Victoria, British Columbia (FSCwire) - 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 year over year decrease in revenue for third quarter (Q3), 2015.
Sales were lower in Q3, 2015 than in Q3, 2014. Flexible Solutions’ top line revenue decreased from $3.85 million (Q3, ‘14) to $3.31 million (Q3, ‘15), down approximately 14% year over year. For the 9 months ended September 30, sales were up from $11.95million to $12.17million, up approximately 2% year over year.
Mr. Dan O’Brien, Chief Executive Officer, reports, “This quarter revenue was reduced by lost WaterSavr sales due to the floods in Texas and mild weakness in our oilfield business resulting from low oil prices compared to the year earlier period. Both situations are expected to revert as Texas has more drought years than flood years and oil prices are predicted to rise over time.”
Flexible Solutions will release third quarter financial statements, concurrent with the 10-Q SEC report, on Friday November 13, 2015 after market close.
A CONFERENCE CALL is scheduled for 11:00 am Eastern Time, 8:00 am Pacific Time, on Monday November 16, 2015. CEO, Dan O’Brien will be presenting and answering questions on the conference call. To participate in this conference call, please see the dial in number in the third quarter news release.
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
206 - 920 Hillside Ave, Victoria, BC CANADA V8T 1Z8
Toll Free: 800.661.3560
If you have received this news release by mistake or if you would like to be removed from our update list please reply to: Danielle@flexiblesolutions.com
To find out more information about Flexible Solutions and our products please visit www.flexiblesolutions.com
To view this press release as a PDF file, click onto the following link:public://news_release_pdf/FlexibleSolOct162015.pdf
Source: Flexible Solutions International Inc (NYSE MKT:FSI, FWB:FXT) http://www.flexiblesolutions.com/
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