Nxt-ID, Inc. Announces Investor Webcast to Discuss the Financial Results for the Six and Three Months Ended June 30, 2020 and to Provide a General Corporate Update
Financial Highlights and results from the second quarter included:
- Revenue for the six and three months ended
June 30, 2020was approximately $6.2 millionand $2.5 million, respectively, down significantly in both periods as compared to the same 2019 periods.
- Gross profit for the six and three months ended
June 30, 2020was approximately $4.6 millionand $1.8 million, respectively compared to approximately $6.6 millionand $3.4 millionfor the same 2019 periods.
- Operating expenses for the six and three months ended
June 30, 2020were approximately $3.7 millionand $1.9 million, respectively compared to $5.5 millionand $2.8 millionfor the same 2019 periods.
- Operating income for the six months ended
June 30, 2020was $936Kand for the three months ended June 30, 2020, we had an operating loss of $103K, compared to operating income of $1.1 millionand $0.6 millionfor the same 2019 periods.
- Non GAAP Operating income for the six and three months ended
June 30, 2020, adjusted for depreciation, amortization and non-cash charges was approximately $1.4 millionand $0.1 million, respectively, compared to $1.9 millionand $1.0 millionfor the same 2019 periods. Net Cashprovided by operating activities in the six months ended June 30, 2020was $0.6 millionas compared to $0.7 millionin the six months ended June 30, 2019.
- Repaid approximately
$1.2 millionin term debt during the six months ended June 30, 2020.
"2020 thus far has been very challenging and dynamic for the Company as it has been for the rest of the world. We had made significant progress in terms of right sizing our business and paying down our term debt facility and then COVID-19 struck the world. Like many other companies, our second quarter 2020 operating results were significantly impacted by COVID-19. In spite of the reduction in our revenues, we were very close to breakeven for the first six months ended
Concluded Miceli: “I look forward to explaining the quarter's results, updating our shareholders and providing some context regarding our Company's path forward.”
Full financial results and Management's Discussion and Analysis can be found in the Company's Form 10-Q for the six and three months ended
The management team will host an investor webcast to discuss the financial results for the six and three months ended
For those wishing to participate by telephone, please use the following dial-in credentials:
Conference ID: 5298956
Forward-Looking Statements for
“Non-GAAP Operating Income” is defined as Operating Income as reported plus depreciation expense, amortization of intangibles and stock compensation expense. Non-GAAP Operating Income is commonly used by management and investors as an indicator of operating performance and liquidity. Non-GAAP Operating Income is not considered a measure of financial performance under GAAP and it should not be considered as an alternative to net income.
Source: Nxt-ID, Inc.