NEWS RELEASE
July 18, 2012
FSI Announces a Small Decrease in Second
Quarter 2012 Revenue
VICTORIA,
BRITISH COLUMBIA, July 18, 2012 – 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 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 $3.93million (Q2, ‘11) to $3.76million
(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 FSI’s 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 O’Brien, 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.
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. The Company’s Ecosavr product targets the residential swimming pool market providing the same savings as Heatsavr.
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