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DSS Releases Full Year 2020 Financial Results: Income From Continuing Operations Increased $5.7 Million in 2020Generated positive income of $3.1M vs. a loss of $2.6M in 2019 ROCHESTER, N.Y., March 31, 2021 (GLOBE NEWSWIRE) -- Document Security Systems, Inc. (“DSS” or the “Company”) (NYSE American: DSS), a multinational company operating business segments in direct marketing, consumer packaging, brand protection technology, healthcare, real estate, blockchain security, and securitized digital assets, today announced its financial results for its fiscal year ended December 31, 2020. “I am pleased to report we made tremendous progress in 2020 toward our goal of transforming DSS, an initiative we first embarked upon in 2019,” stated Frank D. Heuszel, CEO of DSS. “Despite an extremely challenging business environment from COVID-19, our team executed on multiple fronts, generating a $5.7 million increase in net income from continuing operations, 12% revenue growth, and a 522% surge in stockholders’ equity. We continue to build on the successes of 2020 with several key strategic initiatives already achieved this year which I believe will help to further accelerate revenue and profit growth in the quarters ahead.” “Because of our strong and balanced corporate performance in 2020, we are well positioned to drive sustainable growth in 2021,” continued Heuszel. “2020 was our highest net income in years. The investments made in 2020, as well as those we have made and will continue to make in 2021, place us in an advantageous position to capitalize on the wealth of opportunities across the markets we target with our diverse business segments.” 2020 Financial Highlights:
“Since the spring of 2019, we have reduced the Company’s monthly cash burn by eliminating non-essential layers of management and redundant operating expenses, as well as by renegotiating vendor contracts and supply chain optimization,” commented Jason Grady,Chief Operating Officer of DSS. “We remain relentlessly focused on strengthening DSS by exiting unprofitable business lines, investing in and continuing to revive our core businesses, improving top line revenues and net margins, controlling costs and creating new long-term scalable, recurring revenue streams. I am very pleased with the progress our team has made on these fronts and confident that shareholders will continue to see improvements as we execute on our robust, multi-faceted, global business strategy.” Key Highlights and Strategic Milestones:
A full analysis of results for the fiscal year ended December 31, 2020 is available in the Company’s Form 10-K filed on March 31, 2021 and is available on the Company’s website at www.dsssecure.com or through the Securities and Exchange Commission’s Edgar database at www.sec.gov. About Document Security Systems, Inc. DSS is a multinational company operating business segments in direct marketing, consumer packaging, brand protection technology, healthcare, real estate, blockchain security, and securitized digital assets. Its business model is based on a distribution sharing system in which shareholders will receive shares in its subsidiaries as DSS strategically spins them out into IPOs. Its historic business revolves around counterfeit deterrent and authentication technologies, smart packaging, and consumer product engagement. DSS is led by its Chairman and largest shareholder, Mr. Fai Chan, a highly successful global business veteran of more than 40 years specializing in corporate transformation while managing risk. He has successfully restructured more than 35 corporations with a combined value of $25 billion. For more information on DSS visit http://www.dsssecure.com. Investor Contact: Dave Gentry, CEO Safe Harbor Disclosure This press release contains forward-looking statements that are made pursuant to the safe harbor provisions within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, statements related to the Company's intended use of proceeds and other statements that are not historical facts. Forward-looking statements are based on management's current expectations and are subject to risks and uncertainties that may cause actual results or events to differ materially from those projected. These risks and uncertainties, many of which are beyond our control, include: risks relating to our growth strategy; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; risks relating to the results of development activities; our ability to attract, integrate and retain key personnel; our need for substantial additional funds; patent and intellectual property matters; competition; as well as other risks described in the section entitled "Risk Factors" in the prospectus and in our other filings with the SEC, including, without limitation, our reports on Forms 8-K and 10-Q, all of which can be obtained on the SEC website at www.sec.gov. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made and reflect management's current estimates, projections, expectations and beliefs. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law. |