NXT Energy Solutions Announces Filing of 2014 Year-End Results and Upcoming Investor Conference Call Update
CALGARY, ALBERTA--(Marketwired - April 30, 2015) - NXT Energy Solutions Inc. ("NXT Energy" or the "Company") (TSX VENTURE:SFD)(OTCQB:NSFDF) advises that its financial and operating results for the fiscal year ended December 31, 2014 have been filed in Canada on SEDAR at www.sedar.com, at will be available shortly in the USA on EDGAR at www.sec.gov/edgar, and on NXT's website at www.nxtenergy.com. All selected and referenced financial information noted below should be read in conjunction with the Company's 2014 audited consolidated financial statements and related management's discussion and analysis ("MD&A").
George Liszicasz, President and CEO of NXT Energy, noted "2014 was a very important year for NXT, as we made significant progress with new clients and several large client prospects, enhanced the protection of our proprietary Intellectual Property, and very importantly, we significantly advanced the development of our "Vertical" business model. In 2014, our revenues increased 46% from 2013, and our projects had higher operating profitability. We are pleased with the momentum of our ongoing business development initiatives that have resulted in recent contract awards in 2015 and the expectation of significant revenue growth. We look forward to updating our investor base on these developments very shortly."
NXT Energy advises that it will host a brief investor and media conference call on Thursday May 7, 2015 at 2:10 pm MST (4:10 pm EST) to discuss the status of recent business development initiatives. Interested parties are invited to participate in this call, by using one of the applicable numbers below:
Participant Pass Code: 36501 - please enter this code followed by the "#" (pound) sign
Highlights of Financial Results
Summary highlights of NXT's 2014 year-end financial statements (with comparative figures for the year ended December 31, 2013) are as follows:
(all in Canadian $) 2014 2013
Survey revenues $ 3,913,367 $ 2,684,095
Survey expenses 431,518 1,632,159
General & administrative expenses 4,132,108 4,112,787
Amortization and other expenses, net 870,302 509,664
Increase (decrease) in fair value of US$ Warrants 42,800 1,371,500
5,476,728 7,626,110
(Loss) before income taxes (1,563,361 ) (4,942,015 )
Income tax expense - 399,546
Income (loss) for the year (1,563,361 ) (5,341,561 )
(Loss) per common share - basic (0.04 ) (0.13 )
(Loss) per common share - diluted (0.04 ) (0.13 )
# of common shares outstanding as at end of the year 44,958,843 42,418,326
Weighted average # of common shares outstanding for the year 44,375,540 41,660,190
Cash provided by (used in):
Operating activities:
Net (loss) for the year (1,563,361 ) (5,341,561 )
Add back non-cash items, net 753,402 1,951,731
(809,959 ) (3,389,830 )
Net change in non-cash working capital balances (2,771,227 ) 2,614,872
Net cash (used in) operating activities (3,581,186 ) (774,958 )
Financing activities 3,024,061 1,077,456
Investing activities (2,711,867 ) (2,035,465 )
Net cash inflow (outflow) (3,268,992 ) (1,732,967 )
Cash and cash equivalents, beginning of year 3,319,627 5,052,594
Cash and cash equivalents, end of year 50,635 3,319,627
Cash and cash equivalents 50,635 3,319,627
Short-term investments 5,173,430 2,449,450
Total cash and short-term investments 5,224,065 5,769,077
NXT is a Calgary based company whose proprietary Stress Field Detection ("SFD®") survey system utilizes quantum-scale sensors to detect gravity field perturbations in an airborne survey method which can be used both onshore and offshore to remotely identify areas with exploration potential for traps and reservoirs. The SFD® survey system enables our clients to focus their hydrocarbon exploration decisions concerning land commitments, data acquisition expenditures and prospect prioritization on areas with the greatest potential. SFD® is environmentally friendly and unaffected by ground security issues or difficult terrain, and is the registered trademark of NXT Energy Solutions Inc. NXT provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration.
