FinancialNewsMedia.com News Alert: MELBOURNE, Florida, – (http://www.financialnewsmedia.com News Alert ) – NXT-ID, Inc. (NASDAQ: NXTD) (“NXT-ID” or the “Company”), a company focused on the growing mobile commerce market 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.”
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. (Read the full release at http://www.financialnewsmedia.com/stock-investing-business-investing-news/featured-news.php?id=883)