$DSS
DSS, INC.

2014 Q2 Form 10-Q Financial Statement

#000114420414029916 Filed on May 13, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2014 Q1 2013 Q1
Revenue $4.883M $3.628M $3.770M
YoY Change 14.12% -3.79% -1.88%
Cost Of Revenue $3.197M $2.198M $2.315M
YoY Change 20.49% -5.04% -10.7%
Gross Profit $1.687M $1.429M $1.456M
YoY Change 3.72% -1.79% 16.39%
Gross Profit Margin 34.54% 39.4% 38.61%
Selling, General & Admin $2.614M $3.058M $2.409M
YoY Change -21.69% 26.93% 33.96%
% of Gross Profit 154.96% 213.91% 165.5%
Research & Development $110.0K $110.0K $59.06K
YoY Change 78.01% 86.25% -60.01%
% of Gross Profit 6.52% 7.7% 4.06%
Depreciation & Amortization $1.290M $1.310M $230.0K
YoY Change 486.36% 469.57% 21.05%
% of Gross Profit 76.48% 91.64% 15.8%
Operating Expenses $7.099M $6.586M $4.842M
YoY Change 16.23% 36.01% 139.48%
Operating Profit -$2.215M -$2.958M -$1.072M
YoY Change 21.16% 175.99% 38.93%
Interest Expense $88.91K $74.95K $43.97K
YoY Change 79.43% 70.47% -38.02%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$2.339M -$3.050M -$1.127M
YoY Change 21.76% 170.7% 5.41%
Income Tax $4.737K $4.737K $4.737K
% Of Pretax Income
Net Earnings -$2.344M -$3.055M -$1.132M
YoY Change 21.71% 169.99% 5.38%
Net Earnings / Revenue -47.99% -84.22% -30.01%
Basic Earnings Per Share -$0.07 -$0.05
Diluted Earnings Per Share -$222.6K -$0.07 -$0.05
COMMON SHARES
Basic Shares Outstanding 49.50M shares 41.92M shares 21.71M shares
Diluted Shares Outstanding 41.92M shares 21.71M shares

Balance Sheet

Concept 2014 Q2 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.300M $2.940M $1.200M
YoY Change 132.14% 145.0% -56.68%
Cash & Equivalents
Short-Term Investments
Other Short-Term Assets $1.010M $1.270M $380.0K
YoY Change 206.06% 234.21% 8.57%
Inventory $919.7K $1.221M $869.6K
Prepaid Expenses
Receivables $1.790M $1.152M $1.808M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $5.020M $6.585M $4.257M
YoY Change 31.51% 54.69% -20.13%
LONG-TERM ASSETS
Property, Plant & Equipment $5.226M $5.330M $3.600M
YoY Change 23.92% 48.05% -8.9%
Goodwill $15.05M $15.05M $3.323M
YoY Change 352.82% 352.82% 0.0%
Intangibles $28.49M $28.49M $1.769M
YoY Change 1540.07% 1510.9% -10.1%
Long-Term Investments
YoY Change
Other Assets $12.53M $12.28M $232.8K
YoY Change 5528.63% 5176.42% -2.79%
Total Long-Term Assets $61.29M $61.15M $8.925M
YoY Change 545.17% 585.19% -5.87%
TOTAL ASSETS
Total Short-Term Assets $5.020M $6.585M $4.257M
Total Long-Term Assets $61.29M $61.15M $8.925M
Total Assets $66.31M $67.74M $13.18M
YoY Change 397.93% 413.87% -11.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.455M $1.335M $1.444M
YoY Change 4.71% -7.5% 0.18%
Accrued Expenses $1.420M $1.360M $1.260M
YoY Change -3.4% 7.94% -1.56%
Deferred Revenue
YoY Change
Short-Term Debt $850.0K $0.00
YoY Change 8.1% -100.0%
Long-Term Debt Due $521.7K $596.7K $908.7K
YoY Change 56.32% -34.34% 172.83%
Total Short-Term Liabilities $4.243M $3.288M $3.616M
YoY Change 4.7% -9.07% -7.9%
LONG-TERM LIABILITIES
Long-Term Debt $5.771M $6.680M $1.411M
YoY Change 186.7% 373.34% -37.99%
Other Long-Term Liabilities $361.8K $346.5K $108.7K
YoY Change 598.76% 218.73% 23.47%
Total Long-Term Liabilities $6.133M $7.027M $1.520M
YoY Change 197.03% 362.28% -35.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.243M $3.288M $3.616M
Total Long-Term Liabilities $6.133M $7.027M $1.520M
Total Liabilities $10.38M $10.32M $5.136M
YoY Change 69.61% 100.83% -18.35%
SHAREHOLDERS EQUITY
Retained Earnings -$50.26M -$47.92M -$48.59M
YoY Change -0.5% -1.38% 9.81%
Common Stock $100.2M $100.3M $56.61M
YoY Change 73.83% 77.23% 7.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $54.56M $56.05M $7.913M
YoY Change
Total Liabilities & Shareholders Equity $66.31M $67.74M $13.18M
YoY Change 397.92% 413.87% -11.01%

Cashflow Statement

Concept 2014 Q2 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income -$2.344M -$3.055M -$1.132M
YoY Change 21.71% 169.99% 5.38%
Depreciation, Depletion And Amortization $1.290M $1.310M $230.0K
YoY Change 486.36% 469.57% 21.05%
Cash From Operating Activities -$610.0K -$488.1K -$347.3K
YoY Change 3.39% 40.52% -29.85%
INVESTING ACTIVITIES
Capital Expenditures -$1.180M $134.4K $17.53K
YoY Change 972.73% 666.66% -64.58%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$750.0K
YoY Change
Cash From Investing Activities -$1.180M -$923.5K -$17.53K
YoY Change 972.73% 5169.01% -64.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $156.5K $83.39K
YoY Change 87.66% -18.75%
Cash From Financing Activities 160.0K $2.376M -$326.3K
YoY Change 128.57% -828.21% -112.57%
NET CHANGE
Cash From Operating Activities -610.0K -$488.1K -$347.3K
Cash From Investing Activities -1.180M -$923.5K -$17.53K
Cash From Financing Activities 160.0K $2.376M -$326.3K
Net Change In Cash -1.630M $964.8K -$691.2K
YoY Change 158.73% -239.59% -133.69%
FREE CASH FLOW
Cash From Operating Activities -$610.0K -$488.1K -$347.3K
Capital Expenditures -$1.180M $134.4K $17.53K
Free Cash Flow $570.0K -$622.5K -$364.9K
YoY Change -218.75% 70.6% -33.0%

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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in; font-size-adjust: none; font-stretch: normal"> <strong><em>Concentration of Credit Risk</em></strong> <em>-</em> The Company maintains its cash in bank deposit accounts, which at times may exceed federally insured limits.&nbsp; The Company believes it is not exposed to any significant credit risk as a result of any non-performance by the financial institutions.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in; font-size-adjust: none; font-stretch: normal"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in; font-size-adjust: none; font-stretch: normal"> During the three months ended March 31, 2014 and 2013, one customer accounted for 26% and 16%, respectively, of the Company&#39;s consolidated revenue. As of March 31, 2014 and 2013, this customer accounted for 8% and 3%, respectively, of the Company&#39;s trade accounts receivable balance. The risk with respect to trade receivables is mitigated by credit evaluations the Company performs on its customers, the short duration of its payment terms for the significant majority of its customer contracts and by the diversification of its customer base.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; font-size-adjust: none; font-stretch: normal"> &nbsp;</p> <!--EndFragment--></div> </div>
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CY2013Q1 us-gaap Interest Expense
InterestExpense
43967 USD
CY2014Q1 us-gaap Interest Paid
InterestPaid
69000 USD
CY2013Q1 us-gaap Interest Paid
InterestPaid
44000 USD
CY2014Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
533287 USD
CY2013Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
395767 USD
CY2014Q1 us-gaap Inventory Net
InventoryNet
1221345 USD
CY2013Q4 us-gaap Inventory Net
InventoryNet
834979 USD
CY2014Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
441634 USD
CY2013Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
309585 USD
CY2014Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
246424 USD
CY2013Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
129627 USD
CY2014Q1 us-gaap Investment Owned At Cost
InvestmentOwnedAtCost
100000 USD
CY2014Q1 us-gaap Investment Owned At Cost
InvestmentOwnedAtCost
400000 USD
CY2014Q1 us-gaap Investment Owned Balance Shares
InvestmentOwnedBalanceShares
594530 shares
CY2014Q1 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
10750000 USD
CY2014Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
67735108 USD
CY2013Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
67342211 USD
CY2014Q1 us-gaap Liabilities Current
LiabilitiesCurrent
3288253 USD
CY2013Q4 us-gaap Liabilities Current
LiabilitiesCurrent
4473826 USD
CY2014Q1 us-gaap License And Services Revenue
LicenseAndServicesRevenue
464231 USD
CY2013Q1 us-gaap License And Services Revenue
LicenseAndServicesRevenue
491111 USD
CY2014Q1 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
USD
CY2013Q4 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
158087 USD
CY2014Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
596699 USD
CY2013Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
613488 USD
CY2014Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
6680423 USD
CY2013Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
3087358 USD
CY2014Q1 us-gaap Minority Interest
MinorityInterest
3680000 USD
CY2013Q4 us-gaap Minority Interest
MinorityInterest
4500000 USD
CY2014Q1 us-gaap Minority Interest Change In Redemption Value
MinorityInterestChangeInRedemptionValue
820000 USD
CY2013Q1 us-gaap Minority Interest Change In Redemption Value
MinorityInterestChangeInRedemptionValue
USD
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2376428 USD
CY2013Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-326337 USD
CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-923499 USD
CY2013Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-17527 USD
CY2014Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-488086 USD
CY2013Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-347331 USD
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
-3055154 USD
CY2013Q1 us-gaap Net Income Loss
NetIncomeLoss
-1131585 USD
CY2014Q1 us-gaap Noncash Merger Related Costs
NoncashMergerRelatedCosts
1445000 USD
CY2014Q1 us-gaap Operating Expenses
OperatingExpenses
6569411 USD
CY2013Q1 us-gaap Operating Expenses
OperatingExpenses
4842277 USD
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-2941680 USD
CY2013Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-1071823 USD
CY2014Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1356249 USD
CY2013Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1455629 USD
CY2014Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
12284289 USD
CY2013Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
11448008 USD
CY2014Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-9943 USD
CY2013Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
19169 USD
CY2014Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
346509 USD
CY2013Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
27566 USD
CY2014Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
39126 USD
CY2013Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
USD
CY2014Q1 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
750000 USD
CY2013Q1 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
USD
CY2014Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
134373 USD
CY2013Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
17527 USD
CY2014Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
546469 USD
CY2013Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
403107 USD
CY2014Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
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CY2014Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
2691000 USD
CY2013Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
USD
CY2014Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-158087 USD
CY2013Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-238240 USD
CY2014Q1 us-gaap Professional Fees
ProfessionalFees
48000 USD
CY2014Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5330474 USD
CY2013Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5157852 USD
CY2014Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
USD
CY2013Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
4710 USD
CY2014Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
156485 USD
CY2013Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
83387 USD
CY2014Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
500000 USD
CY2013Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
500000 USD
CY2014Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-47917230 USD
CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-44862076 USD
CY2014Q1 us-gaap Revenues
Revenues
3627731 USD
CY2013Q1 us-gaap Revenues
Revenues
3770454 USD
CY2014Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
3163500 USD
CY2013Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
3279343 USD
CY2014Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3057778 USD
CY2013Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2409055 USD
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
547142 USD
CY2013Q1 us-gaap Share Based Compensation
ShareBasedCompensation
340601 USD
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
1.87
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
1138697 shares
CY2014Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2
CY2014Q1 us-gaap Share Price
SharePrice
5
CY2014Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
USD
CY2013Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
824857 USD
CY2014Q1 us-gaap Stockholders Equity
StockholdersEquity
56050739 USD
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
58389014 USD
CY2014Q1 us-gaap Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
3432170 shares
CY2014Q1 us-gaap Stock Issued During Period Shares Share Based Compensation Gross
StockIssuedDuringPeriodSharesShareBasedCompensationGross
84025 shares
CY2014Q1 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
134000 USD
CY2014Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
886000 USD
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
41923987 shares
CY2013Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21708550 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41923987 shares
CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21708550 shares

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