FSI ANNOUNCES FIRST QUARTER, 2024 FINANCIAL RESULTS

A CONFERENCE CALL IS SCHEDULED FOR THURSDAY, MAY 16, 2024, 11:00AM EASTERN TIME

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VICTORIA, BRITISH COLUMBIA, May 15, 2024 (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 first quarter ended March 31, 2024.

Mr. Daniel B. O’Brien, CEO, states, “Progress is being made. We streamlined operations by closing our Naperville R&D facility and moving all the work to our Peru, IL building. The exit costs from this action were nearly all taken in Q1 so, the benefits will become evident in Q2 and Q3. Some price increases have been possible but not enough to recover past margins yet. Several large new opportunities have been found in the food/nutraceutical market and are proceeding toward revenue in the 2024 year.”

• Sales for the first quarter(Q1) were $9,224,872 down approximately 6% when compared to sales of $9,847,517 in the corresponding period a year ago.
• Q1, 2024 net income was $457,226 or $0.04 per share, compared to a net income of $884,369, or $0.07 per share, in Q1, 2023.
• The lower earnings reported for Q1, 2024 were due to higher cost of goods, lower sales and product mix as well as significantly higher Depreciation and amortization expenses. In addition, higher Stock based compensation expenses and one-time costs associated with closing our Naperville office affected the quarter.
• Basic weighted average shares used in computing earnings per share amounts were 12,449,699 and 12,432,914 for Q1, 2024 and Q1, 2023 respectively.
• Q1, 2024 Non-GAAP operating cash flow: The Company shows 3 months operating cash flow of $1,341,485, or $0.11 per share. This compares with operating cash flow of $1,729,956, or $0.14 per share, in the corresponding 3 months of 2023 (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, food, nutraceuticals, oil field extraction, turf, ornamental and agricultural use to further increase sales in these divisions.