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Document Security Systems Inc (DSS) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2012

SEC Filings

Document Security Systems Inc

CIK: 771999 Ticker: DSS

 

Document Security Systems, Inc. Announces 2012 Fourth Quarter and Full-Year Financial Results

 

Will Hold Earnings Conference Call on March 6, 2013 at 4:30 pm ET

 

ROCHESTER, NY--March 6, 2013 — Document Security Systems, Inc. (NYSE MKT: DSS), a leading developer of anti-counterfeiting, anti-fraud and authentication technologies for governments, corporations and financial institutions, today announced preliminary fourth quarter and full-year 2012 financial results.

 

Revenues for fourth quarter of 2012 were $5.4 million, a 30% increase over the fourth quarter of 2011. Revenues for the full year of 2012 were $17.1 million, a 28% increase from 2011 resulting from significant growth in the Company’s Packaging and Licensing and Digital Solutions divisions, which grew by 59% and 26%, respectively.

 

Gross profit for the fourth quarter of 2012 was $1.6 million, a 40% increase over the fourth quarter of 2011. Gross profit for the full year of 2012 increased 37% to $5.7 million from $4.2 million in 2011. The gross profit improvement reflects the Company’s better sales mix along with reductions in production costs, especially at the Company’s commercial and security printing division.

 

Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, stock based compensation and other non-recurring items, including professional fees for the Company’s pending merger with Lexington Technology Group) for the fourth quarter of 2012 was a loss of $280,000, or a 49% improvement over the adjusted EBITDA loss of $545,000 for the fourth quarter of 2011. For the full year of 2012, adjusted EBITDA was a loss of $1,314,000, or a 43% improvement over the adjusted EBITDA loss of $2,309,000 in 2011.

 

The Company recorded a net loss for the fourth quarter of 2012 of $1,117,000, or a net loss of $0.05 per share compared to a loss of $955,000 or $0.05 per share in the fourth quarter of 2011. On a full year basis, net loss was $4.3 million or $0.21 per share in 2012, compared to a net loss of $3.2 million or $0.17 per share in 2011. The increase in net loss for the fourth was primarily the result of non-recurring professional fees related to the proposed merger. The increase in net loss for the full year was primarily due to professional fees related to the potential merger with Lexington Technology Group, and to a lesser extent the effects of a one-time income amount recorded in the first quarter of 2011 due to a change in the fair value of a derivative liability that did not re-occur in 2012 and an immediate amortization of note discount expense recorded in the first quarter of 2012. These three items in aggregate amounted to $1,345,000. Absent these items, net loss for 2012 would have decreased approximately 9% from 2011

 

Document Security System’s CEO, Robert Bzdick said, “Our strong ending to 2012 validates the strength of our core products and offerings. Our ability to increase the volume and quality of our revenues consistently throughout the year points to the strengthening of our core businesses that will be a foundation of the Company going forward. As we enter 2013, we seek to continue to benefit from the improved financial performance of our core packaging, plastics and printing divisions, while continuing to invest in the research and development of new products, especially in our digital group. “

 

CONFERENCE CALL AND WEBCAST DETAILS:

 

Time: 4:30 p.m. ET
Date: Wednesday, March 6, 2013
Investor Dial In (Toll Free): 877-407-9205
Investor Dial In (International): 201-689-8054

Live Webcast URL: http://www.investorcalendar.com/IC/CEPage.asp?ID=170643

 

A replay of the teleconference will be available until March 13, 2013 which can be accessed by dialing (877) 660-6853 if calling within the U.S. or (201) 612-7415 if calling internationally. Please enter account #286 and conference ID #410432 to access the replay.

 

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The following information was filed by Document Security Systems Inc (DSS) on Wednesday, March 6, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Operations And Comprehensive Loss
Business Combinations
Business Combinations (narrative) (details)
Business Combinations (schedule Of Fair Value Of Assets Acquired And Liabilites Assumed) (details)
Business Combinations (schedule Of Pro Forma Information) (details)
Business Combinations (tables)
Commitments And Contingencies
Commitments And Contingencies (employment Agreements) (details)
Commitments And Contingencies (equipment Leases) (details)
Commitments And Contingencies (legal Proceedings) (details)
Commitments And Contingencies (related Party Consulting Payments, Accrued Director Fees, And Contingent Litigation Payment) (details)
Commitments And Contingencies (tables)
Defined Contribution Pension Plan
Defined Contribution Pension Plan (details)
Description Of Business
Description Of Business (details)
Equipment And Leasehold Improvements
Equipment And Leasehold Improvements (details)
Equipment And Leasehold Improvements (tables)
Income Taxes
Income Taxes (narrative) (details)
Income Taxes (schedule Of Deferred Tax Assets/liabilities) (details)
Income Taxes (schedule Of Effective Income Tax Rate Reconciliation) (details)
Income Taxes (schedule Of Income Tax Provision (benefit) (details)
Income Taxes (tables)
Intangible Assets
Intangible Assets (narrative) (details)
Intangible Assets (schedule Of Amortization Expense) (details)
Intangible Assets (schedule Of Other Intangible Assets) (details)
Intangible Assets (tables)
Inventory
Inventory (details)
Inventory (tables)
Segment Information
Segment Information (details)
Segment Information (narrative) (details)
Segment Information (tables)
Short Term And Long Term Debt
Short Term And Long Term Debt (long-term Debt) (details)
Short Term And Long Term Debt (promissory Note) (details)
Short Term And Long Term Debt (revolving Credit Facility) (details)
Short Term And Long Term Debt (revolving Note - Related Party) (details)
Short Term And Long Term Debt (schedule Of Principal Payments Of Notes Payable And Long-term Debt) (details)
Short Term And Long Term Debt (short-term Loan From Related Party) (details)
Short Term And Long Term Debt (tables)
Short Term And Long Term Debt (term Note) (details)
Stockholders' Equity
Stockholders' Equity (derivative Liabilities) (details)
Stockholders' Equity (restricted Stock Issued In Acquisition) (details)
Stockholders' Equity (restricted Stock Issued To Employees) (details)
Stockholders' Equity (schedule Of Fair Value Of Derivative Liabilities) (details)
Stockholders' Equity (schedule Of Options Outstanding) (details)
Stockholders' Equity (schedule Of Restricted Stock Activity) (details)
Stockholders' Equity (schedule Of Share-based Compensation Assumptions) (details)
Stockholders' Equity (schedule Of Warrants Outstanding And Exercisable) (details)
Stockholders' Equity (stock Issued In Private Placements) (details)
Stockholders' Equity (stock Options) (details)
Stockholders' Equity (stock Warrants) (details)
Stockholders' Equity (stock-based Compensation) (details)
Stockholders' Equity (tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (narrative) (details)
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (schedule Of Derivative Instrument) (details)
Summary Of Significant Accounting Policies (tables)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (details)
Supplemental Cash Flow Information (tables)
Ticker: DSS
CIK: 771999
Form Type: 10-K Annual Report
Accession Number: 0001144204-13-013265
Submitted to the SEC: Wed Mar 06 2013 4:38:33 PM EST
Accepted by the SEC: Wed Mar 06 2013
Period: Monday, December 31, 2012
Industry: Paperboard Containers And Boxes

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