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Document Security Systems sees net loss widen, boost in sales

Rochester Business Journal
March 7, 2013

Shares of Document Security Systems Inc. were down slightly after the company reported its net loss widened in the fourth quarter. Sales for that period, however, were up 30 percent.

The company reported a net loss of $1.1 million, or 5 cents a share, for the fourth quarter, compared with a net loss of $955,000, or 5 cents a share, during the same period a year ago. For the full year, DSS had a net loss of $4.3 million, or 21 cents a share, compared with a net loss of $3.2 million, or 17 cents a share, in 2011. The firm released its earnings report after markets closed Wednesday.

The company attributed the increase in net loss to professional fees related to its pending merger with Lexington Technology Group, which is expected to be finalized during the second quarter of 2013. Without the fees, DSS said its net loss for the full year would have decreased 9 percent.

DSS logged revenues of $5.4 million for the fourth quarter, while its full year revenues increased 28 percent to $17.1 million. The company said the increase resulted from significant growth in its packaging, and licensing and digital solutions divisions.

“Our strong ending to 2012 validates the strength of our core products and offerings,” said Robert Bzdick, CEO of DSS, in a statement. “As we enter 2013, we seek to continue to benefit from the improved financial performance of our core packaging, plastics and printing divisions, while continuing to invest in the research and development of new products, especially in our digital group.”

DSS stock (NYSE: Amex: DSS) Thursday afternoon was trading at $2.40 a share, compared with Wednesday’s close of $2.43.

(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.
 


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