SEBASTIAN, Florida,
March 14, 2019 /PRNewswire/ --
Nxt-ID, Inc. (NASDAQ: NXTD) (the "Company"), a provider
of healthcare devices and services as well as payment credential
management and authentication platform services, announces selected
unaudited, preliminary results for year ended December 31, 2018.
Highlights:
- Revenue from continuing operations for year ended December 31, 2018 was approximately $17.1 million compared to approximately
$16.0 million for the same period in
2017.
- Year over year revenue growth was approximately 7%.
- Gross profit from continuing operations for year ended
December 31, 2018 was approximately
$12.3 million compared to
approximately $11.0 million for the
same period in 2017.
- Year over year gross profit growth was approximately 12%.
- Operating expenses from continuing operations were
approximately $11.7 million for year
ended December 31, 2018 compared to
approximately $13.1 million for the
same period in 2017.
- Operating income from continuing operations for year ended
December 31, 2018 was approximately
$0.6 million compared to an operating
loss of approximately $(2.2) million
for the same period in 2017.
"Our preliminary results for 2018 show continued steady growth
in revenue and profitability with a reduction in operating expenses
of over 10%," said Gino Pereira,
Chief Executive Officer of Nxt-ID. "We are excited about our
prospects in 2019 as we build on our existing strong base with the
introduction of new products and markets during this year."
Update on Proposed Spin-off
"The closing date of the refinanced debt facility is now
expected to be at the end of March or early April 2019. Completion of the refinancing will
enable us to take the next step in moving forward with the planned
spin-off of our Payments Division, which we believe will increase
overall value for our shareholders," said Gino Pereira, Chief Executive Officer of
Nxt-ID.
Subject to closing, the refinancing would remove a key covenant
of the existing debt facility and enable the Company to proceed
with the proposed spin-off of its Payment Division, which include
its Fit Pay, Inc. subsidiary and other assets.
Immediately following the spin-off
transaction, Nxt-ID shareholders, who own shares
of Nxt-ID on the to-be-announced record date will own
shares of both companies. Subsequent to the record date, but prior
to the date of the distribution, which will be established by the
Board, NXTD shares will trade ex-distribution.
Preliminary Results
The results provided in this press release are unaudited,
preliminary and subject to completion of Nxt-ID's financial
statements for the year ended December 31,
2018 in conjunction with the Company's Form 10-K filing for
the same period, and therefore they are subject to change.
Nxt-ID intends to report final results for the year ended
December 31, 2018 on or about
April 1, 2019, after market
close.
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.
Its industry-leading technology products and solutions include
MobileBio®, a suite of biometric solutions that secure consumers'
mobile platforms, the Wocket™, a next-generation smart wallet and
the Flye, a digital credit card developed in collaboration with
WorldVentures.
NXT-ID includes 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 and 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.
Learn more about NXT-ID at www.nxt-id.com. FitPay and the
FitPay 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.
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:
Chris Orlando
chris.orlando@nxt-id.com
+1-760-468-7273
D. Van Zant
+1-800-665-0411
press@nxt-id.com
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SOURCE NXT-ID, Inc.