Business
Flame Seal Products, Inc. Releases March 31, 2016 Results
Flame Seal Products, Inc. Releases March 31, 2016 Results.
About this update from Flame Seal Products Inc
[{"type":"text","content":"\n \n \n Flame Seal Products, Inc. Releases March 31, 2016 Results\n \n \nFlame Seal Products, Inc. Releases March 31, 2016 Results\n \n HOUSTON TX--(Marketwired - May 6, 2016) - FLAME SEAL PRODUCTS, INC. (OTC PINK: FLMP) --\n \n \n Record First Quarter Sales \n \n \n R & D Investment Driving New Sources of Revenue \n \n \n Transitioning to a Diversified Manufacturer of Innovative Products \n \n \n Major Recurring Revenue Sources Multiply\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: March 31, 2016 First Quarter Results and Update \n Record Sales for March 31, 2016 Quarter\n Revenues for the quarter ended March 31, 2016 were $692,259, a $220,361 increase or 47% over comparable 2015 quarter. Please note below the comparative sales quarters (ex other income) after new management assumption in May, 2013:\n \n \n \n  \n  \n \n \n 2016 \n $659,520\n \n \n 2015\n $445,713\n \n \n 2014\n $402,784\n \n \n  \n  \n \n \n \n Craig Keyser states, \"Flame Seal (FSP) is building on marketing momentum beginning last year with new products, expanding product penetration and new customers. We anticipate this growth to continue through 2016 with increased sales to new and existing customers, both domestic and foreign. We have recently begun sales to a multibillion international polymer materials company, which represents a major boost to our revenue base. It's very gratifying to see Flame Seal's teamwork pay off, especially with new product sales and new business representing 30% of total revenues.\"\n OPERATING PROFIT\n The increase in sales yielded a small operating loss of $13,975, based on Generally Accepted Accounting Principles (GAAP), due largely to non-recurring costs related to the settlement of legacy issues and other non-recurring expenses. In Q1 of 2015, FSP lost $25,165.\n Gross Margins\n During the first quarter of 2016 gross operating margins declined, which affected FSP's overall profitability. \"Flame Seal encountered margin pressure due to smaller quantity (higher priced) purchases of raw materials as a result of working capital constraints and due to the normal transition of FSP customers to standard credit term...