FSI ANNOUNCES FULL YEAR, 2023 FINANCIAL RESULTS

A Conference call is scheduled for Wednesday April 3rd, 2024, 11:00am Eastern Time

See dial in number below

VICTORIA, BRITISH COLUMBIA, March 29, 2024 (GLOBE NEWSWIRE) -- FLEXIBLE SOLUTIONS INTERNATIONAL, INC. (NYSE Amex: FSI), 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 financial results for full year ended December 31, 2023.

Mr. Daniel B. O’Brien, CEO, states, “2023 was a difficult year to navigate. Residual inventory at high base and shipping costs collided with our ability to set prices to customers. Given these circumstances, the results were reasonable though not what we hoped for.” Mr. O’Brien continues, “There will be some residual effects of the 2023 conditions present in Q1 2024 but, we hope the rest of the year will see a return to growth, some expansion in margins and increased food division sales.”

• Sales for the Full Year were $38,324,806, down approximately 16% when compared to sales of $45,840,469 in the corresponding period a year ago.
• Full Year, 2023 net income was $2,775,864, or $0.22 per share, compared to a net income of $7,021,604, or $0.57 per share, in Full Year, 2022.
• Basic weighted average shares used in computing earnings per share amounts were 12,434,886 and 12,379,316 for full year, 2023 and full year, 2022 respectively.
• 2023 Non-GAAP operating cash flow: The Company shows 12 months operating cash flow of $4,598,698, or $0.37 per share. This compares with operating cash flow of $8,442,735, or $0.68 per share, in the corresponding 12 months of 2022 (see the table that follows for details of these calculations).

The NanoChem division and ENP subsidiary continue to be the dominant sources of revenue and cash flow for the Company. New opportunities continue to unfold in detergent, water treatment, oil field extraction, turf, ornamental and agricultural use to further increase sales in these divisions.

Conference call

Due to business travel obligations a conference call has been scheduled for 11:00 am Eastern Time, 8:00 am Pacific Time, on Wednesday April 3rd, 2024. CEO, Dan O’Brien will be presenting and answering questions on the conference call. To participate in this call please dial 1-800-445-7795 (or 1-785-424-1699) just prior to the scheduled call time. To join the call participants will be requested to give their name and company affiliation. The conference ID: SOLUTIONS and/or call title Flexible Solutions International - Full Year 2023 Financials may be requested