Business
Flame Seal Products, Inc. Releases June 30, 2015 Results With Record Sales and Profit
Flame Seal Products, Inc. Releases June 30, 2015 Results With Record Sales and Profit.
About this update from Flame Seal Products Inc
[{"type":"text","content":"\n \n \n Flame Seal Products, Inc. Releases June 30, 2015 Results With Record Sales and Profit\n \n \nFlame Seal Products, Inc. Releases June 30, 2015 Results With Record Sales and Profit\n \n HOUSTON, TX--(Marketwired - Aug 13, 2015) - 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: The Board of Directors (BOD)\n Subject: June 30, 2015 Financial Report and Update\n Overview\n Flame Seal (FSP) continued to execute on plan reporting record quarterly sales of $638,550 and record quarterly profit of $33,395 for the period ended June 30, 2015. Sequentially, sales increased $166,616 or 35% from the March 31, 2015 quarter and 25% above the second quarter of 2014. The record profit of $33,395 was an improvement of $58,560 over the loss of $25,165 in the March 31, 2015 quarter and $11,765 over the profit for the second quarter of 2014. \n CEO Craig Keyser comments, \"FSP's strategic positioning has started to translate into growth and profit across a broadening spectrum of products and customers, both domestic and foreign. Foreign revenues represented 51% of total sales, a record, as FSP continues to seek diversification over a larger and larger number of new and recurring customers. Supplemental operating capital from the BOD enabled FSP's march towards self-financing, positive cash flow as well as facilitating expanded Research and Development and Marketing activities. Improving cash flow and BOD-supplied capital is underwriting our product testing and certifications program and the purchase of key equipment for the production of our new coating technology.\n \"During the second quarter of 2015, new business on multiple fronts began driving revenues and profits. We expect these new initiatives will have a significant impact on revenue growth and overall profitability. Some of these initiatives are with large, multinational companies that conduct their due diligence process at a deliberate pace. Securing long-term relationships with such influential and strategic partners requires an extraordinary amount of time, effort, forethought and salesmanship. We are confident in our new developments and our team is excited about our potential. We thank our share and stake holders for their patience and loy...