NXT-ID (NXTD) Announces Strong Prelim. Q3 Results; Notes LogicMark Contribution

October 10, 2016 8:02 AM EDT
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NXT-ID, Inc. (Nasdaq: NXTD) announces selected preliminary results for the quarter ended September 30, 2016.

Revenues were approximately $3,000,000 for the three months ended September 30, 2016 compared to $418,128 for the same period in 2015. Revenues from the recent LogicMark acquisition were included from July 25, 2016, and accounted for approximately 90% of the increase from the comparative period in 2015. The operating loss for the three months ended September 30, 2016 narrowed to approximately $500,000 compared to an operating loss of $3,003,496 for the same period in 2015. The net loss for the three months ended September 30, 2016 was approximately $1,500,000 after approximately $1,000,000 in interest expense compared to a net loss of $3,543,313 for the three months ended September 30, 2015.

"Our recent acquisition, LogicMark, has performed well since July 25, 2016 and was a major contributor to the improved results," said Gino Pereira, Chief Executive Officer of NXT-ID, Inc. "We also continue to make good progress on our collaboration with WorldVentures to develop their innovative smart card. We are planning to commence deliveries on the outstanding $15 million purchase order in the last quarter of 2016. We expect the last quarter of 2016 to show continued improved results as we will have a full quarter contribution from LogicMark as well as smart card deliveries to WorldVentures."

Preliminary Results

The results provided in this press release are preliminary and subject to completion and review of Nxt-ID's 2016 third quarter financial statements in conjunction with the Company's 2016 third quarter Form 10-Q filing, and therefore they are subject to change. Nxt-ID intends to report final results for the 2016 third quarter on or about November 14, 2016, after market close. Nxt-ID's earnings press release and prepared remarks reviewing its financial results and guidance will be made available on the Investor Relations section of its website.

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