Business
Flame Seal Products, Inc. Releases December 31, 2018 Fourth Quarter and Full Year Results
Flame Seal Products, Inc. Releases December 31, 2018 Fourth Quarter and Full Year Results.
About this update from Flame Seal Products Inc
[{"type":"text","content":"\nHOUSTON, TX, March 11, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – 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, 2018 Fourth Quarter and Full Year Results and Corporate Update Fourth Quarter and Year End Results for 2018  Flame Seal’s 2018 revenues were $2,363,122, a decrease of $135,910 or 5% less than 2017 revenues of $2,499,032, resulting in a profit of $56,196 compared to a loss of $259,325 for 2017. The profit was the result of cost reductions undertaken early in 2018.  Revenues are improving but not yet satisfactory as transitions to our new technologies have required additional development time and investment in testing and certifications. While overall operations were financially constrained, the company continued to invest in key personnel, plant and equipment (PPE) and additional testing and certification.   Revenues for the quarter ended December 31, 2018 were $540,019, a $74,361 increase or 16% higher than the $465,658 in 2017. Quarterly profit was $15,916 versus a $110,337 loss in 2017. Keyser said, “Our cost reductions and investments in FSP’s long term future is starting to pay off.” Craig Keyser continued, \"2018 was a year of important changes and investments for Flame Seal. We successfully developed our Class A Paint for the construction industry. The marketing team is in the process of commercializing the new product for key segments of the construction industry. We have high expectations for our new product as we continue to secure new test certifications.”  Homes Saved from Wild Fire On December 10, 2018, FSP issued a press release detailing how two homes in Latigo Canyon Malibu, California were saved from the massive Woolsey blaze by an installed Flame Seal FS-PG sprinkler system.  Almost all other residences and outbuildings in that area were destroyed. A survivor of the fire gave a dramatic account on video of how Flame Seal’s product stopped the fire in its tracks. This FSP product is an effective, environmentally safe flame retardant that protects against wild fires. Flame Seal is formulating marketing plans to expand sales of this fami...