NXT-ID,
Inc. (Nasdaq: $NXTD) Releases Preliminary Results for the Quarter Ended March
31, 2017
MELBOURNE,
Florida, May 2, 2017 – (Investorideas.com Newswire) NXT-ID, Inc. (NASDAQ:NXTD)
("NXT-ID" or the "Company"), a security technology company,
announces selected preliminary results for quarter ended March 31, 2017.
First Quarter Highlights:
·
Revenue for Q1 2017
was approximately $6.6 million compared to $42,302 for the same period in
previous year and $4.5 million for Q4 2016.
·
Gross profit for Q1
2017 was approximately $3.5 million compared to a gross loss of $(32,853) in Q1
2016 and a gross profit of $2.0 million for Q4 2016.
·
Quarter on quarter
gross profit growth was approximately 75%.
·
Operating expenses
were approximately $2.4 million in Q1 2017 compared to $2.3 million in Q1 2016. Operating expenses were $2.6
million in Q4 2016.
·
Operating income for
Q1 2017 was approximately $1 million compared to an operating loss of $(2.3)
million in Q1 2016. The operating loss in Q4 2016 was $(0.6) million.
"Our
first quarter results for 2017 show continued substantial growth following the
significant progress we reported in Q4 2016,” said Gino Pereira, Chief Executive
Officer of NXT-ID. “LogicMark had a record sales month during the first quarter
and we have started to deliver the flye card in significant quantities to World
Ventures in anticipation of their product launch. We remain confident that we
will continue the improvement in our operating results during the remainder of
2017 and look forward to the forthcoming merger with Fit-Pay, Inc. to further
broaden our capabilities and customers.”
Preliminary
Results
The
results provided in this press release are preliminary and subject to
completion of Nxt-ID's financial statements for the quarter ended March 31,
2017 in conjunction with the Company's Form 10-Q filing for the same period,
and therefore they are subject to change.
Nxt-ID
intends to report final results for the quarter ended March 31, 2017 on or
about May 15, 2017, after market close.
About
NXT- ID Inc. - Mobile Security for a Mobile World
Nxt-ID,
Inc. (NASDAQ: NXTD) is a security technology Company providing security for
finance, assets and healthcare. The Company’s innovative MobileBio® solution
mitigates risks associated with mobile computing, m-commerce and smart
OS-enabled devices. With extensive experience in biometric identity
verification, security and privacy, encryption and data protection, payments,
miniaturization and sensor technologies, the Company partners with industry
leading companies to provide solutions for modern payment and the Internet of
Things (“IoT”) applications. The Company’s wholly owned subsidiary, LogicMark,
LLC, manufactures and distributes nonmonitored and monitored personal emergency
response systems (“PERS”) sold through the United States Department of Veterans
Affairs (“VA”), healthcare durable medical equipment dealers and distributors
and monitored security dealers and distributors.
Forward-Looking
Statements for NXT-ID: This press release contains
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements reflect management's
current expectations, as of the date of this press release, and involve certain
risks and uncertainties. Forward-looking statements include statements herein
with respect to the successful execution of the Company's business strategy.
The Company's actual results could differ materially from those anticipated in
these forward-looking statements as a result of various factors. Such risks and
uncertainties include, among other things, our ability to establish and
maintain the proprietary nature of our technology through the patent process,
as well as our ability to possibly license from others patents and patent
applications necessary to develop products; the availability of financing; the
Company's ability to implement its long range business plan for various
applications of its technology; the Company's ability to enter into agreements
with any necessary marketing and/or distribution partners; the impact of
competition, the obtaining and maintenance of any necessary regulatory
clearances applicable to applications of the Company's technology; and
management of growth and other risks and uncertainties that may be detailed
from time to time in the Company's reports filed with the Securities and
Exchange Commission.
NXT-ID Inc. Contact:
Media:
SOURCE
NXT-ID, Inc
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