Business
Flame Seal Products, Inc. Reports 2015 Financial Results With Record Sales and First Annual Profit
Flame Seal Products, Inc. Reports 2015 Financial Results With Record Sales and First Annual Profit.
About this update from Flame Seal Products Inc
[{"type":"text","content":"\n \n \n Flame Seal Products, Inc. Reports 2015 Financial Results With Record Sales and First Annual Profit\n \n \nFlame Seal Products, Inc. Reports 2015 Financial Results With Record Sales and First Annual Profit\n \n HOUSTON, TX--(Marketwired - Jan 27, 2016) - 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: 2015 Year End Results and Progress Report \n Flame Seal is pleased to announce record sales for 2015 and our first annual operating profit. \n RECORD SALES IN 2015\n Sales for the year ended 12/31/2015 were $2,481,670, a $623,871 increase or 34% over 2014 sales. When non-recurring revenue events are deducted from 2014 sales, product sales increased 41% year over year. Sales in the fourth quarter of the year were a record $747,597, 89% higher than the fourth quarter of 2014. Craig Keyser said, \"Flame Seal is building on its sales momentum that began in the second quarter of 2015. We expect this growth to continue into 2016 with increased sales to recently acquired new customers in Canada, China and the U.S.\"\n OPERATING PROFITS IN 2015\n The increase in sales and strong margins drove Flame Seal to its first yearly operating profit, modest but, as a first, very significant. Profits for 2015 based on Generally Accepted Accounting Principles (GAAP) were $55,271 with 62,558,274 shares outstanding at 12/31/2015. In 2014 FLMP lost $61,535.\n Gross Margins Stable\n During 2015 gross operating margins were stable at 59%. \"As our balance sheet has become stronger, we have been able to buy raw materials in larger quantities and at lower prices, with a corresponding positive affect on net profitability. This is part of our overall efforts to constantly improve our operating efficiency,\" said Craig Keyser.\n Balance Sheet Improvement\n FLMP's balance sheet continued to improve this year. The current ratio increased from 2.61 to 4.92 during the year largely due to the increase in accounts receivable. Yet, the weighted average age of FLMP's accounts receivable at the end of the year was less than 20 days, reflecting careful management of credit issues by the sales and management team. Operating debt was also reduced as some loans from Board of Directors were converted...