Nxt-ID, Inc. Announces Investor Webcast to Discuss the Financial Results for the Nine and Three Months Ended September 30, 2019 and to Provide a General Corporate Update
Financial Highlights from the third quarter results included:
- Revenue from continuing operations for the nine and three months ended
September 30, 2019 was approximately$13.1 million and$4.4 million , respectively, up slightly in both periods as compared to the same 2018 periods. - Gross profit from continuing operations for nine and three months ended
September 30, 2019 was approximately$9.9 million and$3.3 million , respectively compared to approximately$9.5 million and$3.2 million for the same 2018 periods. - Operating expenses from continuing operations for the nine and three months ended
September 30, 2019 were approximately$8.1 million and$2.6 million , respectively compared to$8.6 million and$3.0 million for the same 2018 periods. - Operating income from continuing operations for the nine and three months ended
September 30, 2019 was$1.8 million and$0.7 million , respectively, compared to operating income of$0.9 million and$0.2 million for the same 2018 periods. - Non GAAP Operating income from continuing operations for the nine and three months ended
September 30, 2019 , adjusted for depreciation, amortization and non-cash charges was approximately$2.9 million and$1.1 million , respectively, compared to$2.3 million and$0.6 million for the same 2018 periods. - Net Cash provided by operating activities of continuing operations in the nine months ended
September 30, 2019 was$1.5 million as compared to net cash used of$0.8 million in the nine months endedSeptember 30, 2018 . - Repaid approximately
$3.3 million in debt throughSeptember 30, 2019 ; assuming current interest rates, annualized interest expense savings should approximate$380K .
"Our third quarter 2019 operating results from continuing operations show continued strength from our LogicMark healthcare business as well as the cost saving initiatives implemented by the Company,” said
“This was clearly an evolutionary quarter for our Company,” continued Miceli. “Although we have had to take non-cash charges associated with our sale of Fit-Pay, we are well positioned with a more focused business to begin delivering the results that our shareholders expect.”
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 nine and three months ended
The management team will host an investor webcast to discuss the third quarter 2019 financial results and update shareholders on general corporate developments. The webcast will commence on
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Media Contacts:
investors@nxt-id.com
Source: Nxt-ID, Inc.