[FLEXIBLE SOLUTIONS LOGO]
THE WALL STREET GROUP, INC. COMPANY CONTACT: DAVID KATZOV
32 EAST 57TH STREET GRANT MOONIE
NEW YORK, NEW YORK 10022 (800) 661-3560
(212) 888-4848 VANCOUVER: JENS BIERTUMPEL 604 682 1799
FLEXIBLE SOLUTIONS INTERNATIONAL ANNOUNCES SIGNIFICANT INCREASES
IN REVENUES AND PROFITS FOR 1ST QUARTER OF 2003
VICTORIA, B.C., MAY 15, 2003 - 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.
(MORE)
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.
(TABLE FOLLOWS)
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