FSI Announces First Quarter, 2021 Revenue

Rhea-AI Summary

Flexible Solutions International (NYSE American: FSI) reported a 10% decrease in Q1 2021 revenues, dropping from $8.429 million in Q1 2020 to $7.623 million. The decline was attributed to shipping constraints that caused revenue to shift from Q1 to Q2. Despite this setback, CEO Dan O'Brien expressed optimism for the full year, anticipating overall growth in 2021. Comprehensive financial results are expected on May 14, 2021, with a conference call scheduled for May 17, 2021.

Positive

• CEO Dan O'Brien remains optimistic about growth for the full year of 2021.

Negative

• Q1 2021 revenue declined by 10%, falling to $7.623 million from $8.429 million in Q1 2020.
• Shipping constraints negatively impacted revenue recognition in Q1.

VICTORIA, BC / ACCESSWIRE / April 20, 2021 / FLEXIBLE SOLUTIONS INTERNATIONAL, INC. (NYSE American:FSI)(FRANKFURT:FXT), 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 a year over year decrease in revenues for first quarter (Q1), 2021.

Sales were lower in Q1, 2021 compared to Q1, 2020. Flexible Solutions' top line revenue decreased from $8.429 million (Q1, 2020) to $7.623million (Q1, 2021), down approximately 10% year over year.

Dan O'Brien, CEO, states, "Shipping constraints, both inbound and outbound shifted revenue out of Q1 and into Q2." Mr. O'Brien continues, "While we can't control in which quarter orders and shipments will land, we continue to expect growth for the full year of 2021".

Complete financial results will be available on May 14, 2021 concurrent with the Company's SEC quarterly filings. A conference call will be scheduled for 8:00 am Pacific Time, 11:00 am Eastern Standard Time, the following business day, Monday, May 17. See the FSI May 14, 2021 financials news release for the dial in numbers.

About Flexible Solutions International

Flexible Solutions International, Inc. (www.flexiblesolutions.com), based in Victoria, British Columbia, is an environmental technology company. The Company's NanoChem Solutions Inc. subsidiary specializes in biodegradable, water-soluble products utilizing thermal polyaspartate (TPA) biopolymers. TPA beta-proteins are manufactured from the common biological amino acid, L-aspartic and have wide usage including scale inhibitors, detergent ingredients, water treatment and crop enhancement. Along with TPA, this division started producing other crop enhancement products as well. The other divisions manufacture energy and water conservation products for drinking water, agriculture, industrial markets and swimming pools throughout the world. FSI is the developer and manufacturer of WaterSavr^TM, the world's first commercially viable water evaporation retardant. WaterSavr^TM reduces evaporation by up to 30% on reservoirs, lakes, aqueducts, irrigation canals, ponds and slow moving rivers. Heatsavr^TM, a "liquid blanket" evaporation retardant for the commercial swimming pool and spa markets, reduces energy costs by 15% to 40% and can result in reduced indoor pool humidity.

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
6001 54^th Ave, Taber, Alberta, CANADA T1G 1X4

Company Contacts

Jason Bloom
Toll Free: 800.661.3560
Fax: 250.477.9912
Email: info@flexiblesolutions.com

If you have received this news release by mistake or if you would like to be removed from our update list please reply to: info@flexiblesolutions.com

To find out more information about Flexible Solutions and our products please visit www.flexiblesolutions.com

SOURCE: Flexible Solutions International, Inc.

View source version on accesswire.com:
https://www.accesswire.com/641364/FSI-Announces-First-Quarter-2021-Revenue

FAQ

What were the Q1 2021 revenue results for Flexible Solutions International (FSI)?

Flexible Solutions International reported a revenue decrease of 10% in Q1 2021, totaling $7.623 million compared to $8.429 million in Q1 2020.

What is the reason for the revenue decline reported by FSI in Q1 2021?

The revenue decline was primarily due to shipping constraints that delayed revenue recognition from Q1 to Q2.

When will FSI release its full financial results for Q1 2021?

FSI plans to release its complete financial results on May 14, 2021.

Is Flexible Solutions International (FSI) expecting revenue growth for 2021 despite the Q1 decline?

Yes, CEO Dan O'Brien has expressed optimism for overall growth throughout the year 2021.