Business
Flame Seal Products, Inc. Releases September 30, 2017 Results
Flame Seal Products, Inc. Releases September 30, 2017 Results.
About this update from Flame Seal Products Inc
[{"type":"text","content":"\n \n \n Flame Seal Products, Inc. Releases September 30, 2017 Results\n \n \nFlame Seal Products, Inc. Releases September 30, 2017 Results\n \n HOUSTON, TX--(Marketwired - Nov 14, 2017) - 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: September 30, 2017 Second Quarter Results and Corporate Update \n Revenues for the quarter ended September 30, 2017 were $747,570, a $59,904 or 9% increase compared to the June 30, 2017 quarter and a $142,728 decrease or 17% less than the strong revenues in the June 30, 2016 quarter. \n Craig Keyser comments, \"Flame Seal's sales marginally improved in the second quarter of 2017, remaining at an unsatisfactory level. The transition from legacy products to FSP's next generation technologies has been lengthy. We intend to re-accelerate Flame Seal's (FSP) sales growth momentum and penetrate markets worldwide eager to adopt improved flame retardant protection for intermediate and end products. 2017 is unfolding as a challenging year as testing new formulations have proved to be more exacting than anticipated. We are working as productively as we can to achieve our goals.\"\n Operating Results\n For the quarter ending September 30, 2017 FSP's net loss was $28,574. This and the first quarter's small losses are largely a result of our ongoing development and testing of new products. FSP repeats that the crucial importance of these programs and other new product initiatives to the long-term success of our company cannot be overstated. \n Operations\n During the first nine months of 2017 gross operating margins continued to hold steady at 52%. Operations at the current level of sales are insufficient to generate the free cash flow required to execute FSP's business plan of expanding sales and adding qualified personnel. We are confident that sales will improve materially as new products are introduced, once successfully tested and certified. \n Balance Sheet Status\n FSP's current ratio at 3.8 has remained healthy in the first nine (9) of 2017. Receivables remain current as we attempt to manage the level of cash to navigate through our product line transition. As of September 30, 2017, FSP had 63,898,153 shares outstanding....