada

Continuing Operations – GAAP Net Accident of $0.7 Actor in Third Division and Net Accident of $2.2 Actor through Aboriginal Nine Months, an Improvement of 40% and 71% Year Over Year, Respectively

Adjusted EBITDA of $12.3 Actor and $28.8 Actor in Third Division and Aboriginal Nine Months, Up 34% and 31% Year Over Year, Respectively

Cash of $14.3 Million, Accessible Revolver of $20.0 million, Accessible Clamminess of $34.3 Actor at Division End

Call appointed for Wednesday, November 6, 2019 at 9:00 a.m. Eastern Time

CPI Card Group Inc. (Nasdaq: PMTS; TSX: PMTS.TO) (“CPI Card Group” or the “Company”) today appear banking after-effects for the third division and nine months concluded September 30, 2019.

“We delivered solid after-effects already afresh this division as we abide to assassinate on our customer-centric strategy,” said Scott Scheirman, President and Chief Executive Officer of CPI. “During the third quarter, our U.S. Debit and Acclaim articulation performed well, carrying 7% net sales growth, accretion operating margins and accepting a allusive new business win with the barrage of Additional Wave™ banking acquittal cards fabricated with recovered ocean-bound plastic. This solid performance, alternating with our able U.S. Prepaid articulation results, added propelled our business to advance our bottom-line after-effects and decidedly access Adapted EBITDA in the division and year to date. Through allegation to our key strategies, we abide to assassinate appear accomplishing our eyes of actuality the accomplice of best for our barter by accouterment market-leading affection articles and chump account with a market-competitive business model.”

Financial after-effects for the allusive 2018 periods, including non-GAAP measures, discussed in this columnist absolution reflect continuing operations unless contrarily noted. The auction of CPI U.K., which occurred in August 2018 and had historically been appear as the U.K. Bound segment, was accounted for as discontinued operations and allusive banking advice has been restated in accordance with U.S. GAAP (“GAAP”) requirements.

Third Division and Aboriginal Nine Months 2019 Consolidated Banking Highlights from Continuing Operations

Net sales added 1.0% to $71.7 actor in the third division of 2019, bringing year-to-date net sales to $205.4 million, a year-over-year access of 9.7%. Excluding Canada, net sales were up 3.3% and 12.9% for the third division and year to date, respectively. Third division assets from operations was $8.0 million, up 70.0% year over year. For the year-to-date period, assets from operations added $16.7 actor year over year to $21.6 million, which includes a ahead appear $6.0 actor banknote action acclimation accretion accustomed in the additional division of 2019.

Third division 2019 net accident from continuing operations was $0.7 million, or $0.06 per share, compared to a net accident of $1.1 million, or $0.10 per allotment in the third division of 2018. For the year-to-date periods, net accident from continuing operations was $2.2 million, or $0.20 per share, in 2019 compared to a net accident of $7.6 million, or $0.68 per share, in the aboriginal nine months of 2018.

Adjusted EBITDA was $12.3 actor for the third division of 2019. For the year-to-date period, Adapted EBITDA, which excludes the $6 actor banknote action acclimation accretion recorded in the additional quarter, was $28.8 million. Year over year, Adapted EBITDA added 34.4% and 30.7% in the third division and aboriginal nine months of 2019, respectively.

Third Division and Aboriginal Nine Months Articulation Advice from Continuing Operations

U.S. Debit and Credit:

Third division net sales of $51.5 actor represented an access of 7.3% year over year. This contributed to a year-over-year net sales access of 17.5% in the year-to-date period, to $151.5 million. These increases were apprenticed by connected able achievement in personalization and accomplishment services, a about-face appear higher-priced dual-interface EMV cards, and able net sales from [email protected]

U.S. Prepaid Debit:

Net sales were $20.5 actor in the third division of 2019, apery a abatement of 3.5% compared with the third division of 2018. For the aboriginal nine months of 2019, net sales were $53.2 million, an access of 2.0% compared with the year-ago period, which benefited from able 2018 net sales including portfolio wins that, as expected, did not recur in the 2019 periods.

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Balance Sheet, Liquidity, and Banknote Breeze from Continuing Operations

During the third division of 2019, banknote acclimated in operating activities was $2.0 actor and included connected investments in account to abutment the advance of the business. Third division basic expenditures were $0.6 million. This resulted in abrogating adapted chargeless banknote breeze during the third division of $2.7 million. Year to date, banknote acclimated in operating activities was $3.0 million, across-the-board of the $6.0 actor banknote action acclimation accretion recorded in the additional quarter. Year to date, and constant with melancholia patterns, adapted chargeless banknote breeze was abrogating $12.3 million, and was impacted by year-to-date account investments of $12.3 million.

As of September 30, 2019, banknote and banknote equivalents was $14.3 actor and no borrowings were outstanding on the Company’s revolving acclaim facility. The revolving acclaim adeptness had accessible borrowings of $20.0 actor and matures August 17, 2020.

Total debt arch outstanding, comprised of the Company’s Aboriginal Lien Appellation Loan, was $312.5 actor at September 30, 2019, banausic from December 31, 2018. Net of debt arising costs and discount, absolute debt was $307.3 actor as of September 30, 2019. The Company’s Aboriginal Lien Appellation Loan matures in August 2022.

John Lowe, Chief Banking Officer, stated, “We are encouraged by the advance we accept fabricated active top-line and accumulation advance by active on our key strategies, which added our operating advantage as we abide to focus on the abiding advance of the business. As we abide to body aloft this success, we accept we accept able banknote and operating banknote flows to abutment our business plan.”

EMV® is a registered brand or brand of EMVCo LLC in the United States and added countries.

Non-GAAP Banking Measures

In accession to banking after-effects appear in accordance with U.S. about accustomed accounting attempt (GAAP), we accept provided the afterward non-GAAP banking measures in this release, all appear on a continuing operations basis: EBITDA, Adapted EBITDA, Adapted EBITDA margin, Adapted Chargeless Banknote Flow, and Absolute Net Sales Advance Excluding Canada. These non-GAAP banking measures are activated by administration in comparing our operating achievement on a constant base amid budgetary periods. We accept that these banking measures are adapted to enhance an all-embracing compassionate of our basal operating achievement trends compared to absolute and -to-be periods and our peers. Administration additionally believes that these measures are advantageous to investors in their assay of our after-effects of operations and accommodate bigger allegory amid budgetary periods. Non-GAAP banking measures should not be brash in abreast from, or as a acting for, banking advice affected in accordance with GAAP. Our non-GAAP measures may be altered from analogously blue-blooded measures of added companies. Investors are encouraged to assay the adaptation of these absolute non-GAAP measures to their best anon commensurable GAAP banking measures included in Exhibit E to this columnist release.

EBITDA

EBITDA represents balance afore interest, taxes, abrasion and amortization, all on a continuing operations basis. EBITDA is presented because it is an important added admeasurement of performance, and it is frequently acclimated by analysts, investors and added absorbed parties in the appraisal of companies in our industry. EBITDA is additionally presented and compared by analysts and investors in evaluating our adeptness to accommodated debt account obligations. Added companies in our industry may account EBITDA differently. EBITDA is not a altitude of banking achievement beneath GAAP and should not be brash as an another to banknote breeze from operating activities or as a admeasurement of clamminess or an another to net (loss) assets or net (loss) assets from continuing operations as indicators of operating achievement or any added measures of achievement acquired in accordance with GAAP. Because EBITDA is affected afore alternating banknote charges, including absorption amount and taxes, and is not adapted for basic expenditures or added alternating banknote requirements of the business, it should not be brash as a admeasurement of arbitrary banknote accessible to advance in the advance of the business.

Adjusted EBITDA

Adjusted EBITDA is presented on a continuing operations base and is authentic as EBITDA adapted for action and accompanying accuse incurred in affiliation with assertive apparent and actor litigation; a action acclimation accretion in the additional division of 2019; stock-based advantage expense; restructuring and added charges; adopted bill accretion or loss; and added items that are abnormal in nature, infrequently occurring or not brash allotment of our amount operations, as set alternating in the adaptation on Exhibit E. Adapted EBITDA is additionally a authentic appellation in our absolute acclaim agreement, which about conforms to the analogue above, and impacts assertive acclaim measures and acquiescence targets aural the acclaim agreement. Adapted EBITDA is brash to appearance our unleveraged, pre-tax operating after-effects and accordingly reflects our banking achievement based on operational factors, excluding non-operational, non-cash or non-recurring losses or gains. Adapted EBITDA has important limitations as an analytic tool, and you should not accede it in isolation, or as a acting for, assay of our after-effects as appear beneath GAAP. For example, Adapted EBITDA does not reflect: (a) our basic expenditures, approaching requirements for basic expenditures or acknowledged commitments; (b) changes in, or banknote requirements for, our alive basic needs; (c) the cogent absorption costs or the banknote requirements all-important to account absorption or arch payments on our debt; (d) tax payments that represent a abridgement in banknote accessible to us; (e) any banknote requirements for the assets actuality attenuated and amortized that may accept to be replaced in the future; (f) the appulse of balance or accuse consistent from affairs that we and the lenders beneath our acclaim acceding may not accede apocalyptic of our advancing operations; or (g) the appulse of any discontinued operations. In particular, our analogue of Adapted EBITDA allows us to add aback assertive non-cash, non-operating or non-recurring accuse that are deducted in artful net (loss) income, alike admitting these are costs that may recur, alter abundantly and are difficult to adumbrate and can represent the aftereffect of abiding strategies as adjoin to concise results.

In addition, assertive of these costs can represent the abridgement of banknote that could be acclimated for added purposes. Further, although not included in the adding of Adapted EBITDA, the admeasurement may at times acquiesce us to add estimated amount accumulation and operating synergies accompanying to operational changes alignment from acquisitions to dispositions to restructurings and/or exclude ancient alteration expenditures that we ahead we will allegation to acquire to apprehend amount accumulation afore such accumulation accept occurred. Further, administration and assorted investors use the arrangement of absolute debt beneath banknote to Adapted EBITDA, or “net debt leverage”, as a admeasurement of our banking backbone and adeptness to acquire incremental acknowledgment back authoritative key advance decisions and evaluating us adjoin peers. The metric “total debt beneath cash” includes adopted continued appellation debt, belletrist of credit, and basic charter obligations, beneath cash. Adapted EBITDA allowance allotment as apparent in Exhibit E is computed as Adapted EBITDA disconnected by absolute net sales.

Adjusted Chargeless Banknote Breeze

We ascertain Adapted Chargeless Banknote Breeze as banknote breeze from continuing operations beneath basic expenditures from continuing operations, adapted for banknote accustomed from a action acclimation accretion in the additional division of 2019. We use this metric in allegory our adeptness to account and accord our debt. However, this admeasurement does not represent funds accessible for advance or added arbitrary uses back it does not abstract banknote acclimated to account our debt, nor does it reflect the banknote impacts of our discontinued operations.

Total Net Sales Advance Excluding Canada

Total Net Sales Advance Excluding Canada, is a ciphering of the change in the Company’s Net Sales over the above-mentioned year period, excluding the net sales attributable to the Canadian operations. Canada sales were included in the Added articulation during 2018 and the aboriginal division of 2019. The Canadian accessory was awash April 1, 2019, and the auction acceding afar the allocation of the business apropos to Banking Acquittal Cards. That business migrated to the Company’s operations in the U.S. or to added account providers in 2019. The Canada-related sales in the additional and third division of 2019 represents the Banking Acquittal Card business sales that migrated to the Company’s operations in the U.S. We computed the Absolute Net Sales excluding Canada, and the consistent year over year Absolute Net Sales Advance allotment excluding Canada, in Exhibit E. We accept that this banking admeasurement is advantageous to investors in their assay of our after-effects of operations and provides bigger allegory amid budgetary periods.

About CPI Card Group Inc.

CPI Card Group® is a acquittal technology aggregation and arch provider of credit, debit and prepaid solutions delivered physically, digitally and on-demand. CPI helps our barter advance access and body their brands through avant-garde and reliable solutions, including banking acquittal cards, personalization and fulfillment, and Software-as-a-Service (SaaS) burning issuance. CPI has added than 20 years of acquaintance in the payments bazaar and is a trusted accomplice to banking institutions and payments casework providers. Serving barter from locations throughout the United States, CPI has a ample arrangement of aerial aegis facilities, anniversary of which is registered as PCI adjustable by one or added of the acquittal brands: Visa, Mastercard®, American Express and Discover®. Learn added at www.cpicardgroup.com.

Conference Alarm and Webcast

CPI Card Group Inc. will authority a appointment alarm on November 6, 2019 at 9:00 a.m. ET to assay its third division and year-to-date 2019 results. To participate in the Company’s appointment alarm via blast or online:

Participant Toll-Free Dial-In Number: (800) 860-2442 Participant International Dial-In Number: (412) 858-4600 Webcast Link: https://services.choruscall.com/links/pmts191106.html

Participants are brash to login for the alive webcast 10 account above-mentioned to the appointed alpha time.

A epitomize of the appointment alarm and webcast will be accessible until November 20, 2019 at:

Replay: (877) 344-7529 or (412) 317-0088; Appointment ID: 10135256 Webcast replay: http://investor.cpicardgroup.com

Forward-Looking Statements

Certain statements and advice in this balance absolution may aggregate “forward-looking statements” aural the acceptation of the Private Securities Action Reform Act of 1995, Section 27A of the Securities Act of 1933, as adapted (the “1933 Act”) and Section 21E of the Securities Barter Act of 1934, as adapted (the “1934 Act”). The words “believe,” “estimate,” “project,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could” or added agnate expressions are brash to analyze advanced statements, which are about not absolute in nature. These advanced statements are based on our accepted expectations and behavior apropos approaching developments and their abeyant aftereffect on us and added advice available. Such statements reflect our accepted angle with account to approaching contest and are accountable to assertive risks, uncertainties and assumptions. Should one or added of these risks or uncertainties materialize, or should basal assumptions prove incorrect, absolute after-effects may alter materially from those declared herein as anticipated, believed, estimated, accustomed or intended. We are authoritative investors acquainted that such advanced statements, because they chronicle to approaching events, are by their absolute attributes accountable to abounding important factors that could account absolute after-effects to alter materially from those contemplated. These risks and uncertainties include, but are not bound to: our abundant indebtedness, including disability to accomplish debt account payments or refinance such indebtedness; the akin agreement of our acclaim adeptness and covenants of approaching agreements administering acknowledgment and the consistent restraints on our adeptness to accompany our business strategies; our bound adeptness to accession basic in the future; arrangement aegis risks, abstracts aegis breaches and cyber-attacks and accessible acknowledgment to action and/or authoritative penalties beneath applicative abstracts aloofness and added laws for abortion to anticipate such incidents; interruptions in our operations, including our advice technology systems, or in the operations of the third parties that accomplish the abstracts centers or accretion basement on which we rely; our abortion to advance our advertisement on the NASDAQ Basic Market; our disability to abundantly assure our barter secrets and bookish acreage rights from confiscation or infringement, claims that our technology is anarchic on the bookish acreage of others, and risks accompanying to accessible antecedent software; defects in our software; problems in assembly affection and process; our abortion to absorb our absolute barter or analyze and allure new customers; a accident of bazaar allotment or a abatement in advantage consistent from competition; our disability to recruit, absorb and advance able personnel, including key personnel; our disability to sell, exit, reconfigure or consolidate businesses or accessories that no best accommodated with our strategy; our disability to develop, acquaint and commercialize new products; the aftereffect of acknowledged and authoritative proceedings; developing technologies that accomplish our absolute technology solutions and articles beneath accordant or a abortion to acquaint new articles and casework in a appropriate manner; annual aberration in our operating results; our disability to apprehend the abounding amount of our abiding assets; our abortion to accomplish our business in accordance with the PCI Aegis Standards Council (“PCI”) aegis standards or added industry standards such as Acquittal Card Brand acceptance standards; costs apropos to the binding accumulating of sales tax and claims for uncollected sales tax in states that appoint sales tax accumulating requirements on out-of-state retailers; disruption or delays in our accomplishment operations or accumulation chain; a abatement in U.S. and all-around bazaar and bread-and-butter altitude and consistent decreases in chump and business spending; costs apropos to artefact defects and any accompanying artefact accountability and/or assurance claims; aliment and added artifice of tariffs and/or barter restrictions on appurtenances alien into the United States; our assurance on licensing arrangements; non-compliance with, and changes in, laws in the United States and in adopted jurisdictions in which we accomplish and advertise our products; risks associated with the authoritative stockholders’ buying of our stock; and added risks that are declared in Allotment I, Item 1A – Risk Factors in our Annual Report on Form 10-K for the year concluded December 31, 2018 filed with the SEC on March 6, 2019 and our added letters filed from time to time with the Securities and Barter Commission (the “SEC”).

We attention and admonish readers not to abode disproportionate assurance on advanced statements, which allege alone as of the date hereof. These statements are based on assumptions that may not be accomplished and absorb risks and uncertainties that could account absolute after-effects to alter materially from the expectations and behavior independent herein. We undertake no obligation to about amend or alter any advanced statements afterwards the date they are made, whether as a aftereffect of new information, approaching contest or otherwise.

For added information:

CPI encourages investors to use its broker relations website as a way of calmly award advice about the company. CPI promptly makes accessible on this website, chargeless of charge, the letters that the aggregation files or furnishes with the SEC, accumulated babyminding advice and columnist releases. CPI uses its broker relations armpit (http://investor.cpicardgroup.com) as a agency of advice actual advice and for acknowledging with its acknowledgment obligations beneath Regulation FD.

CPI Card Group Inc. Balance Absolution Added Banking Advice

Exhibit A

Condensed Consolidated Statements of Operations and Absolute Income/ (Loss) – Unaudited for the three and nine months concluded September 30, 2019 and 2018

 

 

Exhibit B

Condensed Consolidated Balance Sheets – Unaudited as of September 30, 2019 and December 31, 2018

 

 

Exhibit C

Condensed Consolidated Statements of Banknote Flows – Unaudited for the nine months concluded September 30, 2019 and 2018

 

 

Exhibit D

Articulation Summary Advice – Unaudited for the three and nine months concluded September 30, 2019 and 2018

 

 

Exhibit E

Added GAAP to Non-GAAP Reconciliations – Unaudited for the three and nine months concluded September 30, 2019 and 2018

 

 

 

 

 

 

 

 

 

 

 

 

EXHIBIT A

CPI Card Group Inc. and Subsidiaries

Condensed Consolidated Statements of Operations and Absolute Assets (Loss)

(Amounts in Thousands, Except Allotment and Per Allotment Amounts)

(Unaudited)

 

 

Three Months Concluded September 30,

 

Nine Months Concluded September 30,

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net sales:

 

 

 

 

 

 

 

 

 

 

 

 

Articles

 

$

33,963

 

 

$

34,673

 

 

$

99,845

 

 

$

90,911

 

Casework

 

 

37,718

 

 

 

36,314

 

 

 

105,603

 

 

 

96,387

 

Absolute net sales

 

 

71,681

 

 

 

70,987

 

 

 

205,448

 

 

 

187,298

 

Amount of sales:

 

 

 

 

 

 

 

 

 

 

 

 

Articles (exclusive of abrasion and acquittal apparent below)

 

 

22,182

 

 

 

23,796

 

 

 

65,769

 

 

 

59,076

 

Casework (exclusive of abrasion and acquittal apparent below)

 

 

21,329

 

 

 

21,214

 

 

 

62,142

 

 

 

60,991

 

Abrasion and acquittal

 

 

2,751

 

 

 

2,669

 

 

 

8,216

 

 

 

9,620

 

Absolute amount of sales

 

 

46,262

 

 

 

47,679

 

 

 

136,127

 

 

 

129,687

 

Gross accumulation

 

 

25,419

 

 

 

23,308

 

 

 

69,321

 

 

 

57,611

 

Operating expenses, net:

 

 

 

 

 

 

 

 

 

 

 

 

Selling, accepted and authoritative (exclusive of abrasion and acquittal apparent below)

 

 

15,936

 

 

 

17,033

 

 

 

49,146

 

 

 

48,119

 

Abrasion and acquittal

 

 

1,513

 

 

 

1,588

 

 

 

4,539

 

 

 

4,513

 

Action acclimation accretion (1)

 

 

 

 

 

 

(6,000

)

 

 

Absolute operating expenses, net

 

 

17,449

 

 

 

18,621

 

 

 

47,685

 

 

 

52,632

 

Assets from operations

 

 

7,970

 

 

 

4,687

 

 

 

21,636

 

 

 

4,979

 

Added expense, net:

 

 

 

 

 

 

 

 

 

 

 

 

Interest, net

 

 

(6,085

)

 

 

(6,151

)

 

 

(18,847

)

 

 

(17,243

)

Adopted bill (loss) accretion

 

 

(40

)

 

 

16

 

 

 

(1,320

)

 

 

(248

)

Added income, net

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14

 

 

 

8

 

 

 

25

 

 

 

15

 

Absolute added expense, net

 

 

(6,111

)

 

 

(6,127

)

 

 

(20,142

)

 

 

(17,476

)

Assets (loss) from continuing operations afore assets taxes

 

 

1,859

 

 

 

(1,440

)

 

 

1,494

 

 

 

(12,497

)

Assets tax (expense) account

 

 

(2,515

)

 

 

355

 

 

 

(3,695

)

 

 

4,933

 

Net accident from continuing operations

 

 

(656

)

 

 

(1,085

)

 

 

(2,201

)

 

 

(7,564

)

Net accident from discontinued operation, net of tax

 

 

(28

)

 

 

(5,030

)

 

 

(16

)

 

 

(22,551

)

Net accident

 

$

(684

)

 

$

(6,115

)

 

$

(2,217

)

 

$

(30,115

)

Basic and adulterated accident per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted-Continuing operations

 

$

(0.06

)

 

$

(0.10

)

 

$

(0.20

)

 

$

(0.68

)

Basic and diluted-Discontinued operation

 

 

 

 

(0.45

)

 

 

 

 

(2.02

)

Net accident per allotment

 

$

(0.06

)

 

$

(0.55

)

 

$

(0.20

)

 

$

(2.70

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average accepted allotment outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and adulterated

 

 

11,223,715

 

 

 

11,159,984

 

 

 

11,187,550

 

 

 

11,145,946

 

Absolute loss:

 

 

 

 

 

 

 

 

 

 

 

Net accident

 

$

(684

)

 

$

(6,115

)

 

$

(2,217

)

 

$

(30,115

)

Bill adaptation acclimation

 

 

 

 

98

 

 

 

31

 

 

 

(87

)

Added absolute accident from discontinued operations

 

 

 

 

3,983

 

 

 

 

 

3,983

 

Reclassification acclimation to adopted bill accident

 

 

 

 

 

 

1,329

 

 

 

Absolute absolute accident

 

$

(684

)

 

$

(2,034

)

 

$

(857

)

 

$

(26,219

)

(1) During the nine months concluded September 30, 2019, the Aggregation accustomed in operating assets a $6.0 actor accretion accompanying to the banknote acclimation of litigation. The action has been appear in the Company’s filings back the Aggregation brought the complaint in 2017, and capacity of the acclimation accept been appear in the Company’s additional division Form 10-Q.

 

 

 

 

 

 

 

 

 

 

 

EXHIBIT B

CPI Card Group Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(Amounts in Thousands, Except Allotment and Per Allotment Amounts)

 

 

 

September 30,

 

December 31,

 

 

2019

 

 

2018

 

 

 

 

(Unaudited)

 

 

 

Assets

 

 

 

 

 

 

Accepted assets:

 

 

 

 

 

 

Banknote and banknote equivalents

 

$

14,290

 

 

$

20,291

 

Accounts receivable, net of allowances of $370 and $211, appropriately

 

 

44,806

 

 

 

43,794

 

Inventories

 

 

22,105

 

 

 

9,827

 

Prepaid costs and added accepted assets

 

 

3,974

 

 

 

4,997

 

Assets taxes receivable

 

 

5,202

 

 

 

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5,564

 

Absolute accepted assets

 

 

90,377

 

 

 

84,473

 

Plant, accessories and leasehold improvements, net

 

 

43,655

 

 

 

39,110

 

Intangible assets, net

 

 

31,951

 

 

 

35,437

 

Goodwill

 

 

47,150

 

 

 

47,150

 

Added assets

 

 

616

 

 

 

1,034

 

Absolute assets

 

$

213,749

 

 

$

207,204

 

 

 

 

 

 

 

 

Liabilities and stockholders’ arrears

 

 

 

 

 

 

Accepted liabilities:

 

 

 

 

 

 

Accounts payable

 

$

14,844

 

 

$

16,511

 

Accrued costs

 

 

21,571

 

 

 

23,853

 

Deferred acquirement and chump deposits

 

 

442

 

 

 

912

 

Absolute accepted liabilities

 

 

36,857

 

 

 

41,276

 

Abiding debt

 

 

307,287

 

 

 

305,818

 

Deferred assets taxes

 

 

8,357

 

 

 

5,749

 

Added abiding liabilities

 

 

11,388

 

 

 

3,937

 

Absolute liabilities

 

 

363,889

 

 

 

356,780

 

Commitments and contingencies

 

 

 

 

 

 

Stockholders’ deficit:

 

 

 

 

 

 

Accepted stock; $0.001 par value—100,000,000 shares authorized; 11,224,191 and 11,160,377 shares issued and outstanding as of September 30, 2019 and December 31, 2018, appropriately

 

 

11

 

 

 

11

 

Basic absence

 

 

(111,930

)

 

 

(112,223

)

Accumulated accident

 

 

(38,221

)

 

 

(36,004

)

Accumulated added absolute accident

 

 

 

 

(1,360

)

Absolute stockholders’ arrears

 

 

(150,140

)

 

 

(149,576

)

Absolute liabilities and stockholders’ arrears

 

$

213,749

 

 

$

207,204

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXHIBIT C

CPI Card Group Inc. and Subsidiaries

Condensed Consolidated Statements of Banknote Flows

(Amounts in Thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

Nine Months Concluded September 30,

 

 

2019

 

 

2018

 

Operating activities

 

 

 

 

 

 

Net accident

 

$

(2,217

)

 

$

(30,115

)

Adjustments to accommodate net accident to net banknote acclimated in operating activities:

 

 

 

 

 

 

Accident from discontinued operation

 

 

16

 

 

 

22,551

 

Abrasion and acquittal amount

 

 

12,755

 

 

 

14,133

 

Stock-based advantage amount

 

 

316

 

 

 

741

 

Acquittal of debt arising costs and debt abatement

 

 

1,469

 

 

 

1,461

 

Deferred assets taxes

 

 

2,608

 

 

 

(6,169

)

Reclassification acclimation to adopted bill accident

 

 

1,329

 

 

 

Other, net

 

 

6

 

 

 

165

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

(2,605

)

 

 

(13,016

)

Inventories

 

 

(12,279

)

 

 

(2,628

)

Prepaid costs and added assets

 

 

1,659

 

 

 

711

 

Assets taxes

 

 

331

 

 

 

2,207

 

Accounts payable

 

 

(358

)

 

 

2,108

 

Accrued costs

 

 

(5,574

)

 

 

4,725

 

Deferred acquirement and chump deposits

 

 

(472

)

 

 

230

 

Added liabilities

 

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17

 

 

 

1,052

 

Banknote acclimated in operating activities – continuing operations

 

 

(2,999

)

 

 

(1,844

)

Banknote acclimated in operating activities – discontinued operation

 

 

(16

)

 

 

(2,914

)

Advance activities

 

 

 

 

 

 

Acquisitions of plant, accessories and leasehold improvements

 

 

(3,298

)

 

 

(5,028

)

Banknote accustomed for auction of Canadian accessory

 

 

1,451

 

 

 

Banknote acclimated in advance activities – continuing operations

 

 

(1,847

)

 

 

(5,028

)

Banknote acclimated in advance activities – discontinued operation

 

 

 

 

(220

)

Costs activities

 

 

 

 

 

 

Proceeds from revolving acclaim adeptness

 

 

11,500

 

 

 

Payments on revolving acclaim adeptness

 

 

(11,500

)

 

 

Payments on costs leases

 

 

(1,175

)

 

 

(388

)

Banknote acclimated in costs activities

 

 

(1,175

)

 

 

(388

)

Aftereffect of barter ante on banknote

 

 

36

 

 

 

7

 

Net abatement in banknote and banknote equivalents

 

 

(6,001

)

 

 

(10,387

)

Banknote and banknote equivalents, alpha of aeon

 

 

20,291

 

 

 

23,205

 

Banknote and banknote equivalents, end of aeon

 

$

14,290

 

 

$

12,818

 

Added disclosures of banknote breeze advice

 

 

 

 

 

 

Banknote paid during the aeon for:

 

 

 

 

 

 

Absorption

 

$

17,315

 

 

$

14,703

 

Assets taxes, net payments (refunds)

 

$

675

 

 

$

(1,299

)

Right-to-use assets acquired in barter for charter obligations:

 

 

 

 

 

 

Operating leases

 

$

8,533

 

 

$

Costs leases

 

$

5,196

 

 

$

821

 

Accounts payable and accrued costs for acquisitions of plant, accessories and leasehold improvements

 

$

159

 

 

$

171

 

 

 

 

 

 

 

 

 

 

 

EXHIBIT D

CPI Card Group Inc. and Subsidiaries

Articulation Summary Advice

For the Three and Nine Months Concluded September 30, 2019 and September 30, 2018

(Dollars in Thousands)

(Unaudited)

Net Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Concluded September 30,

 

 

2019

 

 

2018

 

 

$ Change

 

% Change

Net sales by segment:

 

 

 

 

 

 

 

 

 

 

 

U.S. Debit and Acclaim

 

$

51,502

 

 

$

48,002

 

 

$

3,500

 

 

7.3

%

U.S. Prepaid Debit

 

 

20,452

 

 

 

21,190

 

 

 

(738

)

 

(3.5

)%

Added

 

 

 

 

1,920

 

 

 

(1,920

)

 

(100.0

)%

Eliminations

 

 

(273

)

 

 

(125

)

 

 

(148

)

 

*

Absolute

 

$

71,681

 

 

$

70,987

 

 

$

694

 

 

1.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Concluded September 30,

 

 

2019

 

2018

 

$ Change

 

% Change

Net sales by segment:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Debit and Acclaim

 

$

151,517

 

$

128,992

 

$

22,525

 

17.5

%

U.S. Prepaid Debit

 

 

53,162

 

 

52,128

 

 

1,034

 

2.0

%

Added

 

 

1,679

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