Shares of Document Security Systems Inc. were up slightly after the company reported a net loss for the second quarter but an increase in revenues.
DSS stock (NYSE: Amex: DSS) Wednesday morning were trading at $3.76, up 8 cents from Tuesday’s close. The company reported its results Tuesday after the market closed.
DSS posted a net loss of $995,000, or a nickel a share, for the quarter, down from $1.1 million, or 6 cents a share, a year ago.
The loss was due to a 22 percent increase in operating expenses led by a significant increase in research and development costs, company officials said.
DSS reported revenues of $3.7 million for the second quarter, up from $2.9 million during the same period a year ago. While DSS’ printing revenues declined, packaging revenues rose to $1.2 million, up from $920,000 a year ago.
As of June 30, DSS reported it had $1.5 million in cash. Its current assets totaled $4.3 million, up from $3.2 million at the end of 2011.
“Our revenue and gross profit growth in the second quarter of 2012 continues the momentum of the first quarter and we are especially pleased with the performance of our printing group,” said CEO Patrick White. “In addition, during the quarter our packaging group entered into a three-year, approximately $9 million agreement, which lays a solid foundation for that group.”
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