Business
DSS Releases Full Year 2020 Financial Results: Income From Continuing Operations Increased $5.7 Million in 2020
DSS Releases Full Year 2020 Financial Results: Income From Continuing Operations Increased $5.7 Million in 2020.
About this update from Sharing Services Global Corp.
[{"type":"text","content":"\n Generated positive income of $3.1M vs. a loss of $2.6M in 2019Revenue up 12% to $17.4M in 2020Stockholders’ Equity up 522% to $76.5M ROCHESTER, N.Y., March 31, 2021 (GLOBE NEWSWIRE) -- Document Security Systems, Inc. (“DSS” or the “Company”) (NYSE American: DSS), a multinational company operating business segments in direct marketing, consumer packaging, brand protection technology, healthcare, real estate, blockchain security, and securitized digital assets, today announced its financial results for its fiscal year ended December 31, 2020. “I am pleased to report we made tremendous progress in 2020 toward our goal of transforming DSS, an initiative we first embarked upon in 2019,” stated Frank D. Heuszel, CEO of DSS. “Despite an extremely challenging business environment from COVID-19, our team executed on multiple fronts, generating a $5.7 million increase in net income from continuing operations, 12% revenue growth, and a 522% surge in stockholders’ equity. We continue to build on the successes of 2020 with several key strategic initiatives already achieved this year which I believe will help to further accelerate revenue and profit growth in the quarters ahead.” “Because of our strong and balanced corporate performance in 2020, we are well positioned to drive sustainable growth in 2021,” continued Heuszel. “2020 was our highest net income in years. The investments made in 2020, as well as those we have made and will continue to make in 2021, place us in an advantageous position to capitalize on the wealth of opportunities across the markets we target with our diverse business segments.” 2020 Financial Highlights:The following summarizes financial highlights of fiscal 2020: Net income from continuing operations increased to $3.1 million, or $1.01 per share, up $5.7 million from a net loss from continuing operations of approximately $2.6 million ($3.05 per share) in 2019. The increase in net income in 2020 primarily reflects the company’s unrealized gains of $10.6 million on its marketable securities.Strengthened cash position with addition of $20.2 million from multiple offerings in 2020, followed by two additional offerings in 2021 generating $61.0 million.Stockholders’ equity increased 522% to $76.5 million as of December 31, ...