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Nxt-ID Q1 loss widens YOY

Nxt-ID Inc. said its normalized net income for the first quarter came to a loss of 63 cents per share, compared with a loss of 51 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $3.2 million, compared with a loss of $1.3 million in the year-earlier period.

Total revenue grew on an annual basis to $42,300 from $2,270, and total operating expenses increased 15.6% from the prior-year period to $2.4 million from $2.0 million.

Reported net income totaled a loss of $5.4 million, or a loss of $1.06 per share, compared to a loss of $2.0 million, or a loss of 82 cents per share, in the prior-year period.