FSI ANNOUNCES FIRST QUARTER, 2023 FINANCIAL RESULTS

A Conference call is scheduled for Tuesday May 16th, 2023, 11:00am Eastern Time

See dial in number below

VICTORIA, BRITISH COLUMBIA, May 15, 2023 (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 first quarter ended March 31, 2023.

Mr. Daniel B. O’Brien, CEO, states, “First quarter was strong and we are reasonably pleased with the results. It is possible that certain customers had inventory to work through and it is very likely that some agricultural sales were delayed into Q2.” Mr. O’Brien continues, “We still see growth in 2023 across most of our markets and expect the year to exceed 2022.”

• Sales for the first quarter(Q1) were $9,847,517, down approximately 9% when compared to sales of $10,783,280 in the corresponding period a year ago.
• Q1, 2023 net income was $884,369, or $0.07 per share, compared to a net income of $1,533,059, or $0.12 per share, in Q1, 2022.
• The lower earnings reported for Q1, 2023 were in part due to higher cost of goods, lower sales and product mix.
• Basic weighted average shares used in computing earnings per share amounts were 12,432,914 and 12,361,313 for Q1, 2023 and Q1, 2022 respectively.
• Q1, 2023 Non-GAAP operating cash flow: The Company shows 3 months operating cash flow of $1,729,956, or $0.14 per share. This compares with operating cash flow of $2,467,625, or $0.20 per share, in the corresponding 3 months of 2022 (see the table and notes that follow 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
A conference call has been scheduled for 11:00 am Eastern Time, 8:00 am Pacific Time, on Tuesday May 16th, 2023. CEO, Dan O’Brien will be presenting and answering questions on the conference call. To participate in this call please dial 1-800-245-3047 (or 1-203-518-9765) 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 – First Quarter, 2023 Financials may be requested