VICTORIA, BC / ACCESSWIRE / April 27, 2017 / 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 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) 2017.
Sales were lower in Q1, 2017 than in Q1, 2016. Flexible Solutions' top line revenue decreased from $5.30 million (Q1, 2016) to $4.66 million (Q1, 2017), down 12% year over year.
CEO, Dan O'Brien, states, "Some of the revenue shortfall, which was expected, is the result of the fire at the Taber, Alberta facility. The remainder consists of orders pushed into second quarter and one large agriculture sale lost for the year due to the customer having inventory left from 2016." Mr. O'Brien continues, "We look forward to the rest of the year, expecting that positive news will exceed negative news and that revenue growth will resume."
Complete financial results will be available on May 15, 2017, concurrent with our SEC quarterly filings. A conference call will be scheduled for 8:00am Pacific Time, 11:00 am Eastern Standard Time, the following day, May 16. See the FSI May 15, 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 WaterSavrTM, the world's first commercially viable water evaporation retardant. WaterSavrTM reduces evaporation by up to 30% on reservoirs, lakes, aqueducts, irrigation canals, ponds, and slow moving rivers. HeatsavrTM, 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.
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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
206 - 920 Hillside Ave, Victoria, BC, V8T 1Z8 CANADA
Company Contact:
Jason Bloom
Tel: 250.477.9969
Toll Free: 800.661.3560
Fax: 250.477.9912
Email: [email protected]
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To find out more information about Flexible Solutions and our products, please visit www.flexiblesolutions.com.
SOURCE: Flexible Solutions International, Inc.