Document Security Systems Reports Second Quarter 2017 Financial Results

Document Security Systems (NYSE:DSS) has announced its second quarter 2017 financial results , highlighting revenue year-over-year is up 3 percent to $8.6 million.
As quoted in the press release:

“While overall revenue was down slightly for the quarter, I am excited by the strong technology sales growth achieved by the Company, and the number of opportunities we currently have in our pipeline. We are seeing the impact of our first, large-customer implementation of AuthentiGuard, where, despite softness in our packaging division, we achieved tangible improvements in our financial results. On a cumulative basis, our proprietary brand protection and anti-fraud technology products are becoming a larger part of our revenue profile,” stated Jeff Ronaldi, CEO of DSS. “The increase in our Adjusted EBITDA profit and the reductions in net loss during the quarter, despite the revenue dip, are indicators of the benefits of our growing success in the higher margin, technology-based businesses in our portfolio” added Ronaldi.
Second Quarter 2017 Financial Highlights

• After a strong first quarter, revenue for the three months ended June 30, 2017 decreased slightly to $3.9 million, down 5% from the three months ended June 30, 2016, but maintained year-over-year growth of 3% for the six months ended June 30, 2017. During the second quarter of 2017, the Company’s technology sales, services and licensing revenue grew by 37%, while printed products revenue decreased 9%, as compared to the second quarter of 2016.
• Costs and expenses for the six months ended June 30, 2017 was approximately $8,885,000, which represents a decrease of 3% from $9,183,000 for the six months ended June 30, 2016.
• Net loss during the three months ended June 30, 2017 was approximately $265,000 ($0.02 per share), which is a 17% decrease as compared to a net loss of $318,000 ($0.02 per share) during the second quarter of 2016. Net loss during the six months ended June 30, 2017 was approximately $448,000 ($0.03 per share), which is a 52% decrease as compared to a net loss of $942,000 ($0.07 per share) during the second half of the prior year. The decreases in net loss during both periods are primarily due to the combined impact of increased technology card sales and AuthentiGuard sales, as well as an overall reduction in operating costs.

Click here to read the full press release.