Business
Flame Seal Products, Inc. Releases June 30, 2016 Results
Flame Seal Products, Inc. Releases June 30, 2016 Results.
About this update from Flame Seal Products Inc
[{"type":"text","content":"\n \n \n Flame Seal Products, Inc. Releases June 30, 2016 Results\n \n \nFlame Seal Products, Inc. Releases June 30, 2016 Results\n \n HOUSTON, TX--(Marketwired - Aug 11, 2016) - FLAME SEAL PRODUCTS, INC. (OTC PINK: FLMP)\n \n \n Another Quarterly Sales Record Achieved\n \n \nSix Month Revenues Surpass Total Annual 2012 Revenues\n \n \n \nConsistent Strong Sales Growth Trend in Place\n \n \n \nCustomer Orders Continue to Strengthen\n \n \n \n \n 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: June 30, 2016 Second Quarter and Six Months Results and Update \n Another Record Sales Quarter\n Revenues for the quarter ended June 30, 2016 were $868,343, a $230,799 increase or 36% over the comparable 2015 quarter and, sequentially, $176,084 or 25% higher than the March 31, 2016 record quarter. For the six months ending June 30, 2016, revenues totaled $1,560,602, an increase of $450,118 or 41% over 2015.\n Craig Keyser states, \"Flame Seal (FSP) continues to execute on plan. Business is building across a broadening base of customers worldwide as demand for and acceptance of FSP technology increases. Expansion of further testing and certification for new business is expected to reinforce this trend. Especially noteworthy is that 65% of our 2016 sales so far are from new products. Another noteworthy measure of FSP's progress is that just six months' of 2016 revenues exceed all of 2012's. The Flame Seal team continues to improve their efficiency and performance. We're excited about our prospects and the company we're building.\"\n Operating Profit\n The increase in sales yielded a $20,092 operating profit, non-GAAP (Generally Accepted Accounting Principles). GAAP results decreased earnings to $3,092 after a write-off of a non-recurring item. Net interest expense of $7,446 reduced results to a reported net loss of $4,355.\n Gross Margins\n During the second quarter of 2016 gross operating margins held steady at 51%. FSP views our current working capital constraints as temporary as increased sales will lead to higher cash flow and bulk raw material purchases translating to increased gross margins. \"For the first time in FSP history we've booked over $1,000,000 in new or...