MELBOURNE, Florida,
May 2, 2017 /PRNewswire/ --
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.
- Quarter on quarter revenue growth was approximately 46%.
- 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.
http://nxt-id.com/ http://www.logicmark.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.
NXT-ID Inc. Contact:
Corporate info: info@nxt-id.com
Media:
D. Van Zant
+1-800-665-0411
press@nxt-id.com
SOURCE NXT-ID