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NXT Announces Strong Q1 2012 Financial Results
NXT Announces Strong Q1 2012 Financial Results -- Record Quarterly Revenue of $2.8 million ...
About this update from Nxt Energy Solutions Inc.
[{"type":"text","content":"\nNXT Announces Strong Q1 2012 Financial Results\n\nNXT Announces Strong Q1 2012 Financial Results\n-- Record Quarterly Revenue of $2.8 million \n-- Earnings of $338,000 vs. a loss of $793,000 in 2011\n-- EPS of $0.01 vs. a loss of $0.02 in 2011\n-- Backlog of US $2.66 million of signed contracts\n-- Letter of Intent for US $1.0 million with repeat customer \nCalgary, Alberta CANADA, May 31, 2012 /FSC/ - NXT Energy Solutions Inc. (SFD - TSX Venture, NSFDF - OTCBB),is pleased to announce its financial and operating results for the three months ended March 31, 2012. All selected and referenced financial information should be read in conjunction with the consolidated financial statements and management discussion and analysis as filed on SEDAR at www.sedar.com, on NXT's website at www.nxtenergy.com and on EDGAR at www.sec.gov/edgar.\nFor the Q1 three month period ended March 31, 2012, NXT reported net earnings of $337,928 ($0.01 per share) on revenues of $2,815,320.  In the comparable Q1 2011 period, the Company had no revenues and a net loss of $792,717 ($0.02 per share).\n\"I am delighted to report record revenues in Q1-2012 and our return to profitability\" said George Liszicasz, NXT's President & CEO. \"With the additional contracts that are being completed in Q2, we are also on track to post record revenues for the first half of 2012\".\nNXT's Q1 results reflect the completion of the SFD(r) survey on four exploration blocks in Colombia.  Two additional survey contracts which were conducted in Argentina and Guatemala are planned to be completed in Q2, following which additional progress billings of US $1.1 million will be issued and US $2.3 million of survey revenue will be recognized.\nThe contract backlog of US $2.66 million relates to a 2011 contract for a survey which continues to be planned for South Asia.  Commencement of this contract is pending final permit approvals, and the start date has not been set.  In addition, pursuant to a 2011 Letter Of Intent, an existing repeat client has proposed conducting an additional US $1.0 million survey on a Colombia exploration block.\nAn investor's conference call will be held at 2:30 MDT (4:30 EDT) on June 14th, 2012 where management will provide an update on matters of interest to investors including Q1 financials, a progress report on ...