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DSS posts higher revenues in Q2

Rochester Business Journal
August 13, 2014

Though Document Security Systems Inc. posted a net loss in the second quarter, it increased revenues 14 percent.

The firm reported after markets closed Tuesday.

DSS reported a net loss of $2.3 million, or 6 cents a share, compared with a net loss of $1.9 million, or 9 cents a share, a year ago. Revenue rose to $4.9 million from $4.3 million a year ago.

"We saw a particularly strong sequential increase in revenue in the second quarter, driven by demand for our printed products, including the timing of certain packaging orders that slipped from Q1 to Q2," said CEO Jeffrey Ronaldi. "Looking at our results on a comparative first half basis, revenue was a record overall for the first six months of the year, up 6 percent from the same period a year ago.”

The company filed a patent infringement lawsuit against computer company Lenovo (United States) Inc. in the second quarter. The case is in the pleadings stage, officials say.

DSS acquired roughly 90 patents in the second quarter, increasing the company’s total to over 120 active patents in the U.S. and internationally. Twenty-five patents are pending.

The company increased its printed product revenues to $4.4 million—a 15 percent increase—from $3.8 million a year ago. Other areas of business including technology sales, services and licensing revenues increased to $476,000 from $458,000 during the same period in 2013.

Last year the company merged with Lexington Technology Group, a deal reflected in an increase in adjusted earnings, which reflected higher professional fees totaling $479,000.   

The company’s stock (NYSE MKT: DSS) was trading at $1.30 a share midday Wednesday, up a penny from Tuesday’s close.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.


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