Business
Flame Seal Products, Inc. Releases December 31, 2016 Quarterly and Full Year Results
Flame Seal Products, Inc. Releases December 31, 2016 Quarterly and Full Year Results.
About this update from Flame Seal Products Inc
[{"type":"text","content":"\n \n \n Flame Seal Products, Inc. Releases December 31, 2016 Quarterly and Full Year Results\n \n \nFlame Seal Products, Inc. Releases December 31, 2016 Quarterly and Full Year Results\n \n HOUSTON, TX--(Marketwired - Feb 9, 2017) -  FLAME SEAL PRODUCTS, INC. (OTC PINK: FLMP), a leading provider of Specialty Chemicals for the Passive Fire Protection Market, today issues the following update to its Stockholders.\n From: Craig Keyser, CEO \n Subject: December 31, 2016 Third Quarter, Full Year Results and Corporate Update \n Record Sales for 2016\n Flame Seal achieved its second consecutive sales record in 2016 totaling $3,187,059, an increase of $705,389 or 28% over the 2015 record year. Revenues were robust across its product spectrum. Operations were essentially breakeven as increased investment in personal, plant and equipment (PPE) accelerated and testing and certification costs intensified. \n Revenues for the quarter ended December 31, 2016 were $795,003, a $47,406 increase or 6% over the comparable 2015 quarter producing a $15,585 profit.\n Craig Keyser comments, \"Flame Seal (FSP) exceeded its internal sales target in 2016 with another record sales year. The business strengthened with existing and new customers as our larger volume business-to-business sales model begins to take hold. This model is also reflected in slightly lower gross margins. New product developments and expansion of the ongoing testing and certification program increased our demand for operating capital. It is important to note that the heavy investment in FSP's long term future is essential for its next planned milestone: solid, sustainable profitability and not just short term, quarter to quarter results. We continue to enhance personnel depth and expertise with the addition of a second chemist and plan to add an additional sales professional.\"\n New Website\n As disclosed in November 2016, FSP launched its new website with the same URL (address) -- www.flameseal.com. In concert with our newly employed CRM (customer relationship management) initiative, the website is continually updating information, providing a link to social media sites, enhancing internal knowledge control of customer needs and allowing analytics to drive future marketing programs. To date, the site is meeting our expectations.\n Operating Results in 2016\n FSP ha...