NXT Energy Solutions Inc. (“NXT” or the “Company”) (TSX-V:SFD; OTCBB:NSFDF), 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.
For 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).
“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”.
NXT’s Q1 results reflect the completion of the SFD® 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.The 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. An investor’s conference call will be held at 2:30 MDT (4:30 EDT) on June 14 th, 2012 where management will provide an update on matters of interest to investors including Q1 financials, a progress report on our existing survey contracts, current sales initiatives and other activities planned by management for the balance of 2012. 1-877-385-4099 (Toll Free Canada & USA)613-212-4220 Ottawa514-395-9913 Montreal604-899-2339 Vancouver403-232-0994 Calgary780-421-1483 Edmonton416-883-0133 Toronto