Business
Flame Seal Products, Inc. Releases December 31, 2017 Fourth Quarter and Full Year Results
Flame Seal Products, Inc. Releases December 31, 2017 Fourth Quarter and Full Year Results.
About this update from Flame Seal Products Inc
[{"type":"text","content":"\n\n Houston, Texas, March 09, 2018 (GLOBE NEWSWIRE) -- 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 Subject: December 31, 2017 Fourth Quarter and Full Year Results and Corporate Update Fourth Quarter and Year End Results for 2017 Flame Seal 2017 revenues were $2,499,032, a decrease of $688,027 or 22% less the 2016 record revenue year resulting in a loss of $259,325. Revenues were adversely affected, principally in our coatings products, as other revenues were relatively flat. Operations were negatively impacted as we continued to invest in personnel, plant and equipment (PPE) while testing and certification costs rose appreciatively.   Revenues for the quarter ended December 31, 2017 were $465,658, a $329,345 decrease or 41% less than the comparable 2015 quarter producing a $110,337 loss. Craig Keyser comments, \"Flame Seal (FSP) experienced a difficult year in 2017. We entered the year as our largest coatings customer informed us of an internal reorganization and inventory realignment which cut our 2016 volume in half. Though orders resumed in the second half, coatings represented approximately $700,000 reduction in sales. Transitioning to our successor technologies has proven more challenging than we expected, though we have learned that the added knowledge gained through multiple testing difficulties has given our team insight as to how to produce the efficacy we demand. FSP’s legacy product sales doubled since 2013 through targeted, professional marketing. As the market place changes and produces more efficient and effective products, FSP must achieve technological equivalency, if not, superiority in order to succeed longer term. We reiterate, it is important to note that the heavy investment in FSP’s long term future is essential for next planned milestone: solid, sustainable profitability and not just short term, quarter to quarter results.” The Board of Directors (BOD) is unanimous in supporting FSP’s policy of transparency and openness with our shareholders. Balance Sheet Update FSP's current ratio of assets to liabilities remained strong at 4.04. Receivables remained healthy and current. Flame Seal has no outstanding litigatio...