Business
Flame Seal Products, Inc. Releases March 31, 2019 First Quarter Results and Corporate Update
Flame Seal Products, Inc. Releases March 31, 2019 First Quarter Results and Corporate Update.
About this update from Flame Seal Products Inc
[{"type":"text","content":"\nHOUSTON, TX , May 13, 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: March 31, 2019 First Quarter Results and Corporate Update First Quarter Results for 2019 Flame Seal (FSP) revenues for the first quarter of 2019 were $639,398, a decrease of $29,555 or 4% less than 2018, resulting in a loss of $861. Balance Sheet Update FSP's current ratio of assets to liabilities remains healthy at 2.5. Receivables remain current. Flame Seal has no outstanding litigation issues as of March 31, 2019. As of March 31, 2019, FSP had 72,022,496 shares outstanding, a small increase over the 71,972,696 shares as of 12/31/18. Research and Development Update Craig Keyser comments, “FSP has made further progress with successful testing in several new products. The transitioning to successor technologies, though challenging and belated, is beginning to gain positive traction in coating products, specifically class A paint. The two plus years we’ve invested in developing successor products in the thermal barrier market are finally yielding us some encouraging burn results. Much work remains, but this glimmer of progress is heartening. As 2019 unfolds, we anticipate that the technologies developed in the last five years will replace all of the inherited legacy products. Successful testing will lead to new certifications and, in turn, resume FSP’s revenue growth. To further support our research and development commitment, our new in-house coatings lab will be completed in the second quarter.   “We are, also, aggressively bidding on large scale projects and recently scored a win. FSP plans to dramatically expand direct marketing. This business-to-customer initiative is expected to become a promising source of revenue.” Online Marketing Initiative FSP’s web business continues to grow rapidly; in fact, almost doubling in 2019 over 2018 as of this writing. Although, at this point, revenues are not yet material to our financial performance, we’re pleased with the progress shown, thus far, and see online marketing becoming integral to our business plan. About Flame Seal Flame Seal Products,...