#Tech News: Nxt-ID, Inc.
(NASDAQ: $NXTD) Releases Results for the Quarter Ended March 31, 2019
SEBASTIAN, Florida - May 16, 2019
(Investorideas.com Newswire) NXT-ID, Inc. (NASDAQ: NXTD), a provider of healthcare devices and services as well as payment
credential management and authentication platform services, today announced
results for quarter ended March 31, 2019.
Read this in full at https://www.investorideas.com/CO/NXT/news/2019/05161QuarterResults.asp
Highlights from the quarterly results included:
·
Revenue from continuing operations for 3 months
ended March 31, 2019 was approximately $4.2 million compared to approximately
$4.3 million for the same period in 2018.
·
Gross profit from continuing operations for 3
months ended March 31, 2019 was approximately $3.2 million compared to approximately
$3.1 million for the same period in 2018.
·
Operating expenses from continuing operations were
approximately $2.7 million for 3 months ended March 31, 2019 compared to $2.9
million for the same period in 2018.
·
Operating income from continuing operations for 3
months ended March 31, 2019 was approximately $0.5 million compared to
operating income of $0.2 million for the same period in 2018.
·
Non GAAP Operating income from continuing
operations for the three months ended March 31, 2019, adjusted for depreciation,
amortization and non-cash charges was approximately $0.9 million compared to
$0.8 million for the same period in previous year.
"Our first quarter 2019 results show continued
strength in our LogicMark healthcare business," said Gino Pereira, Chief
Executive Officer of Nxt-ID. "We are optimistic about the remainder of
2019 as we continued to focus on expanding our core healthcare business and
working to complete the proposed spin-off of our payments, authentication and
credential management business."
Full financial results and Management's Discussion
and Analysis can be found in the Company's Form 10-Q for the quarter ended
March 30, 2019, which was filed with the Securities and Exchange Commission
("SEC") on May 15, 2019, and can be found here.
The management team will host an investor webcast
to discuss the first quarter 2019 financial results and update shareholders on
corporate developments. The webcast will commence on 4:30 PM EDT. Shareholders,
investors and interested parties wanting to participate in the webcast must use
this link to register prior to the event.
On April 29, 2019, the Nxt-ID filed a Form 10
Registration Statement with the Securities
and Exchange Commission (SEC) to spin off its Fit Pay, Inc. subsidiary and it
payment authentication and credential management business into an independent
company called PartX, Inc. and distribute its shares to Nxt-ID shareholders.
The Form 10 Registration Statement is used to register a class of securities
that are intended to be traded publicly and is subject to review and approval
of the SEC.
Following the successful completion of the spin-off
transaction, which the Company believes will qualify as a tax-free
distribution, Nxt-ID shareholders who own shares on the spin-off Record Date
will receive a pro-rata distribution of shares PartX and will own shares of
both Nxt-ID and PartX. The establishment of the Record Date for the
distribution is pending review of the Form 10 Registration Statement by the
SEC.
About NXT- ID, Inc.
Nxt-ID, Inc. (NASDAQ: NXTD) provides a comprehensive platform of technology
products and services that enable the Internet of Things (IoT). With extensive
experience in access control, biometric and behavior-metric identity
verification, security and privacy, encryption and data protection, payments,
miniaturization and sensor technologies, Nxt-ID develops and markets
groundbreaking solutions for payment and IoT applications.
Nxt-ID includes three mobile and IoT-related
subsidiaries: LogicMark,
LLC, a manufacturer and distributor of non-monitored
and monitored personal emergency response systems ("PERS") sold
through dealers/distributors and the United States Department of Veterans
Affairs; Fit Pay, Inc., a proprietary technology platform that delivers end-to-end
solutions to device manufacturers for contactless payment capabilities,
credential management, authentication and other secure services within the IoT
ecosystem, and 3D-ID LLC, which is engaged in biometric identification and
authentication. Learn more about Nxt-ID at www.nxt-id.com. Fit Pay and the Fit Pay Payment Platform are the
sole property of Fit Pay, Inc. For Nxt-ID Inc. corporate information
contact: info@nxt-id.com
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.
In addition to the operational uncertainties
identified above, there are a number of important factors that could cause the
Company's actual results to differ materially from those indicated by such
forward-looking statements, including whether the planned spin-off of the
payments business is completed, as expected or at all, and the timing of any
such spin-off; whether the conditions to the spin-off can be satisfied; whether
the operational, marketing and strategic benefits of the spin-off can be
achieved; whether the costs and expenses of the spin-off can be controlled
within expectations; and general market and economic conditions. The foregoing
sets forth many, but not all, of the factors that could cause actual results to
differ from our expectations in any forward-looking statement. Investors should
consider this cautionary statement, as well as the risk factors identified in
our periodic reports filed with the SEC, when evaluating our forward-looking
statements.
Media Contacts:
Source:
NXT Inc.
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NXT-ID, Inc. (NASDAQ:NXTD)
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