FSI announces a small decrease in Third Quarter, 2012 revenue but continues to show positive revenue
FSI announces a small decrease in Third Quarter, 2012 revenue but continues to show positive revenue growth for the first 9 months of 2012
VICTORIA, British Columbia--(BUSINESS WIRE)-- FLEXIBLE SOLUTIONS INTERNATIONAL, INC. (NYSE MKT: FSI, FRANKFURT: FXT), isthe 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 third quarter (Q3), 2012.
Sales to non-agricultural customers were lower in Q3, 2012 than in Q3, 2011. As a result, Flexible Solutions' top line revenue decreased from $3.86million (Q3, '11) to $3.6million (Q3, '12), down 7% year over year. Top line revenue for the first 9 months increased from $12.15 million (9 month, '11) to $12.55 million (9 month,'12), up 3% 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 have offset those gains. In agriculture the product is used to increase fertilizer availability to crops, resulting in 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.
Complete financial results will be available by November 14,2012 concurrent with our SEC third quarter filings.
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. The Company's 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, BCV8T 5G4 CANADA
If you have received this news release by mistake or if you would like to be removed from our update list please reply to: alishap@flexiblesolutions.com
To find out more information about Flexible Solutions and our products please visit www.flexiblesolutions.com
FLEXIBLE SOLUTIONS INTERNATIONAL, INC.
Jason Bloom
Tel: 250.477.9969
Toll Free: 800.661.3560
Fax: 250.477.9912
Email: info@flexiblesolutions.com
KEYWORDS: United States North America Canada Washington
INDUSTRY KEYWORDS:
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