Business
DSS, Inc. Reports Earnings Results for the First Quarter Ended March 31, 2023
DSS, Inc. Reports Earnings Results for the First Quarter Ended March 31, 2023.
About this update from Sharing Services Global Corp.
[{"type":"text","content":"\n 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 Qu...