January 11, 2012
FSI Announces a 35% increase in Full Year 2011 Revenue
VICTORIA, BRITISH COLUMBIA, January 11, 2012 – FLEXIBLE SOLUTIONS INTERNATIONAL, INC. (AMEX: FSI, FRANKFURT: FXT), is the developer and manufacturer of biodegradable polymers for oil extraction, detergent ingredients, water treatment and crop nutrient availability chemistry, as well as biodegradable and environmentally safe water and energy conservation technologies. Today the Company announces a significant year over year increase in revenues for fourth quarter (Q4), and full year (FY) 2011.
Sales into oil extraction, agriculture and detergent industries were higher in Q4, 2011 than in Q4, 2010. As a result, Flexible Solutions’ top line revenue increased from $2.60million (Q4, ‘10) to $3.36million (Q4, ‘11), up 29% year over year. Top line revenue for Full Year 2011 increased from $11.49million (FY, ’10) to $15.51million (FY,’11) up 35% year over year.
Although there has been significant growth in all market verticals, the largest driver of FSI’s sales growth has been agricultural sales. The product is used to increase fertilizer availability to crops, giving 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.
Mr. Dan O’Brien, CEO, comments, “Again we are very pleased to have achieved this large increase in sales, especially in what is traditionally a weaker quarter. It is anticipated that revenue for full year 2012 will continue to track higher than 2011. I reiterate the guidance given during the third quarter 2011 conference call; expectations for Flexible Solutions’ 2012 revenue growth are estimated at between 20 and 30% year over year.”
Complete financial results will be available March 30, 2012 concurrent with our SEC full year 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.