SOURCE: Flexible Solutions International, Inc.
FSI Announces Fourth Quarter and Full Year Revenue Significantly Above Expectations
VICTORIA, BC--(Marketwire - January 12, 2009) - FLEXIBLE SOLUTIONS INTERNATIONAL, INC. (NYSE
Alternext US: FSI) (
Flexible Solutions' 4th quarter revenue increased from $1.7 million (Q4,
2007) to $2.24 million (Q4, 2008), a gain of more than 32% year over year
and the highest 4th quarter revenue in the Company's history. Note that,
due to sales seasonality, 4th quarter revenue tends to be significantly
smaller than 1st and 2nd quarters.
As a result of this strong 4th quarter, full year 2008 revenue also
exceeded expectations, reaching a record $10.74 million, up 45% from $7.4
million reported in 2007. Audited financial statements, including net
profits, will be released concurrent with our 10K SEC report in March.
The strong 4th quarter results were driven by the Company's NanoChem
division which continues to establish itself as a key driver of future
growth for FSI. Sales increased in oil extraction, detergent, agriculture
and water treatment segments for the full year and each market segment
contributed strongly to the record results.
Mr. Dan O'Brien, CEO, states, "I am extremely proud of our team, especially
in this difficult economic environment, and we plan to maintain this
momentum in 2009. Although it is still very early in the quarter, based
upon indications from current and new customers, especially in agriculture,
we expect orders to be substantially higher in the 1st quarter, 2009 as
compared to 1st quarter, 2008. Therefore, the Company is extremely
optimistic that 1st quarter, 2009 revenue will track much higher than last
year, as will cash flow and profit."
About Flexible Solutions International
Flexible Solutions International, Inc. (www.flexiblesolutions.com), based
in Victoria, British Columbia, is an environmental technology company
specializing in 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, "liquid blanket"
evaporation retardant for the commercial swimming pool and spa markets,
reduces energy costs by 15% to 40% and further results in reduced indoor
humidity. The Company's Ecosavr product targets the residential swimming
pool market. The Company's NanoChem Solutions, Inc. subsidiary specializes
in environmentally friendly, green chemistry, water-soluble products
utilizing thermal polyaspartate (TPA) biopolymers. TPA beta-proteins are
manufactured from the common biological amino acid, L-aspartic acid.
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.
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karenr@flexiblesolutions.com
To find out more information about Flexible Solutions and our products
please visit www.flexiblesolutions.com
615 Discovery Street, Victoria, BC V8T 5G4 CANADA
Company Contacts
Jason Bloom
Tel: 250.477.9969
Toll Free: 800.661.3560
Fax: 250.477.9912
Email: Email Contact
