FSI Announces an Increase in Second Quarter Revenue
VICTORIA, BC / ACCESSWIRE / July 19, 2017 / Flexible Solutions International, Inc. (NYSE MKT: FSI) (FXT.F) is the developer and manufacturer of biodegradable polymers for oil extraction, detergent ingredients, and water treatment, as well as crop nutrient availability chemistry. Flexible Solutions also manufactures biodegradable and environmentally safe water and energy conservation technologies. Today the Company announces a year over year Increase in revenues for second quarter (Q2) 2017.
Sales were higher in Q2, 2017 than in Q2, 2016. Flexible Solutions' top line revenue increased from $3.73 million (Q2, 2016) to $4.72 million (Q2, 2017), up approximately 27% year over year.
CEO, Dan O'Brien, states, "General growth in our NanoChem division coincided with receipt of agriculture sales that were delayed from Q1, to result in good revenue growth for the quarter. We have recovered all the revenue lost from the Taber fire." Mr. O'Brien continues, "We believe that we may be able to carry the growth achieved in Q2 on into Q3 and Q4 but, perhaps, at a slightly lower rate. This news release is also the appropriate time for me to say how proud the Company is of our employees who have rebounded so quickly from the fire, which would have slowed a lesser team. Thank you."
Complete financial results will be available on August 14, 2017, concurrent with the Company's SEC quarterly filings. A conference call will be scheduled for 8:00 am Pacific Time, 11:00 am Eastern Standard Time, the following day, August 15. See the FSI August 14, 2017 financials news release for the dial in numbers.
About Flexible Solutions International
Flexible Solutions International, Inc. (www.flexiblesolutions.com), based in Victoria, British Columbia, is an environmental technology company. The Company's NanoChem Solutions Inc. subsidiary specializes in biodegradable, water-soluble products utilizing thermal polyaspartate (TPA) biopolymers. TPA beta-proteins are manufactured from the common biological amino acid, L-aspartic and have wide usage including scale inhibitors, detergent ingredients, water treatment and crop enhancement. The other divisions manufacture energy and water conservation products for drinking water, agriculture, industrial markets and swimming pools throughout the world. FSI is the developer and manufacturer of WaterSavr™, the world's first commercially viable water evaporation retardant. WaterSavr™ reduces evaporation by up to 30% on reservoirs, lakes, aqueducts, irrigation canals, ponds and slow moving rivers. Heatsavr™, a "liquid blanket" evaporation retardant for the commercial swimming pool and spa markets, reduces energy costs by 15% to 40% and can result in reduced indoor pool humidity.
Safe Harbor Provision
The Private Securities Litigation Reform Act of 1995 provides a "Safe Harbor" for forward-looking statements. Certain of the statements contained herein, which are not historical facts, are forward-looking statements with respect to events, the occurrence of which involve risks and uncertainties. These forward-looking statements may be impacted, either positively or negatively, by various factors. Information concerning potential factors that could affect the company is detailed from time to time in the company's reports filed with the Securities and Exchange Commission.
SOURCE: Flexible Solutions International
