DSS closed as the second highest traded stock in yesterday’s market with its shares soaring up to 70% followed by record third quarter net income.
Document Security Systems, Inc. (DSS) made a notable move in the trading session on Monday surging as high as 70%. The stock price soared after the company reported record third quarter results for the period ended on Sept. 30, 2020.
Shares of Document Security escalated in the premarket yesterday before it opened the trading session at $5.54 compared to the previous close of $4.04. DSS Stock kept the bullish momentum in the open market closing the day at $6.82 up by 68.81%, adding +$2.78 to the shares price.
DSS remained one of the highly traded stock with the investors going bullish as the company reported Q3 earnings per share of $0.70, surpassing Wall Street’s earnings per share estimate of $0.12. The trading volume of DSS was maximum at 120 million, just below the highest traded stock SNAP.
This third quarter was truly a transformational quarter for the company as they obtained a record net income of $5.4 million or $1.20 per share, up from a net loss of $1.2 million from the same period last year. The increase in net income during Q3 primarily reflect DDS’s unrealized gains on its marketable securities of $7.8 million.
The other factor that helped the net income to grow was the continuing operations and shareholder equity increasing approximately five-fold (496%) to $73.3 million.
The Chief Operating Officer of DSS, Frank D. Heuszel said:
“We also demonstrated our vision of sharing the economic benefits of our success with our shareholders in the third quarter, after completing the acquisition of Impact BioMedical, by declaring a special share dividend. With multiple multi-million-dollar contract wins, game-changing research and development collaborations and partnerships, and a track record of execution, I believe we are well positioned to accelerate growth in the quarters ahead.”
The company made impressive growth during the third quarter placing it in a strong position to create better opportunities for the future. The BioMedical acquisition will turn out to be a long-term success for DSS as they are highly focused on its development.
The revenue for the third quarter raised 59% to $4.2 million compared to $2.6 million in the same quarter of 2019. While the products segment recorded $3 million in revenues, up 40% from $2.1 million in the prior year period.
All in all, the third quarter was very fruitful for the company reporting record increases in financial results and also making strong progress on the business front.
Document Security Systems, Inc. (DSS) is looking to execute its new business model. The shareholders are happy with the company’s quarterly performance increasing their equity by almost 496% as they stand by the company’s new plan.