FSI Energy Services Inc.

May 02, 2011 19:56 ET

FSI Announces 2010 Financial Results

CALGARY, ALBERTA--(Marketwire - May 2, 2011) - Richard Ball, Chief Executive Officer of FSI Energy Services Inc. (TSX VENTURE:FSI) ("FSI"), is pleased to announce financial results for the twelve months ended December 31, 2010.

Overall, fiscal 2009 saw a slight decrease in year-over-year net loss ($519,500 – 2010; $540,371 – 2009). The company continued to experience the negative effects of challenging economic conditions in both Canadian and Russian energy sectors. In response to decreased revenues ($2,337,275 – 2010; $7,618,809 – 2009), the company continued an aggressive cost reduction program. Selling, General & Administrative costs for the year were reduced by over half ($978,000 – 2010; $1,973,000 – 2009).

More in-depth analysis of financial results is contained within the company's Management Discussion and Analysis, available on SEDAR.

About FSI

Through its wholly owned subsidiary FSI International Services Ltd., FSI Energy Services Inc. is a Calgary-based manufacturing and service company specializing in customized filtration, filtration- related technologies and Brine Plants for the energy, chemical, and water treatment industries.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • FSI Energy Services Inc.
    Richard Ball
    President and CEO
    (403) 571-4230
    (403) 230-3106 (FAX)