A beleaguered Colorado maker of chip-enabled credit cards saw its third-quarter sales plummet.
CPI Card Group Inc. of Littleton reported third-quarter sales fell by 20 percent, dropping to $39.3 million. It blamed "a decline in the number of EMV (Europay, Mastercard and Visa) chip cards sold in the third quarter compared with the third quarter of 2016 and lower EMV card average selling prices."
The company's new CEO Scott Scheirman, who took over in September, said the company is going to take a look at how it does business.
“While we remain confident in our long-term success, we believe that it is prudent to take the time to review and assess the business, enhance our strategies and execute our key initiatives. ... The company has discontinued providing guidance so that it can enhance its strategies and execute initiatives to achieve these objectives," Scheirman said in a statement.
Read more at the Denver Business Journal: http://bit.ly/2yktQ8f