News Release 15 May 2003
FLEXIBLE SOLUTIONS INTERNATIONAL ANNOUNCES SIGNIFICANT INCREASES IN REVENUES AND PROFITS FOR 1ST QUARTER OF 2003
Victoria, BRITISH COLUMBIA, MAY 15, 2003 – FLEXIBLE SOLUTIONS INTERNATIONAL, INC. (AMEX: FSI, FRANKFURT: FXT), the developer and manufacturer of Water$avr, the first commercially viable water evaporation retardant in the world, today announced that revenues more than tripled and profits increased eight fold in the first quarter ended March 31, 2003.
Revenues increased 254% to $1,331,534, compared with $376,620, in the corresponding period a year ago. Net profit rose to $180,781, or $.02 per basic share and $0.01 per diluted share, compared wtih $21,021, or nil per basic and diluted share, in the 2002 first quarter. Basic and diluted weighted average shares used in computing per share amounts for the quarter were 14,326,360 and 10,169,838 respectively.
Daniel B. O’Brien, Presidnet and Chief Executive Officer, noted that sales for the first quarter 2003 exceeded total annual sales for all of 2002 of $1.1 million. Flexible Solutions gained significant ground in all of its current market sector during the first quarter of 2003. “We expect that these trends will continue throughout the current year,” he stated.
“Much of the increase in revenue was generated by the first significant sales of our WaterWavr evaporation retardeant for reservoiors, aqueaducts, irrigation canals, ponds and slow moving rivers,” Mr. O”Brien, add. “At the same time, our Tropical Fish ™ evaporation retardent for residential swimming pools continued to gain market share, coupled with an increase in sales for our Heat$avr product for the commercial pool sector.”
Mr. O’Brien noted that the Company remained in a sound financial position with $6.3 million in working capital as of March 31, 2003, and no debt.
Flexible Solutions International Inc,
Consolidated Statement of Operations, for 3 Months, ended Mar. 31
(unaudited)
| 2003 | 2002 | |
| Sales | $1,281,266 | $376,620 |
| Investment income | $50,692 | — |
| Total revenue | $1,331,534 | $376,620 |
| Net Income | $180,781 | $21,021 |
| Net income per common share-basic | $0.02 | $0.00 |
| Net income per common share-diluted | $0.01 | — |
| Weight average share used in computed per hsare amts-basic | 11,610,138 | 9,387,338 |
| Weight average shares used in computed per share amt-diluted | 14,326,338 | 10,169,838 |
About Flexible Solutions International
Flexible Solutions International, Inc. (www.flexiblesolutions.com), is an environmental biotechnology company engaged in the development and sale of energy and water conservation products for drinking water, agriculture and swimming pools throughout the world.
The Private Securities Litigation Reform Act of 1995 provides a “safe harbour” for forward-looking statements. Certain of the statements contained herein, which are not historical facts, are forward looking statements with respect to events, the occurance 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 compamy is detailed from time to time in the company’s reports field wtih the U.S. Securities and Exchange Commission.
THE WALL STREET GROUP, INC.
32 East 57th Street
New York, New York 10022
Jens Biertumpel
(212) 888-4848 604-682-1799
Company Contacts:
David Katzov or Grant Moonie
250-477-9821