FSI ANNOUNCES THIRD QUARTER, 2023 FINANCIAL RESULTS

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

See dial in number below

VICTORIA, BRITISH COLUMBIA, Nov. 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 third quarter ended September 30, 2023.

Mr. Daniel B. O’Brien, CEO, states, “This was a very poor quarter. We are not losing customers but certain customers are ordering much less as they confront difficult conditions in their markets.” Mr. O’Brien continues, “FSI will have to review all operating costs and search for lower cost of goods in the fourth quarter and throughout 2024 as we attempt to revert to profitability.”

• Sales for the third quarter(Q3) were $8,720,621, down approximately 25% when compared to sales of $11,685,107 in the corresponding period a year ago.
• Q3, 2023 net loss was $(718,161), or $(0.06) per share, compared to a net income of $1,108,131, or $0.09 per share, in Q3, 2022.
• The lower earnings reported for Q3, 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 12,384,746 for Q3, 2023 and Q3, 2022 respectively.
• Q3, 2023 Non-GAAP operating cash flow: The Company shows 9 months operating cash flow of $3,284,640, or $0.26 per share. This compares with operating cash flow of $6,227,068, or $0.50 per share, in the corresponding 9 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 Wednesday November 15th, 2023. CEO, Dan O’Brien will be presenting and answering questions on the conference call. To participate in this call please dial 1-800-445-7795 (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 – Third Quarter, 2023 Financials may be requested