CALGARY, ALBERTA -- (Marketwired) -- 03/30/17 -- NXT Energy Solutions Inc. ("NXT Energy" or the "Company") (TSX: SFD)(OTCQB: NSFDF) advises that its financial and operating results for the fiscal year ended December 31, 2016 have been filed in Canada on SEDAR at www.sedar.com, and will be available shortly in the USA on EDGAR, as well as 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 2016 audited consolidated financial statements and the related management's discussion and analysis ("MD&A").
NXT Energy advises that it will host an investor and media conference call on Monday April 3, 2017 at 2:15 pm MT (4:15 pm ET), to discuss the 2016 results, and the status of recent business development initiatives.
Interested parties are invited to participate in this call, using one of the applicable numbers as follows:
Operator assisted, toll-free, dial-in number:
Canada & USA 1-800-806-5484
International https://www.confsolutions.ca/ILT?oss=7P29R8008065484
Conference Code: 5379880#
We look forward to you joining us on the call.
Highlights of the 2016 Financial Results
Summary highlights of NXT's 2016 year-end financial statements (with comparative figures for the year ended December 31, 2015) are noted below. The following points should be noted for the 2016 results:
-- Revenues of $1.4 million were recognized in Q1-2016 related to the
expansion of the Bolivian project that was completed in 2015.
-- A net loss of $9.1 million was recorded for the year which included
amortization expense related to the intellectual property asset of
$1.7m, depreciation on equipment (including the aircraft) of $0.4
million and stock based compensation expense of $0.8 million.
-- Cash utilization during the year was $6.6 million.
-- Losses per common share were ($0.17) per common share (basic and
diluted).
-- Cash and short-term investments at the end of 2016 were $1.9 million.
(all in Canadian $) 2016 2015
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Operating results:
Survey revenues $ 1,447,269 $ 17,422,151
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Survey expenses 1,157,185 5,095,691
General & administrative expenses 5,645,459 5,049,690
Stock based compensation expense 790,500 1,081,000
Amortization and other expenses, net 2,104,864 507,634
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9,698,008 11,734,015
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Income (loss) before income taxes (8,725,051) 5,688,136
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Income tax expense (recovery)
Current 374,511 1,970,908
Deferred - (6,823,000)
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374,511 (4,852,092)
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Comprehensive income (loss) for the year (9,099,562) 10,540,228
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Income (loss) per common share - basic $ (0.17) $ 0.22
Income (loss) per common share - diluted $ (0.17) $ 0.21
Number of common shares outstanding as at
end of the year 53,856,509 53,306,109
Weighted average number of common shares
outstanding for the year:
Basic 53,562,155 47,782,647
Diluted 53,562,155 49,041,383
Cash provided by (used in):
Operating activities:
Comprehensive income (loss) for the year (9,099,562) 10,540,228
Add back non-cash items, net 2,896,447 (4,948,061)
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6,203,115 5,592,167
Net change in non-cash working capital
balances (1,384,499) 1,392,755
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Net cash from (used in) operating activities 7,587,614 6,984,922
Financing activities 464,811 327,824
Investing activities 527,496 (277,578)
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Net cash inflow (outflow) (6,595,307) 7,035,168
Cash and cash equivalents, beginning of the
year 7,085,803 50,635
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Cash and cash equivalents, end of the year 490,496 7,085,803
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Cash and cash equivalents 490,496 7,085,803
Short-term investments 1,453,091 2,055,478
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Total cash and short-term investments 1,943,587 9,141,281
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Net working capital balance 1,703,510 7,534,128
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For further information about NXT, please contact NXT's Head office at nxt_info@nxtenergy.com
NXT Energy 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 Energy provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration.
Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) nor the OTC QB Markets accept responsibility for the adequacy or accuracy of this release.
Contacts:
NXT Energy Solutions Inc.
Bev Stewart
V-P Finance & CFO
403-206-0807
nxt_info@nxtenergy.com
www.nxtenergy.com
Kin Communications
Investor Relations
1-866-684-6730 / 604-684-6730
sfd@kincommunications.com
