DSS, Inc. Reports Earnings Results for the First Quarter Ended March 31, 2023
16 Mai 2023 - 3:00PM
DSS, Inc. (“DSS” or the “Company”) (NYSE American: DSS), a
multinational company operating nine business divisions through
strategic acquisitions and development to build shareholder value
through periodic spinoffs, announced today its financial results
for the First Quarter, 2023.
Selected Financial Highlights
- Premier Packaging revenue increased
72% - Revenue from sales of printed products increased 72% during
the 3 months ended March 31, 2023, as compared to March 31, 2022.
The revenue from printed products in March 2023 was $6,130,000
compared to $3,569,000 in March 2022.
- Improvement of our operating loss – The operating loss for
March 31, 2023, was $5,580,000 as compared to $7,319,000 for March
2022. Operating loss decreased 24% in 1Q2023.
- Cost of revenue decreased – The cost of revenue decreased 4% in
March 2023 as compared to March 2022.
- Total cost and expenses decreased – The total cost and expenses
decreased by 16% in March 2023 as compared to March 2022. Total
cost and expenses for March 2023 were $17,506,000 as compared to
$19,623,000 in March 2022.
- Net cash increase by investing
activity – The company increased its net cash by investing activity
by 115% in March 2023 compared with March 2022. The main reason for
this increase is sales of marketable securities for
$11,330,000.
Todd Macko, CFO of DSS, Inc., said, “We are very pleased by the
Company’s progress in substantially reducing our operating costs
and continuing to optimize our businesses towards profitability.
Our Premier Packaging division had a stellar quarter in booking a
72% increase in revenues in the first quarter compared to the First
Quarter of 2022 as a result of our capital investments completed
over the past year.”
Jason Grady, COO of DSS, Inc, added, “We continue to execute our
business plan of incubating promising businesses to build
shareholder value, either through the distribution of a stock
dividend in a spinoff or adding a separately traded equity to our
balance sheet. ”
Grady continued, “Our planned spinoff of our biotechnology
subsidiary, Impact Medical, is in process. We look forward to
announcing the distribution of a stock dividend to our shareholders
this month.”
Corporate Developments Subsequent to Quarter
Ending
- Distributed a
shareholder dividend of Sharing Services Global (OTCQB:SHRG) to DSS
shareholders
2023 Strategic Focus
- Preparing for the spinoff to DSS
shareholders of Impact Biomedical in the form of a stock
dividend
- Continue ramping up revenue and customer diversification in our
Premier Packaging division.
- Increase the real estate portfolio in our American Medical
REIT
- Expand American Pacific Bancorp in preparation for planned
public offering.
- Become EBITDA positive through
organic revenue growth and operating cost management.
To see a complete version of the Company's First Quarter Results
on Form 10-Q, please click on the following link:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0000771999/000149315223017443/form10-q.htm
About DSS, Inc.
DSS is a multinational company operating businesses within nine
divisions: Product Packaging, Biotechnology, Direct Marketing,
Commercial Lending, Securities and Investment Management,
Alternative Trading, Digital Transformation, Secure Living, and
Alternative Energy. DSS strategically acquires and develops assets
to enrich the value of its shareholders through calculated IPO
spinoffs. Since 2019, under the guidance of new leadership, DSS has
built the necessary foundation for achievable growth through the
formation of a diversified portfolio of companies positioned to
drive profitability in multiple high growth sectors. These
companies offer innovative, flexible, and real-world solutions that
not only provide mutual benefits for businesses and their
customers, but also create sustainable value and opportunity for
transformation.
For more information on DSS
visit http://www.dssworld.com.
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 our SEC filings, including, without limitation, our
reports on Forms 8-K, 10-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.
Contact:
DSS Inc. Investor RelationsIR@dssworld.com+1 (585) 565-2422
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