Document Security Systems, Inc. Announces 2016 Second Quarter
Financial Results
Achieves Positive Adjusted EBITDA Milestone for Quarter and
Year-to-Date Periods
ROCHESTER, NY-(Marketwired - Aug 15, 2016) - Document Security
Systems, Inc. (NYSE MKT: DSS), (DSS) ("Company"), a leader in
anti-counterfeiting and authentication solutions, reported results
for the second quarter of 2016.
"During the second quarter and for the first half of 2016, the
Company achieved Adjusted EBITDA profitability for the first time
in our history. Our focus has been on our strong customer
relationships and high value product offerings in our printed
products group and leveraging those strengths to fund the early
stages of our next generation products, to provide support to our
intellectual property monetization investments, and maintain
corporate overhead requirements. While we are very pleased to have
achieved this important milestone, we are laser focused on
achieving the next level of success that will come with
increasingly meaningful sales of our next-generation products
including AuthentiGuard, which, when achieved, will provide
significant incremental revenue and profit potential to the
Company. Furthermore, we are deep into the life cycle of several of
our IP monetization investments with several that have seen reduced
activity recently that has lowered our costs associated with these
investments. As we see these efforts to their conclusions over the
coming quarters, we will continue to seek returns from these
investments at the lowest possible cost," said Jeff Ronaldi, CEO of
Document Security Systems.
Q2 2016 Financial Highlights After a very strong first quarter,
revenue for the second quarter of 2016 dipped slightly to $4.1
million, down 3% from the same year ago period, but maintained
strong year over year growth of 10% for the first half of 2016.
During the first half of the year, the Company has achieved a 15%
increase in sales of printed products, which are comprised of its
packaging, ID card and security printing products sales, as the
Company has benefited from increases in demand for a wide variety
of the Company's products and solutions in these areas. Revenues
from technology sales, services and licensing have decreased 23%
during the first half of 2016, primarily due to a strategic
decision to reduce hardware sales at the Company's digital division
and the absence of a one-time license fee of $150,000 realized in
the second quarter of 2015 that has not recurred in 2016.
Costs and expenses for the second half of 2016 decreased 10%
from the first half of 2015. To date in 2016, direct costs of goods
sold as percentage of total revenue decreased to 59% from 61%
primarily due to the growth in sales of higher margin products in
2016. In addition, during the second quarter and first half of
2016, expenses have decreased in nearly every category, including
significant decreases in stock-based compensation and professional
fees. Professional fees decreases have been driven by reductions in
litigation related matters, primarily due to variations in the
timing and stage of the Company's various litigation matters. As a
result, operating losses have decreased 78% and 70% during the
three and six months ended June 30, 2016, respectively, as compared
to the same periods in 2015.
Net loss during the second quarter was approximately $318,000
($0.01 per share), which was a 70% decrease in net loss of $1.0
million ($0.02 per share) in the second quarter of 2015. Net loss
during the first half of 2016 was approximately $942,000 ($0.02 per
share), which is a 65% decrease in net loss of $2.7 million ($0.06
per share) in the first half of 2015. The significant decreases in
net loss during both periods has been primarily the result of the
Company's ability to increase sales of higher margin products while
simultaneously reducing its operating cost base and benefitting
from significant decreases in professional fees.
Results as measured by Adjusted EBITDA were especially strong
during the second quarter of 2016. Adjusted EBITDA, a non-GAAP
metric defined as earnings before interest, taxes, depreciation,
amortization, stock-based compensation, and asset impairments as
well as other non-recurring items, was approximately $112,000
during the second quarter of 2016 compared to an Adjusted EBITDA
loss of $239,000 in the second quarter of 2015, a 147% improvement.
For the six months ended June 30, 2016, Adjusted EBITDA was $3,000
as compared to an Adjusted EBITDA loss of $1.1 million for the same
period in 2015. The significant improvement in Adjusted EBITDA
results have been driven by significant increases in Adjusted
EBITDA profits derived from the Company's Printed Products groups
along with reductions in corporate cost overhead. Adjusted EBITDA
results from the Company's DSS Technology Management group continue
to fluctuate, primarily driven by variability in professional fee
costs underlying the Company's intellectual property monetization
efforts (see further discussion about the use of adjusted EBITDA,
below). Once again, the significant improvement reflected both the
increase in revenues and the decrease in costs in nearly every
expense category.
About Document Security Systems Document Security Systems,
Inc.'s (NYSE MKT: DSS) products and solutions are used by
governments, corporations and financial institutions to defeat
fraud and to protect brands and digital information from the
expanding world-wide counterfeiting problem. DSS technologies help
ensure the authenticity of both digital and physical financial
instruments, identification documents, sensitive publications,
brand packaging and websites. DSS continually invests in research
and development to meet the ever-changing security needs of its
clients and offers licensing of its patented technologies.
For more information on the AuthentiGuard Suite, please visit
www.authentiguard.com. For more information on DSS and its
subsidiaries, please visit www.DSSsecure.com. To follow DSS on
Facebook, click here.
Forward-Looking Statements Forward-looking statements that may
be contained in this press release, including, without limitation,
statements related to the Company's plans, strategies, objectives,
expectations, potential value, intentions and adequacy of
resources, are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act and contain words such as
"believes," "anticipates," "expects," "plans," "intends" and
similar words and phrases. These forward-looking statements are
subject to risks and uncertainties that could cause actual results
to differ materially from the results projected in any
forward-looking statement. In addition to the factors specifically
noted in the forward-looking statements, other important factors,
risks and uncertainties that could result in those differences
include, but are not limited to, those disclosed in the "Risk
Factors" section of the Company's Annual Report on Form 10-K for
the year ended December 31, 2015, filed with the Securities and
Exchange Commission on March 30, 2016. Forward-looking statements
that may be contained in this press release are being made as of
the date of its release, and the Company assumes no obligation to
update the forward-looking statements, or to update the reasons why
actual results could differ from those projected in the
forward-looking statements.
|
|
DOCUMENT SECURITY SYSTEMS, INC. AND SUBSIDIARIES
|
|
Condensed Consolidated Statements of Operations
|
|
(Unaudited)
|
|
|
|
|
|
Three Months Ended June 30, 2016
|
|
|
Three Months Ended June 30, 2015
|
|
|
% change
|
|
|
Six Months Ended June 30, 2016
|
|
|
Six Months Ended June 30, 2015
|
|
|
% change
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Printed products
|
|
$
|
3,724,000
|
|
|
$
|
3,683,000
|
|
|
1
|
%
|
|
$
|
7,699,000
|
|
|
$
|
6,703,000
|
|
|
15
|
%
|
|
Technology sales, services and licensing
|
|
|
348,000
|
|
|
|
513,000
|
|
|
-32
|
%
|
|
|
712,000
|
|
|
|
923,000
|
|
|
-23
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
|
|
$
|
4,072,000
|
|
|
$
|
4,196,000
|
|
|
-3
|
%
|
|
$
|
8,411,000
|
|
|
$
|
7,626,000
|
|
|
10
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold, exclusive of depreciation and
amortization
|
|
$
|
2,330,000
|
|
|
$
|
2,663,000
|
|
|
-13
|
%
|
|
$
|
4,941,000
|
|
|
$
|
4,650,000
|
|
|
6
|
%
|
|
Sales, general and administrative compensation
|
|
|
917,000
|
|
|
|
1,007,000
|
|
|
-9
|
%
|
|
|
1,769,000
|
|
|
|
2,013,000
|
|
|
-12
|
%
|
|
Depreciation and amortization
|
|
|
340,000
|
|
|
|
391,000
|
|
|
-13
|
%
|
|
|
700,000
|
|
|
|
770,000
|
|
|
-9
|
%
|
|
Professional fees
|
|
|
116,000
|
|
|
|
307,000
|
|
|
-62
|
%
|
|
|
542,000
|
|
|
|
1,026,000
|
|
|
-47
|
%
|
|
Stock based compensation
|
|
|
12,000
|
|
|
|
318,000
|
|
|
-96
|
%
|
|
|
86,000
|
|
|
|
643,000
|
|
|
-87
|
%
|
|
Sales and marketing
|
|
|
90,000
|
|
|
|
90,000
|
|
|
0
|
%
|
|
|
166,000
|
|
|
|
193,000
|
|
|
-14
|
%
|
|
Rent and utilities
|
|
|
147,000
|
|
|
|
165,000
|
|
|
-11
|
%
|
|
|
285,000
|
|
|
|
324,000
|
|
|
-12
|
%
|
|
Other operating expenses
|
|
|
241,000
|
|
|
|
233,000
|
|
|
3
|
%
|
|
|
473,000
|
|
|
|
413,000
|
|
|
15
|
%
|
|
Research and development
|
|
|
120,000
|
|
|
|
117,000
|
|
|
3
|
%
|
|
|
232,000
|
|
|
|
233,000
|
|
|
0
|
%
|
|
|
Total costs and expenses
|
|
$
|
4,313,000
|
|
|
$
|
5,291,000
|
|
|
-18
|
%
|
|
$
|
9,194,000
|
|
|
$
|
10,265,000
|
|
|
-10
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss
|
|
|
(240,000
|
)
|
|
|
(1,095,000
|
)
|
|
-78
|
%
|
|
|
(783,000
|
)
|
|
|
(2,639,000
|
)
|
|
-70
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
$
|
(73,000
|
)
|
|
$
|
(90,000
|
)
|
|
-19
|
%
|
|
$
|
(150,000
|
)
|
|
$
|
(169,000
|
)
|
|
-11
|
%
|
|
Gain on sales of investment and equipment
|
|
|
-
|
|
|
|
146,000
|
|
|
-100
|
%
|
|
|
-
|
|
|
|
146,000
|
|
|
-100
|
%
|
|
Net loss on debt modification and extinguishment
|
|
|
-
|
|
|
|
-
|
|
|
0
|
%
|
|
|
-
|
|
|
|
(19,000
|
)
|
|
-100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expense
|
|
$
|
(73,000
|
)
|
|
$
|
56,000
|
|
|
-230
|
%
|
|
$
|
(150,000
|
)
|
|
$
|
(42,000
|
)
|
|
257
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income taxes
|
|
|
(313,000
|
)
|
|
|
(1,039,000
|
)
|
|
-70
|
%
|
|
|
(933,000
|
)
|
|
|
(2,681,000
|
)
|
|
-65
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
|
5,000
|
|
|
|
5,000
|
|
|
0
|
%
|
|
|
9,000
|
|
|
|
9,000
|
|
|
0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
(318,000
|
)
|
|
|
(1,043,000
|
)
|
|
-70
|
%
|
|
|
(942,000
|
)
|
|
|
(2,690,000
|
)
|
|
-65
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
$
|
(0.01
|
)
|
|
$
|
(0.02
|
)
|
|
-50
|
%
|
|
$
|
(0.02
|
)
|
|
$
|
(0.06
|
)
|
|
-67
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing loss per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
|
51,906,948
|
|
|
|
46,302,404
|
|
|
12
|
%
|
|
|
51,894,448
|
|
|
|
46,271,078
|
|
|
12
|
%
|
|
|
|
|
|
|
DOCUMENT SECURITY SYSTEMS, INC. AND SUBSIDIARIES
|
|
Condensed Consolidated Balance Sheets
|
|
As of
|
|
|
|
|
|
June 30, 2016
|
|
|
December 31, 2015
|
|
ASSETS
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
Cash
|
|
$
|
771,239
|
|
|
$
|
1,440,256
|
|
|
Restricted cash
|
|
|
217,769
|
|
|
|
293,043
|
|
|
Accounts receivable, net
|
|
|
2,118,813
|
|
|
|
2,097,433
|
|
|
Inventory
|
|
|
1,163,120
|
|
|
|
937,830
|
|
|
Prepaid expenses and other current assets
|
|
|
323,443
|
|
|
|
313,528
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
4,594,384
|
|
|
|
5,082,090
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
|
4,792,354
|
|
|
|
5,003,818
|
|
Other assets
|
|
|
45,821
|
|
|
|
44,050
|
|
Goodwill
|
|
|
2,453,349
|
|
|
|
2,453,349
|
|
Other intangible assets, net
|
|
|
2,230,340
|
|
|
|
3,017,544
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
14,116,248
|
|
|
$
|
15,600,851
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
2,261,660
|
|
|
$
|
1,945,073
|
|
|
Accrued expenses and other current liabilities
|
|
|
1,860,655
|
|
|
|
1,964,726
|
|
|
Short-term debt
|
|
|
3,537,373
|
|
|
|
3,984,316
|
|
|
Current portion of long-term debt, net
|
|
|
1,367,359
|
|
|
|
1,553,061
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
9,027,047
|
|
|
|
9,447,176
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt, net
|
|
|
2,022,009
|
|
|
|
2,240,596
|
|
Other long-term liabilities
|
|
|
97,991
|
|
|
|
63,697
|
|
Deferred tax liability, net
|
|
|
171,581
|
|
|
|
162,107
|
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity
|
|
|
|
|
|
|
|
|
|
Common stock, $.02 par value; 200,000,000 shares authorized,
51,906,948 shares issued and outstanding
|
|
|
|
|
|
|
|
|
|
(51,881,948 on December 31, 2015)
|
|
|
1,038,139
|
|
|
|
1,037,639
|
|
|
Additional paid-in capital
|
|
|
103,127,927
|
|
|
|
103,041,941
|
|
|
Accumulated other comprehensive loss
|
|
|
(97,991
|
)
|
|
|
(63,697
|
)
|
|
Accumulated deficit
|
|
|
(101,270,455
|
)
|
|
|
(100,328,608
|
)
|
|
Total stockholders' equity
|
|
|
2,797,620
|
|
|
|
3,687,275
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
$
|
14,116,248
|
|
|
$
|
15,600,851
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DOCUMENT SECURITY SYSTEMS, INC. AND SUBSIDIARIES
|
|
Condensed Consolidated Statements of Cash Flows
|
|
For the Six Months Ended June 30,
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(941,847
|
)
|
|
$
|
(2,690,001
|
)
|
|
Adjustments to reconcile net loss to net cash used by operating
activities:
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
700,244
|
|
|
|
770,126
|
|
|
|
Stock based compensation
|
|
|
86,486
|
|
|
|
643,138
|
|
|
|
Paid in-kind interest
|
|
|
39,000
|
|
|
|
44,000
|
|
|
|
Gain on sale of equipment
|
|
|
-
|
|
|
|
(46,283
|
)
|
|
|
Net loss on debt modification and extinguishment
|
|
|
-
|
|
|
|
19,096
|
|
|
|
Change in deferred tax provision
|
|
|
9,474
|
|
|
|
9,474
|
|
|
|
Foreign currency transaction gain
|
|
|
-
|
|
|
|
(29,400
|
)
|
|
|
Amortization of deferred financing costs
|
|
|
10,576
|
|
|
|
-
|
|
|
Decrease (increase) in assets:
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
(21,380
|
)
|
|
|
430,140
|
|
|
|
Inventory
|
|
|
(225,290
|
)
|
|
|
(251,155
|
)
|
|
|
Prepaid expenses and other assets
|
|
|
(11,686
|
)
|
|
|
60,165
|
|
|
|
Restricted cash
|
|
|
75,274
|
|
|
|
49,578
|
|
|
Increase (decrease) in liabilities:
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
316,587
|
|
|
|
587,160
|
|
|
|
Accrued expenses and other liabilities
|
|
|
(104,071
|
)
|
|
|
(523,629
|
)
|
|
|
Net cash used by operating activities
|
|
|
(66,633
|
)
|
|
|
(927,591
|
)
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
Purchase of property and equipment
|
|
|
(128,632
|
)
|
|
|
(57,486
|
)
|
|
Proceeds from sale of equipment
|
|
|
-
|
|
|
|
46,283
|
|
|
Proceeds from sale of intangible assets
|
|
|
495,000
|
|
|
|
-
|
|
|
Purchase of intangible assets
|
|
|
(67,944
|
)
|
|
|
(3,237
|
)
|
Net cash from (used by) investing activities
|
|
|
298,424
|
|
|
|
(14,440
|
)
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
Payments of long-term debt
|
|
|
(900,808
|
)
|
|
|
(386,787
|
)
|
Net cash used by financing activities
|
|
|
(900,808
|
)
|
|
|
(386,787
|
)
|
|
|
|
|
|
|
|
|
|
Net decrease in cash
|
|
|
(669,017
|
)
|
|
|
(1,328,818
|
)
|
Cash beginning of period
|
|
|
1,440,256
|
|
|
|
2,343,675
|
|
|
|
|
|
|
|
|
|
|
Cash end of period
|
|
$
|
771,239
|
|
|
$
|
1,014,857
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
About the Presentation of Adjusted EBITDA The Company uses
Adjusted EBITDA as a non-GAAP financial performance measurement.
Adjusted EBITDA is calculated by the Company by adding back to net
income (loss) interest, income taxes, depreciation and amortization
expense, as further adjusted to add back stock-based compensation
expense and non-recurring items, and impairments of investments and
intangible assets. Adjusted EBITDA is provided to investors to
supplement the results of operations reported in accordance with
GAAP. Management believes that Adjusted EBITDA provides an
additional tool for investors to use in comparing its financial
results with other companies in the industry, many of which also
use Adjusted EBITDA in their communications to investors. By
excluding non-cash charges such as amortization, depreciation,
stock-based compensation and impairment charges, as well as
non-operating charges for interest and income taxes, investors can
evaluate the Company's operations and its ability to generate cash
flows from operations and can compare its results on a more
consistent basis to the results of other companies in the industry.
Management also uses Adjusted EBITDA to evaluate potential
acquisitions, establish internal budgets and goals, and evaluate
performance of its business units and management. The Company
considers Adjusted EBITDA to be an important indicator of the
Company's operational strength and performance of its business and
a useful measure of the Company's historical and prospective
operating trends. However, there are significant limitations to the
use of Adjusted EBITDA since it excludes interest income and
expense and income taxes and non-recurring items, all of which
impact the Company's profitability and operating cash flows, as
well as depreciation, amortization, impairment charges and
stock-based compensation. The Company believes that these
limitations are compensated by clearly identifying the difference
between the two measures. Consequently, Adjusted EBITDA should not
be considered in isolation or as a substitute for net income and
loss presented in accordance with GAAP. Adjusted EBITDA as defined
by the Company may not be comparable with similarly named measures
provided by other entities. The following is a reconciliation of
net loss to Adjusted EBITDA loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
Six Months Ended June 30,
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
|
2015
|
|
|
% change
|
|
|
2016
|
|
|
2015
|
|
|
% change
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss:
|
|
$
|
(318,000
|
)
|
|
$
|
(1,043,000
|
)
|
|
-70
|
%
|
|
$
|
(942,000
|
)
|
|
$
|
(2,690,000
|
)
|
|
-65
|
%
|
Add backs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation & amortization
|
|
|
340,000
|
|
|
|
391,000
|
|
|
-13
|
%
|
|
|
700,000
|
|
|
|
771,000
|
|
|
-9
|
%
|
|
Stock based compensation
|
|
|
12,000
|
|
|
|
318,000
|
|
|
-96
|
%
|
|
|
86,000
|
|
|
|
643,000
|
|
|
-87
|
%
|
|
Interest expense
|
|
|
73,000
|
|
|
|
90,000
|
|
|
-19
|
%
|
|
|
150,000
|
|
|
|
168,000
|
|
|
-11
|
%
|
|
Amortization of note discount and net loss on debt
extinguishment and modification
|
|
|
-
|
|
|
|
-
|
|
|
0
|
%
|
|
|
-
|
|
|
|
19,000
|
|
|
-100
|
%
|
|
Income Taxes
|
|
|
5,000
|
|
|
|
5,000
|
|
|
0
|
%
|
|
|
9,000
|
|
|
|
10,000
|
|
|
-10
|
%
|
|
Foreign currency transaction gain
|
|
|
-
|
|
|
|
-
|
|
|
-100
|
%
|
|
|
-
|
|
|
|
(29,000
|
)
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
|
112,000
|
|
|
|
(239,000
|
)
|
|
-147
|
%
|
|
|
3,000
|
|
|
|
(1,108,000
|
)
|
|
-100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA, by group (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Printed Products
|
|
$
|
653,000
|
|
|
$
|
339,000
|
|
|
93
|
%
|
|
$
|
1,269,000
|
|
|
$
|
687,000
|
|
|
85
|
%
|
|
Technology Management
|
|
|
(312,000
|
)
|
|
|
(97,000
|
)
|
|
222
|
%
|
|
|
(667,000
|
)
|
|
|
(883,000
|
)
|
|
-24
|
%
|
|
Corporate
|
|
|
(229,000
|
)
|
|
|
(481,000
|
)
|
|
-52
|
%
|
|
|
(599,000
|
)
|
|
|
(912,000
|
)
|
|
-34
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
112,000
|
|
|
|
(239,000
|
)
|
|
-147
|
%
|
|
|
3,000
|
|
|
|
(1,108,000
|
)
|
|
-100
|
%
|
For More Information Investor Relations Document Security
Systems (585) 325-3610 Email: ir@documentsecurity.com
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