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Document Security Systems Q1 loss narrows YOY

Document Security Systems Inc. said its first-quarter normalized net income came to a loss of 3 cents per share, compared with a loss of 9 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $387,050, compared with a loss of $1.0 million in the year-earlier period.

The normalized profit margin rose to negative 8.9% from negative 29.6% in the year-earlier period.

Total revenue grew 26.5% on an annual basis to $4.3 million from $3.4 million, and total operating expenses fell on an annual basis to $4.9 million from $5.0 million.

Reported net income totaled a loss of $624,020, or a loss of 5 cents per share, compared to a loss of $1.6 million, or a loss of 14 cents per share, in the year-earlier period.