SEBASTIAN, Florida,
May 16, 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, today announced
results for quarter ended March 31,
2019.
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.
Link: https://edge.media-server.com/m6/p/t3o7es7v
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 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.
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:
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.