FSI ANNOUNCES SECOND QUARTER, 2023 FINANCIAL RESULTS

A Conference call is scheduled for Tuesday August 15th, 2023, 11:00am Eastern Time

See dial in number below

VICTORIA, BRITISH COLUMBIA, Aug. 14, 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 second quarter ended June 30, 2023.

Mr. Daniel B. O’Brien, CEO, states, “Second quarter was disappointing. We had predicted a rebound which did not occur. Sales in our new food products have been slow to come and we think it may take longer than expected to develop this market vertical.” “Mr. O’Brien continues, “We are observing headwinds in most of our markets now and expect full year revenue to be flat to mildly down compared to 2022.”

• Sales for the second quarter(Q2) were $10,331,291, down approximately 7% when compared to sales of $11,165,143 in the corresponding period a year ago.
• Q2, 2023 net income was $809,865, or $0.07 per share, compared to a net income of $1,662,455, or $0.13 per share, in Q1, 2022.
• The lower earnings reported for Q2, 2023 were due to higher cost of goods, lower sales and product mix.
• Basic weighted average shares used in computing earnings per share amounts were 12,435,532 and 12,384,131 for Q2, 2023 and Q2, 2022 respectively.
• Q2, 2023 Non-GAAP operating cash flow: The Company shows 6 months operating cash flow of $3,220,674, or $0.26 per share. This compares with operating cash flow of $4,422,664, or $0.36 per share, in the corresponding 6 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 August 15th, 2023. CEO, Dan O’Brien will be presenting and answering questions on the conference call. To participate in this call please dial 1-800-225-9448 (or 1-203-518-9708) 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 – Second Quarter, 2023 Financials may be requested