DSS, Inc. Reports Earnings Results for the First Quarter Ended March 31, 2023
ROCHESTER, N.Y., May 16, 2023 (GLOBE NEWSWIRE) -- 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.
DSS Inc. Investor Relations
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Source: DSS, Inc.