FSI Announces A Small Decrease in Second Quarter 2012 Revenue
VICTORIA, British Columbia--(BUSINESS WIRE)-- FLEXIBLE SOLUTIONS INTERNATIONAL, INC. (NYSE MKT: FSI, FRANKFURT: FXT), 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 (FSI) also manufactures biodegradable and environmentally safe water and energy conservation technologies. Today the Company announces a small year over year decrease in revenues for second quarter (Q2), 2012.
Sales to non-agricultural customers were lower in Q2, 2012 than in Q2, 2011. As a result, Flexible Solutions top line revenue decreased from $3.93 million (Q2, 11) to $3.76 million (Q2, 12), down 4% year over year. Top line revenue for the first 6 months of 2012 increased from $8.29 million (6 month, 11) to $8.95 million (6 month,12), up 8% year over year.
The largest driver of FSIs sales growth has been agricultural sales. Although there has been significant growth in agriculture sales the decline in other market verticals off set those gains. In agriculture the product is used to increase fertilizer availability to crops, giving higher yields with no increase in the amount of fertilizer used. The cost of using this product is a fraction of the value of the yield increase, which results in net profits for farmers.
Mr. Dan OBrien, CEO, comments, We are disappointed by the reduction in sales, however, we anticipate this reduction will be short term and recover as the world economy improves. We still anticipate that revenue for full year 2012 will be higher than 2011 but are not able to provide a specific percentage range of increase.
Complete financial results will be available by August 14,2012 concurrent with our SEC second quarter filings.
About Flexible Solutions International
Flexible Solutions International, Inc. (www.flexiblesolutions.com), based in Victoria, British Columbia, is an environmental technology company. The Companys 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 worlds 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. The Companys Ecosavr product targets the residential swimming pool market providing the same savings as Heatsavr.
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 statement 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.
Flexible Solutions International
615 Discovery Street, Victoria, BC V8T 5G4 CANADA
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Flexible Solutions International
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Source: Flexible Solutions InternationalCopyright Business Wire 2012