Lower demand for smart chip cards walloped CPI Card Group Inc. in the first quarter.

The Littleton company (Nasdaq: PMTS) reported first-quarter total net sales fell more than 35 percent to $56 million from a year earlier.

CPI Card Group reported an adjusted first-quarter loss of $3 million, or a loss of 5 cents per diluted share, compared with net income of $7.1 million, or earnings of 13 cents per share a year earlier.

"The decrease in U.S. debit and credit segment net sales was driven predominantly by a decline in the number of EMV chip cards sold in the first quarter compared with the first quarter of 2016," the company said in a statement.

Read more at the Denver Business Journal: http://bit.ly/2q2UDFV