FSI Announces an Increase in Second Quarter 2013 Revenue
FSI Announces an Increase in Second Quarter 2013 Revenue
VICTORIA, British Columbia--(BUSINESS WIRE)-- FLEXIBLE SOLUTIONS INTERNATIONAL, INC. (AMEX: FSI, FRANKFURT: FXT), isthe developer and manufacturer of biodegradable polymers used in oil extraction, detergents 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 increase in revenues for second quarter (Q2), 2013.
Flexible Solutions' second quarter top line revenue increased from $3.76million (Q2, '12) to $4.88million (Q2, '13) up 30% year over year. Revenue increased from $8.95million in first half 2012 to $9.38million in the first half of 2013, up 5% year over year.
Mr. Dan O'Brien, CEO, comments, "We are pleased with the revenue growth and expect growth to continue in second half 2013. The strength of the agriculture and energy sectors will largely dictate the final numbers for this year, however I also point out that any particular quarter is unlikely to be an accurate prediction of the year as a whole. Weather affects agricultural purchase volume and timing while oil prices and maintenance scheduling cause variation from quarter to quarter in the oilfield vertical."
Much of the increase in FSI's second quarter sales came from the agriculture sector, though oilfield and industrial also saw increased revenue. The product is used to increase fertilizer availability to crops, creating higher yields with no increase in the amount of fertilizer used. Given current crop prices, the cost of using FSI's product is a fraction of the value of the yield increase, which results in a significant net profit for growers, dealers and distributors..
Complete financial results will be available by August 14,2013, concurrent with the Company's SEC 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
Company Contacts
Jason Bloom
Tel: 250.477.9969
Toll Free: 800.661.3560
Fax: 250.477.9912
Email: info@flexiblesolutions.com
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
Jason Bloom,250-477-9969
Toll Free: 800-661-3560
Fax: 250-477-9912
info@flexiblesolutions.com
KEYWORDS: North America Canada
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