EXHIBIT 99.1
November 15, 2005
FLEXIBLE SOLUTIONS ANNOUNCES THIRD QUARTER 2005 FINANCIAL RESULTS
VICTORIA, B.C., NOV. 14, 2005 - FLEXIBLE SOLUTIONS INTERNATIONAL, INC. (AMEX:
FSI, FRANKFURT: FXT), is the developer and manufacturer of cost effective,
environmentally safe, and biodegradable, patented water technologies. FSI's
water evaporation control products are used to reduce water loss in arid
climates, reduce energy loss from public and private swimming pools and cause
spreading of desired particles across water surfaces. The Company's bio-polymers
are utilized in agricultural nutrient uptake, oil industry scale prevention and
as suspension agents in the detergent industry. Today the company announced
financial results for the third quarter ended September 30, 2005.
Sales in the third quarter, of $1,302,089, did not change significantly when
compared to sales, of $1,376,054, in the corresponding period a year ago. The
result was a net loss of $185,509, or $0.01 per basic weighted average share in
the third quarter, 2005 compared to a net loss of $154,090, or $0.01 per basic
weighted average share, in the third quarter of 2004. Basic weighted average
shares used in computing per share amounts for the quarters were 12,840,446 and
11,791,612 respectively.
Sales in the first nine months of 2005 were $5,189,803, compared with $2,411,925
for the year-ago period. The result was a net loss of $609,628, or $0.05 per
basic weighted average share, in the 2005 period, reduced from a loss of
$732,240, or $0.06 per basic weighted average share, in the first three quarters
of 2004. Basic weighted average shares used in computing per share amounts for
the nine months were 12,446,647 and 11,715,619 respectively.
In comparing FSI's financials for the first 9 months of '05 and '04, it must be
noted that NanoChem Solutions assets were not acquired until June of '04, thus
affecting sales and cost of sales numbers. Also, note that higher world oil
prices in '05, compared with '04, had a significant impact on cost of goods sold
and therefore impacted profit margins for both 3 and 9 month numbers. As a
result of higher sustained oil prices, it can be expected that product prices to
customers will also rise.
Mr. Daniel B. O'Brien, CEO, states, "This was another good quarter for FSI. The
third quarter results reflect $181,043 in non-cash charges and, when
depreciation and stock option expenses are removed, the Company shows a very
slight negative cash flow of only $4,466. In the nine months ending September
30, 2005, $406,150 in new cash through operations became available to expand our
business. This compares with a negative cash flow of $165,748 in the
corresponding 9 months of 2004. Furthermore, the Company is now debt free since
retiring a short term note this year."
The NanoChem division continues to contribute substantially to sales and cash
flow and, significant new opportunities have developed to further increase sales
in this division. As well, opportunities to synergistically cross sell the
products of all FSI divisions have generated leads to new business. The swimming
pool and NanoChem divisions are cooperating to increase utilization of the Peru,
IL factory while decreasing costs for the Company as a whole. NanoChem sales are
much less seasonal than those of our WaterSavr and Flexible Solutions Ltd
divisions which should lead to less volatile sales figures in the future.
Management will work to reduce seasonality further over time as new marketing
opportunities arise.
(TABLE FOLLOWS)
FLEXIBLE SOLUTIONS INTERNATIONAL, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
FOR 3 MONTHS ENDED SEPT 30,
(UNAUDITED)
2005 2004
---- ----
Sales $ 1,302,089 $1,376,054
Net Income (Loss) $ (185,509) $ (154,090)
Net Income (Loss) Per
Common Share -- Basic $ (0.01) $ (0.01)
Weighted Average Shares
Used in Computing Per Share
Amounts - Basic 12,840,446 11,791,612
ABOUT FLEXIBLE SOLUTIONS INTERNATIONAL
Flexible Solutions International, Inc. (http://www.flexiblesolutions.com/),
based in Victoria, British Columbia, is the developer and manufacturer of
WaterSavr, the world's first commercially viable water evaporation retardant.
FSI is an environmental technology company specializing in energy and water
conservation products for drinking water, agriculture, industrial markets and
swimming pools throughout the world. WaterSavr reduces evaporation by up to 30%
on reservoirs, lakes, aqueducts, irrigation canals, ponds and slow moving
rivers. Heatsavr, a "liquid blanket" evaporation retardant for the commercial
swimming pool and spa markets, also reduces humidity and lowers water heating
costs, resulting in energy savings of 15% to 40%. The Company's Ecosavr product
targets the residential swimming pool market. The Company's NanoChem Solutions,
Inc., subsidiary specializes in environmentally friendly, "green chemistry"
water-soluble products utilizing thermal polyaspartate (TPA) biopolymers. TPA
beta-proteins are manufactured from the common biological amino acid, L-aspartic
acid.
SAFE HARBOR PROVISION
The Private Securities Litigation Reform Act of 1995 provides a "Safe Harbor"
for forward-looking statements. Certain of 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
Securities and Exchange Commission.
Flexible Solutions International
Investor Relations contacts: - Head Office
JENS BIERTUMPEL JASON BLOOM
Tel: 604.682.1799 Tel: 800.661.3560
Email: Info@flexiblesolutions.com