Document Security Files 8K - Costs of Exits Or Dis
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Posted On: 05/29/2020 11:39:35 PM
Document Security Files 8K - Costs of Exits Or Disposals >DSS
5:02 pm ET May 29, 2020 (Dow Jones)
Document Security Systems Inc. (DSS) filed a Form 8K - Costs of Exits Or Disposals - with the U.S Securities and Exchange Commission on May 22, 2020.
On May 22, 2020, management of Document Security Systems, Inc. (the "Company"
announced that it had committed to a restructuring plan to further reduce its operating expenses in response to the economic challenges and uncertainty resulting from the COVID-19 pandemic and its potential permanent impact on the Company's plastics business. As part of this restructuring, the management of the Company has decided to exit its plastic printing business line, which it operates under Plastic Printing Professionals, Inc. ("DSS Plastics" , a wholly-owned subsidiary of the Company, and to fully impair its goodwill related to DSS Plastics. The Company expects the exit of this business line to be completed during fiscal 2020.
Although the Company is departing this business line, the Company is currently arranging for the continued servicing of DSS Plastic's customers through a potential asset sale and servicing agreement with another plastic printing industry leader. Final terms of that potential sale and transfer are being negotiated. In addition, the Company has initiated efforts to sub-lease the DSS Plastics property, which has approximately 3.5 years remaining on the lease term at an estimated annual lease cost of $240,000 per year.
In connection with the closing of this business line, the Company estimates that it will incur approximately $250,000 of costs, including approximately $100,000 in cash payments associated with the liquidation of inventory, lease related costs and employee-related severance expenses. Further and as reported in the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, the impact to the Company's first quarter earnings of the goodwill impairment was approximately $685,000.
The full text of this SEC filing can be retrieved at: http://www.sec.gov/Archives/edgar/data/771999...orm8-k.htm
Any exhibits and associated documents for this SEC filing can be retrieved at: https://www.sec.gov/Archives/edgar/data/77199...-index.htm
Public companies must file a Form 8-K, or current report, with the SEC generally within four days of any event that could materially affect a company's financial position or the value of its shares.
(END) Dow Jones Newswires
May 29, 2020 17:02 ET (21:02 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
5:02 pm ET May 29, 2020 (Dow Jones)
Document Security Systems Inc. (DSS) filed a Form 8K - Costs of Exits Or Disposals - with the U.S Securities and Exchange Commission on May 22, 2020.
On May 22, 2020, management of Document Security Systems, Inc. (the "Company"
announced that it had committed to a restructuring plan to further reduce its operating expenses in response to the economic challenges and uncertainty resulting from the COVID-19 pandemic and its potential permanent impact on the Company's plastics business. As part of this restructuring, the management of the Company has decided to exit its plastic printing business line, which it operates under Plastic Printing Professionals, Inc. ("DSS Plastics" , a wholly-owned subsidiary of the Company, and to fully impair its goodwill related to DSS Plastics. The Company expects the exit of this business line to be completed during fiscal 2020. Although the Company is departing this business line, the Company is currently arranging for the continued servicing of DSS Plastic's customers through a potential asset sale and servicing agreement with another plastic printing industry leader. Final terms of that potential sale and transfer are being negotiated. In addition, the Company has initiated efforts to sub-lease the DSS Plastics property, which has approximately 3.5 years remaining on the lease term at an estimated annual lease cost of $240,000 per year.
In connection with the closing of this business line, the Company estimates that it will incur approximately $250,000 of costs, including approximately $100,000 in cash payments associated with the liquidation of inventory, lease related costs and employee-related severance expenses. Further and as reported in the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, the impact to the Company's first quarter earnings of the goodwill impairment was approximately $685,000.
The full text of this SEC filing can be retrieved at: http://www.sec.gov/Archives/edgar/data/771999...orm8-k.htm
Any exhibits and associated documents for this SEC filing can be retrieved at: https://www.sec.gov/Archives/edgar/data/77199...-index.htm
Public companies must file a Form 8-K, or current report, with the SEC generally within four days of any event that could materially affect a company's financial position or the value of its shares.
(END) Dow Jones Newswires
May 29, 2020 17:02 ET (21:02 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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