FSI Announces a Decrease in First Quarter, 2013 Revenue but, Expects Positive Revenue Growth for Full Year, 2013
VICTORIA, British Columbia--(BUSINESS WIRE)-- FLEXIBLE SOLUTIONS INTERNATIONAL, INC. (AMEX: 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 year over year decrease in revenues for First Quarter (Q1), 2013.
Sales were lower in Q1, 2013 than in Q1, 2012. As a result, Flexible Solutions top line revenue decreased from $5.194million (Q1, 12) to $4.505 million (Q1, 13), down 13% year over year. We believe his decrease was largely the result of the 2012 drought in the United States that has caused slower uptake of the agriculture product in Q1.
The largest driver of FSIs revenue growth has been agricultural sales which, despite the lower Q1 revenue, are expected to be higher in 2013 than in 2012. In agriculture the product is used to increase fertilizer availability to crops, resulting in higher yields with no change 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.
Complete financial results will be available by May 15,2013 concurrent with our SEC First 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
Toll Free: 800.661.3560
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Flexible Solutions International, Inc.
Toll Free: 800-661-3560
Source: Flexible Solutions International, Inc.Copyright Business Wire 2013