VICTORIA, B.C., May 15, 2003 (PRIMEZONE) -- Flexible Solutions International, Inc. (AMEX:FSI)(FRANKFURT:FXI), 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 $0.02 per basic share and $0.01 per diluted share, compared with $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, President and Chief Executive Officer, noted that sales for the first quarter of 2003 exceeded total annual sales for all of 2002 of $1.1 million. Flexible Solutions gained significant ground in all of its current market sectors during the first quarter of 2003. "We expect that these trends will continue throughout the current year," he stated.
"Much of the increase in revenue was generated by the first significant sales of our Water$avr evaporation retardant for reservoirs, aqueducts, irrigation canals, ponds and slow moving rivers," Mr. O'Brien, added. "At the same time, our Tropical Fish(tm) evaporation retardant 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.
About Flexible Solutions
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 Harbor" for forward-looking statements. Certain on 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 U.S. Securities and Exchange Commission.
FLEXIBLE SOLUTIONS INTERNATIONAL, INC.
Consolidated Statement of Operations
For 3 Mos. Ended March 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 $0.00
Weight Average Shares
Used in Computing Per Share
Amounts - Basic 11,610,138 9,387,338
Weight Average Shares
Used in Computing Per Share
Amounts - Diluted 14,326,338 10,169,838