CALGARY, ALBERTA, Sep. 21, 2009 (Marketwire) --
CALGARY, ALBERTA -- (Marketwire) -- 09/21/09 -- NXT Energy Solutions Inc. (TSX VENTURE: SFD) (OTCBB: NSFDF) (FRANKFURT: EFW) ("NXT", "we" or "the Company") is pleased to provide an operational update.
Financial Highlights ($Cdn.)
Key Financial Indicators
3 months ended June 30, 6 months ended June 30,
2009 2008 2009 2008
Total revenue $ 2,638,759 $ 1,749,076 $ 2,638,987 $ 1,755,659
Net income (loss) 283,005 806,619 (764,076) 94,742
Financial Position at June 30, December 31,
end of the period 2009 2008
Cash & Short Term
Investments $ 4,741,090 $ 6,894,170
Accounts Receivable 2,462,094 20,569
Total Assets 7,947,274 7,600,609
Total Liabilities 1,522,669 700,651
Shareholders Equity 6,424,605 6,899,958
This financial summary should be read in conjunction with the Company's second quarter 2009 interim financial statements as filed on our website www.nxtenergy.com on August 29, 2009.
Our balance sheet remains strong with cash reserves and no debt.
During the second quarter of 2009 NXT transitioned into the international arena with the completion of a US $2.3 million SFD(TM) survey contract in Colombia. We are encouraged by our early stage international success.
The costs to complete this first Colombian contract were greater than costs previously experienced in Canada. Some extra expenses are structural, requiring a permanent increase in management, geoscientists, sales, marketing and other personnel plus the cost for local representation. Other expenses are more start-up in nature, such as costs incurred to gain market intelligence, establish a market presence and learn how to operate in a foreign country. Notwithstanding these extra costs we are pleased to report a profit in the quarter.
We are confident that these new expenditures are strategically important and will serve to open-up a large market opportunity for our SFD(TM) survey services not only in Colombia but also to stimulate future opportunities in Latin America and throughout the world. As we implement this business plan we project our operating costs will decline as a percentage of revenue and overall company profitability will grow.
Colombian & Latin America Strategy
Colombia was selected very deliberately as a preliminary strategic focus for NXT following our evaluation of a number of different potential international regions.
